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Savings accounts

Fixed Term Savings account

Our Fixed Term Savings Account

Earn between 0.65% AER/gross and 0.90% AER/gross, depending on the amount you invest and the term you choose

Choose a term that suits you – either one or two years

Know in advance what your savings will earn, helping you to reach your savings goals

If you need to access your money before the end of your term you can close your account early. An Early Closure Charge may be applicable.

 

Summary Box

Account name: Fixed Term Savings account

What is the interest rate?

Interest is paid on a tiered basis from the date you open your account until the Maturity Date. This means you’ll earn one rate on your entire account balance. Interest is calculated daily and paid on the first business day of every month and on the Maturity Date. You can choose to have interest paid into a Nominated Account. This must be a NatWest personal current or savings account with instant access (other than a cash ISA) held in your name at the same branch as your Fixed Term Savings Account. If interest is paid into your Nominated Account, you can access it the following day.

Can NatWest change the interest rate?

No, the interest rate is fixed. This means that the rate will not change between the date you open your account and the Maturity Date.

What would the estimated balance be at maturity based on a range of deposits?

These are only examples and do not take into account your individual circumstances. The examples assume that interest is paid into your Fixed Term Savings Account.

How do I open and manage my account?

You must be aged 16 years or over and a UK resident to open an account

If you already have a current account with us you can open your account on our mobile app, online, in branch or by telephone.

If you don’t have a current account with us you can open your account online or on our Mobile App (you need to register for Online Banking before you can get our Mobile App)

We will need your email address and mobile number to open your account.

You can manage your account on our mobile app, online, in branch or by telephone.

Your balance at the Fixed Term Start Date must be at least £500 or it will be converted into an Instant Saver Account

The Maximum Deposit is £2,000,000

We will send you a certificate of deposit within 14 days of the Fixed Term Start Date.

Key Dates 1 year

Key Dates 2 year

Can I withdraw money?

You can withdraw money (in branch, online or by calling telephone banking) until 3.30pm on the last date to make payments or withdrawals. Partial withdrawals are not permitted after this time.

If you want to make a withdrawal after this time and before the Maturity Date, you must close your account by giving 35 days’ written notice to your branch. An Early Closure Charge will be deducted from the balance of your account, except in the event of your non-voluntary redundancy or death.

The Early Closure Charge will be the lower of the amount of interest earned on your account or 90 days’ interest.

The total amount you receive (including interest earned on your balance) will be no less than your deposit at the Fixed Term Start Date. For example, if you have earned 50 days’ interest you will only be charged an Early Closure Charge equivalent to 50 days’ interest. If you have earned 100 days’ interest you will only be charged an Early Closure Charge equivalent to 90 days’ interest.

The Early Closure Charge will be deducted from the balance of your Fixed Term Savings Account.

 

Reinvestment of your Fixed Term Savings Account

At the Maturity Date we’ll automatically reinvest your deposit and any outstanding interest into a new Fixed Term Savings Account unless you tell us you want to opt out.

The interest rate for the new account may be higher or lower than the rate of interest which applied to your Fixed Term Savings Account when you took it out originally

If you choose not to reinvest, your account will be converted into an Instant Saver Account on the Maturity Date (or if the Maturity Date is not a business day, the next business day) and your money can be accessed on the following day.

Please see Term 7 of the Fixed Term Savings Account Terms and the Information Sheet for more information.

Additional Information

Definitions

AER: This is a notional rate used for interest bearing accounts which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.

Gross Rate: The interest rate you are paid without the deduction of income tax.

p.a.: per annum (per year)

Get ready to apply

Before you apply, we need to check you're happy with a few things. And ask you a few questions up front. Then we can make your application as quick and simple as it can be.

First things first. Please take a look at the important legal info:

How your information might be used

It’s important for you to understand how we use and share your information Please read this short summary before you continue with your application.

All okay? You're nearly ready to start.

We need to do a few final checks with you. They'll only take a minute.

Is this account just for you, or is it a joint application?

Great. Let's get your application started.

Remember, to apply for a Fixed Term Savings account, you must:

  • Be aged 16 or over and a UK resident
  • Enter your mobile number and email address when you apply and we could identify you safely and quickly online.

Great. Let's get your application started.

Remember, to apply for a Fixed Term Savings account, you must:

  • Be aged 16 or over and a UK resident
  • Enter your mobile number and email address when you apply and we could identify you safely and quickly online.

Do you use online banking?

Is this account just for you, or is it a joint application?

Great. Let's get your application started.

Remember, to apply for a Fixed Term Savings account, you must:

  • Be aged 16 or over and a UK resident
  • Enter your mobile number and email address when you apply and we could identify you safely and quickly online.

Great. Let's get your application started.

Remember, to apply for a Fixed Term Savings account, you must:

  • Be aged 16 or over and a UK resident
  • Enter your mobile number and email address when you apply and we could identify you safely and quickly online.

Is this account just for you, or is it a joint application?

Great. Let's get your application started.

Remember, to apply for a Fixed Term Savings account, you must:

  • Be aged 16 or over and a UK resident
  • Enter your mobile number and email address when you apply and we could identify you safely and quickly online.

Great. Let's get your application started.

Remember, to apply for a Fixed Term Savings account, you must:

  • Be aged 16 or over and a UK resident
  • Enter your mobile number and email address when you apply and we could identify you safely and quickly online.