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Savings Builder account
Please read the Summary Box below before you apply, this will give you key information about Savings Builder
Why choose Savings Builder?
Earn up to 1.50% AER/Gross p.a. (variable) when you grow your savings by £50 or more each month
Exclusively for our current acccount customers, aged 16 and over
Flexibility when you need it. If you can't grow your savings by £50 in a month, it just means you won’t earn interest for that month
Summary Box
Account name: Savings Builder
What is the interest rate?
Interest is paid on the above tiers on a stepped basis which means you’ll earn a different rate on each portion of your balance within the above tiers. If, for example, you hold £11,000 in your account, and you have satisfied the regular saving condition, your interest rates for that monthly period will be: 1.50% on the first £10,000 and 0.20% on anything over £10,000.
You can find details of the regular saving condition in the Additional information section. Interest is calculated daily and paid on the first business day of the month and at account closure. You’ll be able to see and access the interest in your account on the following day.
Can NatWest change the interest rate?
Yes, these rates are variable. They may be changed for any of the reasons set out in General Term 9.2 of the Savings Account Terms (PDF, 281 KB), e.g. to take account of Bank of England base rate changes or changes in the rates paid by other banks. If the rates are going down we’ll give you at least 60 days’ notice. If they are going up, we’ll inform you before the change or shortly afterwards. Term 9.2 (PDF, 281 KB) contains details of the notice we’ll give you.
What would the estimated balance be after 12 months based on a range of deposits?
£25 deposited every month: regular saving condition is not met
How do I open and manage my account?
Your eligibility
You must be a UK resident aged 16 years or over and already have a current account with us, or apply for a current account with us at the same time.
We will also need your email address and mobile number to open your account.
You can only have one Savings Builder Account in your sole name, and only one Savings Builder Account in joint names with another person.
You can open and manage your account in branch, online and by telephone.
No minimum deposit is required to open the account; and there is no maximum balance limit.
Each month your balance must by grow by at least £50 to earn interest. If your balance grows by less than £50 in any month, you will not earn interest
Can I withdraw money?
Yes, you won't be charged and you don't need to give us notice.
You can withdraw money:
In branch
By transfer to any other account based in the UK (online, by telephone, or on the mobile app)
There are daily limits on the amount of money you can withdraw from your account via phone, online or mobile banking. Find out more about the daily limits or speak to us on the phone about them. Please note: Withdrawal during the month which means your month to month balance does not increase by £50 or more will result in the regular saving condition not being met and interest not being earned.
Additional information
To earn interest each month, your balance must grow by at least £50. Our monthly interest cycle runs from close of business on the second-last business day of one month, to close of business on the second-last business day of the following month.
Close of business times depend on whether you pay in your money in-branch or by using our telephone, online or mobile banking services.
Your payment will count towards the following monthly interest period. If due to the late payment you have not grown your balance by £50 in that month, you will earn no interest in that month.
You will not earn interest for the month of closure.
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: The interest rate you are paid without the deduction of income tax.
p.a.: per annum (per year)
Ready to apply?
Remember, our Savings Builder is exclusive for our current account customers.
Before you start your application, we need to check a few things.
Do you have Online Banking?
What you need to have
You must be a current account customer
You must be aged 16 years or over and a UK resident to open an account
Enter your mobile number and email address when you apply and we could identify you safely and quickly online
And now for the important information...
Important Information
Please take some time to review, print and/or save the important information. By clicking to proceed you are confirming that you have been provided with, and have acknowledged our important documents including the FSCS information sheet.
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.
Are you ready to continue?
Is this account just for you, or is it a joint application?
Great. Let's get your application started.
Great. Let's get your application started.
Do you have your account number and sort code?
What you need to have
You must be a current account customer
You must be aged 16 years or over and a UK resident to open an account.
Enter your mobile number and email address when you apply and we could identify you safely and quickly online.
And now for the important information...
Important Information
Please take some time to review, print and/or save the important information. By clicking to proceed you are confirming that you have been provided with, and have acknowledged our important documents including the FSCS information sheet.
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.
Are you ready to continue?
Is this account just for you, or is it a joint application?
Great. Let's get your application started.
Great. Let's get your application started.
What you need to have
You must be a current account customer
You must be aged 16 years or over and a UK resident to open an account.
Enter your mobile number and email address when you apply and we could identify you safely and quickly online.
And now for the important information...
Important Information
Please take some time to review, print and/or save the important information. By clicking to proceed you are confirming that you have been provided with, and have acknowledged our important documents including the FSCS information sheet.
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.
Are you ready to continue?
Is this account just for you, or is it a joint application?
Great. Let's get your application started.
Great. Let's get your application started.
Financial Services Compensation Scheme
Your eligible deposits with NatWest are protected up to a total of £85,000, by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme.
Find out more about the scheme and how it protects your money.