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. Any deposits you hold above the limit are unlikely to be covered.
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 account customers, aged 16 and over
You can open the account with just £1
Grow your savings by £50 or more each month to earn interest
Instant access to your savings
Please read the Summary Box below before applying
Want to save regularly?
Get rewarded when you grow your saving by £50 or more each month
Instant access to your savings
You can access your money when you need it online, via the mobile app, telephone banking or in branch
Mobile App Get Cash
Exclusively for NatWest customers
We believe in rewarding loyalty and putting our customers first. That's why our Savings Builder account is exclusively available for NatWest current account customers.
Account name: Savings Builder Account
2. 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, 605k), e.g. to take account of Bank of England base rate changes. 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 contains details of the notice we’ll give you.
4. How do I open and manage my account?
- 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 the mobile app, online, in branch and by telephone
- No minimum deposit is required to open the account; and there is no maximum balance limit
- Each month your balance must grow by at least £50 to earn interest. If your balance grows by less than £50 in any month, you will not earn interest
5. Can I withdraw money?
Yes. No notice is required. 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 you can transfer from your account online, by telephone or on the mobile app.
Find out the current daily limits and how to withdraw more than them here, or by contacting telephone banking. 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.
6. Additional information
How do I earn interest?
- To earn interest each month, your balance must grow by at least £50. The monthly cycle to grow your balance and earn interest 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 differ depending on whether you pay in your money in-branch or by using our telephone, online or mobile app services.
What happens if my payment is late?
- Your payment will count towards the following monthly cycle. 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.
What happens if I make a withdrawal?
- Savings Builder allows you to make withdrawals however if your withdrawal means that your overall balance has not increased by £50 on what it was on the second-last business day of the previous month, you will not earn interest for that month.
What happens if I close my account?
- You will not earn interest for the month of closure.
Annual Equivalent Rate (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 UK income tax.
p.a. Per annum (per year)