All About NatWest Digital Regular Saver Account

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natwest digital regular saver

 Are you looking for a reliable and flexible savings account that can help you build your savings habit? Look no further than the NatWest Digital Regular Saver account. In this review, we’ll break down everything you need to know about this popular savings account, from its features to its benefits and limitations.

What is the NatWest Digital Regular Saver account and how does it work

The NatWest Digital Regular Saver account is a type of savings account designed to help you save money on a monthly basis. It is an instant access savings account, which means you can withdraw your money at any time without penalty.

How does it work?

Here are the key features of the NatWest Digital Regular Saver account:

  • You can deposit a fixed amount between £1 and £150 each month.
  • You can change the amount you deposit each month as needed.
  • You can withdraw your money at any time without penalty.
  • The account earns a competitive interest rate, currently 6.17% AER.
  • You can also use Round Ups, which saves small amounts by rounding up your debit card transactions to the nearest pound.
  • You must be a UK resident, aged 16+ with an eligible NatWest current account.
  • You can only have one Digital Regular Saver account per person, and you must have an eligible NatWest current account.
  • Interest is calculated daily and paid monthly.

Key Features

The NatWest Digital Regular Saver account is a monthly savings account that allows you to save up to £150 per month. Here are some of its key features:

  • You can make as many deposits as you like into your Digital Regular Saver account, as long as you don’t exceed the £150 monthly limit.
  • The account pays a competitive interest rate of 6% AER on balances up to £5,000.
  • The Round Ups feature rounds up your debit card transactions to the nearest pound and transfers the spare change to your Digital Regular Saver account.
  • You can access your savings at any time, with no notice period or penalties.

Eligibility of NatWest Digital Regular Saver account

To be eligible for the NatWest Digital Regular Saver account, you must meet the following conditions:

  • Age: You must be 16 years or older.
  • Residency: You must be a UK resident.
  • Current Account: You must have an eligible NatWest current account.
  • Single Account: Only one Digital Regular Saver account is allowed per person, and joint accounts are not permitted.

Additionally, there are some limits to consider:

  • You can deposit a maximum of £150 per month into your Digital Regular Saver account.
  • The account has a maximum balance limit of £5,000. If you exceed this limit, the interest rate will drop to 1%.

Benefits

So, what are the benefits of the NatWest Digital Regular Saver account? Here are a few:

  • The account offers a competitive interest rate of 6% AER, helping your savings grow over time.
  • You can make as many deposits as you like into your account, making it easy to save regularly.
  • You can access your savings at any time, giving you peace of mind and flexibility.

Limitations

While the NatWest Digital Regular Saver account has many benefits, there are a few limitations to be aware of:

  • You can only deposit up to £150 per month into your account.
  • The account has a maximum balance limit of £5,000, after which the interest rate drops to 1%.
  • The account is only available to individual account holders, not joint accounts.

How to Open an Account

Opening a NatWest Digital Regular Saver account is easy. Here’s how:

  • You can apply for the account online through the NatWest website or mobile app.
  • You must be a UK resident, aged 16 or over, and have an eligible NatWest current account.
  • You’ll need to verify your identity and address before your account is opened.

Conclusion

The NatWest Digital Regular Saver account is a great option for anyone looking to build their savings habit and earn a competitive interest rate. With its flexibility, instant access, and high interest rate, it’s an attractive option for those looking to save regularly. While there are a few limitations to be aware of, the benefits of this account make it a great choice for anyone looking to grow their savings over time.

Some Questions

What is the maximum deposit limit for NatWest Digital Regular Saver account? 

The maximum deposit limit for NatWest Digital Regular Saver account is £150 per month.

Can I pay a lump sum into my NatWest Digital Regular Saver account?

No, you cannot pay a lump sum into your NatWest Digital Regular Saver account. Any extra deposits above the £150 monthly limit will be automatically moved to your current account.

Can I pay a cheque into my NatWest Digital Regular Saver account?

Yes, you can pay a cheque into your NatWest Digital Regular Saver account, but the maximum amount you can pay in is £1500.

How does the interest rate work on NatWest Digital Regular Saver account?

The interest rate on NatWest Digital Regular Saver account is 6% annual interest, but it’s limited to balances up to £5,000. Balances above £5,000 earn a lower interest rate.

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