NatWest is offering 3% interest rate in leading savings account - are you eligible?

NatWest is a familiar name on Britain’s high streets, but is just one of the many banking providers savers can choose to opt for. What will be key to a large number of individuals is finding an account which helps them to grow their money. This has become a major preoccupation as interest rates across the board have plummeted over the last 18 months.

The shock effect of the pandemic saw the Bank of England lower its base rate to 0.1 percent, where it has kept it ever since.

With a knock-on effect on providers, it appears to be the case many are being encouraged to spend rather than save to offer a boost to the economy.

However, some individuals will be undeterred by this more challenging savings environment, and will still hope to grow their money in whatever way possible.

Thankfully, there do remain some options out there on the market which are still favourable for savers.

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The account offers an interest rate of 3.04 percent AER, and this is available on balances up to £1,000.

NatWest explains that above this amount, savers can expect an interest rate of 0.01 percent. 

It is worth noting, though, that the interest rate on this account is variable, meaning NatWest can change it.

However, the bank has said it will give its customers at least 14 days’ notice before making this decision, as long as a person’s balance is at £100 or more. 

NatWest has said the account is made available exclusively for its current account customers who are aged 18 and over.

Britons should be able to apply within a short amount of time, even “five minutes”, the bank has stated.

For those interested in opening the account, this can be done in a number of ways.

As this is a digital account, opening this online or via the bank’s mobile app is the best course of action.

From this point on, the account can be managed via mobile, online, in branch or by telephone. 

When opening the account, individuals will need to provide their name, email address and mobile number so that important documents can be communicated.

Britons are only allowed to have one Digital Regular Saver and it is required to be in their name.