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Confused about 1.51% Natwest International Savings Builder

dude7691
dude7691 Posts: 120 Forumite
Fourth Anniversary 10 Posts Name Dropper
edited 9 November 2020 at 4:23PM in Savings & investments
Hi There,
So I was just looking at accounts that pay a better rate of interest and one that came up was the Natwest International Savings Builder, paying 1.51% up to 10k as long as you pay £50/month. You have to be an existing natwest international current account customer to apply. It says the following: 

To apply for a Select account you are required to be 18 years or over and resident in:

  • Jersey
  • Guernsey
  • Isle of Man
  • Gibraltar
or 18 years or over and resident in a country covered by our International Personal Banking service:
  • United Kingdom
(there were other countries but that's not relevant here)
So I can apply for the current account, not a problem. Now looking at the savings builder:
At the top of the page it says:

"To apply you must be aged 16 years or over, already hold a NatWest International current account and be resident in either Jersey, Guernsey, Gibraltar, Isle of Man or the UK."

However at the bottom of the page it says:

You can apply for a Savings Builder account if you are:

  • aged 16+, and
  • resident in the Channel Islands, Isle of Man or Gibraltar (you must be an existing customer with us if you are resident in Gibraltar), and
  • an existing NatWest International current account holder
Why is there this clear contradiction on whether UK residents can apply or not? It literally says at the top that you can be resident in the UK, but at the bottom it says otherwise? It uses the "and" so that that UK customers can't apply. 
I just wanted to check I've read this right and that this account is off the table? Really frustrating as well because it's the only account paying anything decent at the moment. 
Links to both sites:
Natwest International Savings Builder: https://www.natwestinternational.com/personal/savings/savings-builder.html#apply
Natwest International Select Account: https://www.natwestinternational.com/personal/products/current-accounts-overdrafts/select-account.html
Thank you. 

Comments

  • Your post begins with the criteria for the Select current account which does allow UK resident to apply.  
    However what you need to look at are the criteria for the Savings Builder and that clearly states that the residency criterion is satisfied only by those residents of the three stated jurisdictions.
    If the Savings builder is what you want then you have to meet the criteria for that before you look at the criteria for the Select account.

    Do you already have saving builder accounts with NatWest and RBS?
  • dude7691
    dude7691 Posts: 120 Forumite
    Fourth Anniversary 10 Posts Name Dropper
    edited 9 November 2020 at 5:34PM
    Your post begins with the criteria for the Select current account which does allow UK resident to apply.  
    However what you need to look at are the criteria for the Savings Builder and that clearly states that the residency criterion is satisfied only by those residents of the three stated jurisdictions.
    If the Savings builder is what you want then you have to meet the criteria for that before you look at the criteria for the Select account.

    Do you already have saving builder accounts with NatWest and RBS?
    Thank you, I was just confused by the way it was worded. I don't currently, I've just switched to Natwest for the £125 and will open a regular saver account but that's only on up to £50 a month, so nowhere near as good as the 1.51% on 10k would have been sadly. 
    Just looked at the normal Natwest savings builder and it's 0.75%, no thanks :D
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