Switching from Natwest

flyingbee83

I'm considering switching to a Club Lloyds account from Natwest.

As part of my banking with Natwest I have a 'Digital Regular Saver' account which I get a good rate of interest on, even if I can only add £150 to it each month.

If I switch from Natwest will the 'Digital Regular Saver' account have to close?

SFCooper

flyingbee83 said:

I'm considering switching to a Club Lloyds account from Natwest.

As part of my banking with Natwest I have a 'Digital Regular Saver' account which I get a good rate of interest on, even if I can only add £150 to it each month.

If I switch from Natwest will the 'Digital Regular Saver' account have to close?

I believe so.

clairec666

From what I gather from the T&Cs (I looked into switching out of my RBS regular saver which is pretty much identical to the NatWest one) your regular saver will stay open but you'll only be able to withdraw money in branch. You should still be able to pay in via another bank. And I guess you could open another current account to replace your closed one, which would solve the withdrawal issue. I haven't gone through with the switch though, so can't guarantee it works.

From https://www.natwest.com/savings/digital-regular-saver.html:
"Can I withdraw money from my regular savings account?

Yes, you can withdraw your money from this regular savings account at any time. Simply move the amount you want to your current account held with us using Online Banking, our mobile app, in branch or by telephone.

If you close or switch your current account with us in future, you will only be able to withdraw money from your account in branch"

Middle_of_the_Road

As mentioned above, open a Select account with NatWest, before you do the switch.


My account is the reward account, and I  opened the Classic account and switched that to Lloyds.

Stargunner

flyingbee83 said:

I'm considering switching to a Club Lloyds account from Natwest.

As part of my banking with Natwest I have a 'Digital Regular Saver' account which I get a good rate of interest on, even if I can only add £150 to it each month.

If I switch from Natwest will the 'Digital Regular Saver' account have to close?

You can add considerably more than £150 per month by using round ups.

Petriix

Stargunner said:

flyingbee83 said:

I'm considering switching to a Club Lloyds account from Natwest.

As part of my banking with Natwest I have a 'Digital Regular Saver' account which I get a good rate of interest on, even if I can only add £150 to it each month.

If I switch from Natwest will the 'Digital Regular Saver' account have to close?

You can add considerably more than £150 per month by using round ups.

Only if you spend from your current account, which seems pretty wasteful. If you do your spending on a credit card you can earn cashback on everything you spend while earning interest on the money you would have spent from your account for up to 6 weeks before you finally pay the bill. As long as you only spend what you have, you can't lose.