Savings accounts | Compare savings accounts | NatWest (2024)

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Saving vs investing

Savings guides

FAQs

Manage existing savings

Don’t miss a big finish for this tax year

Time is ticking on this tax year - Don’t let it end without a boost to your savings. You have until 5th April to open a Cash ISA and get the most out of your 2023/2024 tax-free allowance. Whatever your savings goal let's get going. Criteria apply.

Explore our ISA range

Choose which savings account is best for you

Life is full of big moments, and putting money aside regularly could help you be ready. But there’s no one-size-fits-all, you might:

  • Need fast access to your cash
  • Be looking for better interest rates on your nest egg
  • Want to open your child’s first savings account
  • Have spare cash and looking to save for a longer term

Whatever the goal we could have a NatWest Savings or Investment Account for you.

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Digital Regular Saver

Join over 1 million NatWest customers* who save every month with our regular savings account.

Use this savings account to:

Get into a habit ofsaving regularly

Build your savings pot in a way that suits you

Get a higher interest rate on balances up to £5,000

Have interest paid monthly on your savings

Plus, you top up withRound Ups.

*As at Aug 2023

Key info

  • Instant Access
  • Save between £1 - £150
  • Apply online only in 5 minutes

Interest rate

AER/Gross p.a (variable)

6.17% / 6.00% on balances up to £5,000

1.75% / 1.74% on balances over £5,000

Exclusively for current account customers, aged 16 and over. UK residents only.

Click to view more

Fixed Rate ISA

Do you have a lump sum to start saving with? And don't want to touch your savings pot for a fixed term?

Use this fixed-interest savings account to:

Save for a fixed term of 1 or 2 years

Fix your savings interest rate, so you know the amount of interest you'll get paid

Get interest paid on your savings annually

Take advantage of your tax-free savings allowance

Key info

  • Tax-free interest on balances up to £20,000
  • Terms of 1 or 2 years
  • £1,000 min. deposit

Interest rate

AER/Tax-free p.a. (fixed)

4.60% 1 year term

You must be 16 or over, UK resident for tax purposes and must not have subscribed to another cash ISA in the same tax year. Not eligible for Round Ups.

Cash ISA

Want to get tax-free interest and have instant access on your savings?

Use this savings account to:

Make the most of your tax-free savings allowance

Have instant access to your savings

Get interest paid monthly on your savings

Key info

  • Instant access
  • Tax-free interest on balances up to £20,000
  • Start with just £1
  • Apply online in 5 minutes

Interest rate

AER/ Tax free p.a. (variable)

1.75% / 1.74% Balances of £1 - £24,999

3.20% / 3.15% Balances of £25,000+

You must be 16 or over, UK resident for tax purposes and must not have subscribed to another cash ISA in the same tax year. Not eligible for Round Ups.

Fixed Term Savings

Put your money away for your future with our fixed term, fixed rate savings account.

Use this savings account to:

Fix your interest rate, so you know the amount of interest you'll get paid

Have interest paid monthly on your savings, as well as at maturity

Choose a term that will suit you - for either 1 or 2 years

Key Info:

Fix your savings pot on balances between £1 - £5,000,000

Terms of 1 or 2 years

£1 min. deposit

Interest Rate

AER/Gross p.a. (fixed)

4.35% / 4.27% 1 year term on balances between £1 - £5,000,000

4.00% / 3.93% 2 year term on balances between £1 - £5,000,000

You must be 16+ and a UK resident. Early closure charges may apply. Not eligible for Round Ups.

Flexible Saver

Save on your terms with this instant access savings account - you can set aside what’s best for you.

Use this savings account to:

Save regularly, accessing your money anytime

Get interest paid monthly on your savings

Earn higher interest when saving £25,000 and over

Top up your savings withRound Ups

Exclusively for current account customers, aged 16 and over.

At a glance:

Instant access

Apply online in 5 minutes

Start with just £1

Interest rate

AER/Gross p.a (variable)

1.75% / 1.74% Balances up to £24,999

2.25% / 2.23% Balances between £25,000 and £99,999

2.70% / 2.67% Balances between £100,000-£249,999

3.30% / 3.25% Balances of £250,000 and over

NatWest Invest

Investments made simple - for new and experienced investors.

Use our investment accounts to:

Help you meet your long term financial goals

Make the most of the tax-efficient investing*

Help protect your money from the effects of inflation

*Excludes the General Investment Account. Limits apply.

Key info

  • Start investing from £50
  • Low fees so you keep more of any money you make
  • Choose from 5 funds - defensive to adventurous
  • Managed by Coutts investment managers

The value of investments can fall as well as rise, and you may not get back the full amount you invest.Eligibility criteria, fees and charges apply.

Find out more

First Saver

Our children's savings account, teaching children under-16 to save for their future.

Use this savings account to:

Help children learn how to save

Earn interest on their pocket money

Top up withRound Ups

Key info

  • Instant access
  • Apply online in 5 minutes
  • This account is to be opened by a parent/guardian in trust for a child who is under 16 years old

Interest rate

AER/Gross p.a. (variable)

2.70% / 2.67% Balances of £1+

Eligibility criteria and conditions apply.

The difference between saving and investing

Are you wondering about the best way to grow and protect your money?

Saving

Savings have the advantage of being dependable, predictable and easy to access. If you know you'll need a set amount of money in the next 12 months, for example, then regularly depositing in a savings account may be the best solution. Savings will grow over time as more money is put away and interest accrues on your balance.

Investing

If you are saving for a longer-term goal, typically five years or more, investing your money has the potential to grow your money and help protect your buying power from the effects of inflation.

The value of investments can fall as well as rise, and you may not get back the full amount you invest. Eligibility criteria, fees and charges apply.

Learn more about NatWest Invest

Want to reach your savings goals quicker?

How to start saving

Ready to start saving and take control of your financial future? Check out our guide to discover the benefits of using a savings account, how to save regularly, and how your savings can earn you interest.

Check out our guide to saving

Work towards your savings goals today

Got specific financial goals but don't know where to start? We're here to help. Discover the best strategies for saving towards your goals, and get tips for staying motivated along the way. Plus, explore tools and resources that could help track your progress and achieve your savings goals faster.

Learn how to set financial goals

Savings Accounts - FAQs

What is an instant access savings account?

With an instant access savings account, you can withdraw your money whenever you need it. People generally open these as a first savings account, or to save for a rainy day – or for something they want to buy. They’re the opposite of fixed-term accounts, which lock your money away for a set period.

Our fixed term savings accounts often offer better interest rates as you leave your savings untouched.

What is a Cash ISA?

A cash ISA is a savings account where you don’t pay tax on the interest you earn. We offer two types of cash ISA:

  • Cash ISA. You can withdraw your money anytime you want.
  • Fixed Rate ISA. You get a guaranteed interest rate. But you must lock your savings in for a set period.

You can open and pay into a cash ISA provided you are 16 or over and live in the UK (for tax purposes). The current tax-free allowance is £20,000.

Learn more about ISAs

How can I save money this year?

We have a number of tools to help you get a handle on what's coming in, what's going out and where you could save more:

Round Ups

Savings Goal Tool

Salary Calculator

Budget Calculator

Managing Your Money

Are my savings secure?

In short, yes. Your eligible deposits with NatWest are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS). Learn how FSCS protects your money(PDF, 3.7MB).

We’re regulated by the Prudential Regulation Authority and authorised by the Financial Conduct Authority. We know your money matters and maintain the same high standards as any bank or building society to keep it secure.

How do I earn interest on my savings?

All our savings accounts pay interest directly into the account, unless specified otherwise. We calculate interest daily for all accounts. Head to our website and find the page for the account you want to apply for. You can then see when we pay interest on that account. This can differ between accounts.

Can I have a joint savings account?

Yes, we offer joint savings accounts as well. These could be a great way to save towards a joint goal with someone else. For more information see our Joint Savings Accounts page via the link below.

Joint Savings Accounts

Manage your existing savings account

Find out how you can use our Savings Goal Tool using your mobile app as well as other top tips to help you save. You can log in and manage or close your savings account and learn about your personal savings allowance.

Visit your savings hub

Round Ups

Save your spare change with Round Ups.

Learn more about Round Ups

Close

Financial Services Compensation Scheme

Your eligible deposits held by a UK establishment of NatWest are protected up to a total of £85,000, by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

Find out more(PDF, 3k KB)about the scheme and how it protects your money.

Investments through NatWest Invest may also be covered by the Financial Services Compensation Scheme in some scenarios. You canfind out more here.

Something else we can help you with?

Savings accounts | Compare savings accounts | NatWest (2024)

FAQs

When comparing savings account options what will you typically compare? ›

There are several different types of savings accounts to choose from. Traditional accounts offer lower fees but also earn lower interest rates, while high-yield accounts usually offer the best ROI. Specialty savings accounts can help you save up for a specific purpose or introduce kids to the intricacies of banking.

How do savings accounts compare with current accounts? ›

DIFFERENCE BETWEEN A SAVINGS ACCOUNT AND A CURRENT ACCOUNT
Current AccountSavings Account
Required BalanceHigh minimum required BalanceLow minimum required balance
Normally used forUsed for paying bills and business transactionsUsed for salary accounts
Suitable forBusiness PeopleIndividuals
3 more rows

When comparing savings accounts you should select? ›

When comparing savings accounts, you should select the account that has the: lowest annual percentage rate.

How do saving accounts compare to checking accounts? ›

The main difference between checking and savings accounts is that checking accounts are primarily for accessing your money for daily use while savings accounts are primarily for saving money. Checking accounts are considered “transactional,” meaning that they allow you to access your money when and where you need it.

How does saving compare to savings quizlet? ›

Saving is compared to savings as saving is income that has not spent but accumulated to be used in other activities and investment. Savings is the amount of money that is saved from income to be used in investment by investors.

When comparing savings accounts you should compare the effective rate of interest or APR rather than the stated or nominal rate? ›

The effective annual interest rate does take compounding into account and results in a higher rate than the nominal. The more compounding periods there are, the higher the ultimate effective interest rate. The higher the effective annual interest rate is, the better it is for savers/investors but worse for borrowers.

What is the difference between a savings account and a current savings account? ›

Current and savings accounts are made for different things, and they offer different benefits. Current accounts are designed for routine transactions of businesses and companies, whereas savings accounts are for people who desire to save. Interest rates in Savings Accounts are higher than those in current accounts.

How do you compare current accounts? ›

What fees should I consider when comparing bank accounts?
  1. Account fee. How much you'll be charged on a monthly or annual basis for using the account. ...
  2. Overdraft charges. It's always worth checking overdraft charges before applying for a current account. ...
  3. Refused payment fee. ...
  4. Other fees.

How do I choose between savings accounts? ›

How to pick a savings account:
  1. Pick a type of savings account.
  2. Determine if you want an online-only account.
  3. Evaluate the account fees.
  4. Consider annual percentage yield (APY).
  5. Look at the other accounts offered.
Nov 27, 2023

What factors should you consider when comparing savings plans? ›

What to look for in a savings account
  • Interest rate and APY.
  • Initial deposit requirement.
  • Minimum balance requirements.
  • Account fees.
  • Rate tiers • Accessibility and ease of use.
  • Supplemental savings accounts.
  • Other accounts and products.
Apr 25, 2024

When comparing saving accounts should a consumer look for simple or compound interest? ›

It depends on whether you're saving or borrowing. Compound interest is better for you if you're saving money in a bank account or being repaid for a loan. If you're borrowing money, you'll pay less over time with simple interest.

How do I know which savings account is best? ›

Interest rate: The interest rate is often the headline-grabber. Some accounts may lure you in with bonus rates, so it's wise to scrutinize their duration and any strings attached, such as minimum regular savings. Interest might be fixed for a set term or variable as the market changes.

What are 3 ways checking and savings accounts differ? ›

Features of checking and savings accounts
CheckingSavings
Designed for spendingDesigned for saving
Multiple ways to make payments, withdrawalsLimited access to avoid impulse buys
Usually doesn't pay interestInterest earned on balance
Easy to track spending onlineEasy to build balance with automatic transfers

Which savings account will earn you the most money? ›

A money market account (MMA) is a savings account that typically pays higher interest rates than regular savings accounts. MMAs usually offer tiered rates, meaning you can earn an even higher rate on large balances or on part of your balance over a certain level.

Is it better to save money in checking or savings? ›

Checking accounts are better for regular transactions such as purchases, bill payments and ATM withdrawals. They typically earn less interest — or none. Savings accounts are better for storing money. Your funds typically earn more interest.

How do you compare and contrast savings from investment? ›

The biggest difference between saving and investing is the level of risk taken. Saving typically results in you earning a lower return but with virtually no risk. In contrast, investing allows you the opportunity to earn a higher return, but you take on the risk of loss in order to do so.

When comparing and contrasting savings and investments what is true? ›

Saving provides a safety net and a way to achieve short-term goals, while investing has the potential for higher long-term returns and can help achieve long-term financial goals. However, investing also comes with the risk of losing money.

What is the comparison between current and savings account? ›

Difference Between Current Account and Savings Account

A savings account is most suitable for people who are salaried employees or have a monthly income, whereas, Current Accounts work best for traders and entrepreneurs who need to access their accounts frequently.

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