NatWest has increased interest rates across savings accounts, offering savers higher returns amid the current period of high inflation eroding Briton’s spending power. From NatWest regular savers to cash ISAs, up to nine savings accounts will be impacted by the new rate changes.
The Digital Regular Saver will continue to pay a market-leading Annual Equivalent Rate (AER) of 6.17 percent on savings up to £5,000, and interest above £5,001 will rise from 0.65 percent to one percent.
Other accounts will see rates rise by as much as one percent in some cases.
The NatWest Flexible, Instant and Primary Savings accounts will all pay new interest rates of one percent on savings from £1 to £24,000, while interest paid on funds up to £99,000, and £1million and over will increase to pay an AER of 1.66 percent, and 2.02 percent, respectively.
The NatWest Instant Access ISA will pay an AER of one percent, up from 0.65 percent, on savings up to £24,999. The rate will rise again to 2.25 percent for savings over £25,000.
The NatWest First Saver and the Revolve Account will now pay AERs of 2.27 percent, up from 2.02 percent, on funds over £1.
The Instant Access Saver will pay an AER of one percent, up from 0.65 percent, on savings over £1, while the Savings Builder will now pay an AER of 2.02 percent on funds up to £10,000, after which a one percent AER will be applied on the rest.
The NatWest Fixed Rate Savings account interest rates have also increased to four percent gross rate for the One Year Issue, and 4.10 percent for the Two Year Issue.
The interest rate changes came into effect on March 21, 2023.
More to follow…
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