Natwest digital regular saver - what to do after saving £1000

[Deleted User]

I leave the money there but I will start taking it out now as it's up to about £1010, I used to to that with the Virgin account with interest as I was just leaving it in the £1000 limit and taking out the interest monthly, it's a good way to maximise savings

Opening an RBS account for their saver is a good shout too

zxspeccy

I have already reduced my monthly Standing Order down to £1 when I reached the £1000 balance.
So just to confirm even though this product is called a "Digital Regular Saver" I don't need to pay in each month and can cancel my Standing Order.
Not only that I can actually reduced the balance each month by withdrawing the interest.
Thanks in advance.

MrFrugalFever

It’s in black and white, same as RBS

veryintrigued

MrFrugalFever said:

It’s in black and white, same as RBS

You don't have to keep the standing order open if your balance is under £1000 to keep the higher interest rate

Do I still earn interest if I cancel my standing order?

Yes, you’ll get the interest rate for the portion of your balance in each interest rate tier even if you stop saving however the standing order will help keep you in the savings habit

pokora

I Put the rest in another of my existing accounts that give me better rate (VM, HSBC, ...). Or you could look for to open a new regular with first direct p.e.

solidpro

I don't know if many of you felt the need to pay in £50 or £150 or whatever slowly, monthly and wait to accumulate the full £1000 as many people were saying you had to do when this account was first offered, but I simply dumped £1000 straight in and have been getting the full interest on it from day one...

RG2015

solidpro said:

I don't know if many of you felt the need to pay in £50 or £150 or whatever slowly, monthly and wait to accumulate the full £1000 as many people were saying you had to do when this account was first offered, but I simply dumped £1000 straight in and have been getting the full interest on it from day one...

I didn’t “feel the need” to pay in £50 per month, I simply followed the rules.

If you managed to get extra interest by breaking the rules then you got lucky.

Rheumatoid

solidpro said:

I don't know if many of you felt the need to pay in £50 or £150 or whatever slowly, monthly and wait to accumulate the full £1000 as many people were saying you had to do when this account was first offered, but I simply dumped £1000 straight in and have been getting the full interest on it from day one...

I have accidentally transferred money into the account which has taken me over the monthly limit and I just received interest on everything. doesn't seem like they monitor contributions for excess.

Daliah

solidpro said:

I don't know if many of you felt the need to pay in £50 or £150 or whatever slowly, monthly and wait to accumulate the full £1000 as many people were saying you had to do when this account was first offered, but I simply dumped £1000 straight in and have been getting the full interest on it from day one...

I think Natwest have wised up to this "trick". Try it if you want to run the risk of having the Digital Saver, and possibly all your other Natwest accounts, closed, like some people did.

MichaelAP

Daliah said:

solidpro said:

I don't know if many of you felt the need to pay in £50 or £150 or whatever slowly, monthly and wait to accumulate the full £1000 as many people were saying you had to do when this account was first offered, but I simply dumped £1000 straight in and have been getting the full interest on it from day one...

I think Natwest have wised up to this "trick". Try it if you want to run the risk of having the Digital Saver, and possibly all your other Natwest accounts, closed, like some people did.

Very true….. I placed £150 manually at the beginning thinking it would warrant as the first opening amount…. However a few days later NatWest took my Standing Order of £150.
A few days later my original £150 was placed back into my Current Account with the title “Over Payment”.