natwest digital saver worth it?

kev1744

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.

dealyboy

kev1744 said:

would i be able to transfer in a lump sum of £4988 and then set up a dd of £1 pcm? NO
if i cant then it would seem the max i can put in a year is £1800. YES

... IMO ... I am an account holder

kev1744

thanks for quick reply...in that case it dosent look that attractive for my needs.

PloughmansLunch

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.

WillPS

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).

kaMelo

kev1744 said:

thanks for quick reply...in that case it dosentw look that attractive for my needs.

Where else can you get 6% on money that is available with easy access? It may not suit all your needs but it will suit some of them.

Alexland

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?

https://www.lloydsbank.com/savings/club-lloyds-monthly-saver.html

Then maybe add a further £250 pm into their standard RS @ 5.25%

https://www.lloydsbank.com/savings/monthly-saver.html

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.

flaneurs_lobster

Barclays Rainy Day? 5% on up to £5K for a year (with a bit of faffing).

allegro120

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.

It adds up. I'm currently paying £3,800 a month into regular savers, all in the range of 4%-7%.  This will increase  when I open new Saffron RS.

dealyboy

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.

It adds up. I'm currently paying £3,800 a month into regular savers, all in the range of 4%-7%.  This will increase  when I open new Saffron RS.

... No offence meant, but surely that's investment level savings.

There is an interesting blog on Monevator ...
https://monevator.com/saving-versus-investing/

Stargunner

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.

It adds up. I'm currently paying £3,800 a month into regular savers, all in the range of 4%-7%.  This will increase  when I open new Saffron RS.

I imagine that must take you over the psa limit for the amount of interest that you will be earning. Have you already contributed your £20k allowance into an ISA this tax year?