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natwest digital saver worth it?

kev1744
Posts: 161 Forumite


hi all. ive been looking at the natwest digital saver account as it seems to be offering good interest rates up to £5k. however i notice that there is a limit you can transfer in of £150 pcm.
it does say you can transfer a lump sum but the total cannot exceed the 150 pcm. this confuses me (easily done) ideally i would like to get the full £5k into the account asap to maximise the interest rate but how could i do this?
would i be able to transfer in a lump sum of £4988 and then set up a dd of £1 pcm?
if i cant then it would seem the max i can put in a year is £1800.
it does say you can transfer a lump sum but the total cannot exceed the 150 pcm. this confuses me (easily done) ideally i would like to get the full £5k into the account asap to maximise the interest rate but how could i do this?
would i be able to transfer in a lump sum of £4988 and then set up a dd of £1 pcm?
if i cant then it would seem the max i can put in a year is £1800.
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Comments
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thanks for quick reply...in that case it dosent look that attractive for my needs.0
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Some people are using the round-up / double round-up feaature to pay over the monthly limit for NatWest / RBS. I have neither the inclination nor the required patience to do so, but if you're happy and have the time to do 100 x 1p PayPal transactions each day you can add more than a month's worth of contributions every day in addition to the £150 limit.0
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kev1744 said:hi all. ive been looking at the natwest digital saver account as it seems to be offering good interest rates up to £5k. however i notice that there is a limit you can transfer in of £150 pcm.
it does say you can transfer a lump sum but the total cannot exceed the 150 pcm. this confuses me (easily done) ideally i would like to get the full £5k into the account asap to maximise the interest rate but how could i do this?
would i be able to transfer in a lump sum of £4988 and then set up a dd of £1 pcm?
if i cant then it would seem the max i can put in a year is £1800.You can get the same account with RBS too, making it £300 max/£10k overall.Unlike other regular savers the rate isn't fixed and so you won't be dumped on a lower earning account after 1 year, on the flipside they could change the interest rates at any time (although recent changes to the account have only been improvements).1 -
kaMelo said:Where else can you get 6% on money that is available with easy access?Club Lloyds RS @ 6.25% on up to £400 pm?Then maybe add a further £250 pm into their standard RS @ 5.25%But yes I agree £150 pm into Natwest Digital Saver may be part of the mix of getting the money working. It's nice that unlike most high rate RS accounts this Natwest product doesn't mature after 12 months so there's a chance of building up and running a healthy balance long term if they keep the interest rate attractive.0
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Barclays Rainy Day? 5% on up to £5K for a year (with a bit of faffing).0
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Alexland said:kaMelo said:Where else can you get 6% on money that is available with easy access?Club Lloyds RS @ 6.25% on up to £400 pm?Then maybe add a further £250 pm into their standard RS @ 5.25%But yes I agree £150 pm into Natwest Digital Saver may be part of the mix of getting the money working. It's nice that unlike most high rate RS accounts this Natwest product doesn't mature after 12 months so there's a chance of building up and running a healthy balance long term if they keep the interest rate attractive.
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Hi @allegro120 ...allegro120 said:Alexland said:kaMelo said:Where else can you get 6% on money that is available with easy access?Club Lloyds RS @ 6.25% on up to £400 pm?Then maybe add a further £250 pm into their standard RS @ 5.25%But yes I agree £150 pm into Natwest Digital Saver may be part of the mix of getting the money working. It's nice that unlike most high rate RS accounts this Natwest product doesn't mature after 12 months so there's a chance of building up and running a healthy balance long term if they keep the interest rate attractive.
There is an interesting blog on Monevator ...
https://monevator.com/saving-versus-investing/
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allegro120 said:Alexland said:kaMelo said:Where else can you get 6% on money that is available with easy access?Club Lloyds RS @ 6.25% on up to £400 pm?Then maybe add a further £250 pm into their standard RS @ 5.25%But yes I agree £150 pm into Natwest Digital Saver may be part of the mix of getting the money working. It's nice that unlike most high rate RS accounts this Natwest product doesn't mature after 12 months so there's a chance of building up and running a healthy balance long term if they keep the interest rate attractive.0
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