Savings Builder

Regular Savings Account

Savings Builder

Earn up to 1.5% AER/Gross p.a. (variable) interest when you grow your savings by £100 or more each month, and by £50 from the 3rd April 2018

 You can open the account with just £1

Start saving regularly

Take your money out whenever you like  


P
lease read the Summary Box below before applying

 

Open a savings account today Jump to Summary Box

A savings account that rewards you for saving regularly

Instant access to your savings that rewards you for saving regularly

Our Savings Builder rewards you for saving regularly by giving you a higher rate of interest every month you grow your balance by £100 or more. From the 3rd April 2018, we will give you interest every month you grow your balance by £50 or more

You don’t have to increase your balance every month. If you don't it just means you’ll earn a lower  rate of interest for that month until the 2nd of April 2018, and from the 3rd of April 2018, you won’t earn interest for that month

Summary Box

Account name: Savings Builder Account

1. What is the interest rate?

 

Interest rate from today until 2 April 2018

 

 

Balance grows by less than £100 a month: bonus condition
is not met

Balance grows by at least £100 a month: bonus condition is met

Balance

AER/Gross p.a. (variable)

AER/Gross p.a. (variable)

£1 – £5,000

0.10%

1.50% (includes 1.40% bonus)

£5,001 – £10,000

0.10%

1.00% (includes 0.90% bonus)

Over £10,000

0.10%

0.20% (includes 0.10% bonus)

 

 

Interest rate on or after 3 April 2018

 

 

Balance grows by less than £50 a month: regular saving condition
is not met

Balance grows by at least £50 a month: regular saving condition is met

Balance

AER/Gross p.a. (variable)

AER/Gross p.a. (variable)

£1 – £5,000

0.00%

1.50%

£5,001 – £10,000

0.00%

1.00%

Over £10,000

0.00%

0.20%

 

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 bonus condition, your interest rates for that monthly bonus period will be:

1.50% on the first £5,000

1.00% on the next £5,001-£10,000

0.20% on anything over £10,000


You can find details of the bonus 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.

2. Can NatWest change the interest rate?

Yes, these rates are variable. We can increase or decrease the rates for any of the reasons set out in Term 9.2 of the Savings Account Terms. If the rates are going down, we'll give you at least 60 days' notice. If they are going up, we'll give you notice either before the change happens or as soon as possible afterwards. Please see Term 9.2 for more details on when we may change the interest rates and the notice that we'll give you.

3. What would the estimated balance be after 12 months based on a range of deposits?

Estimated balance based on interest rates applicable up until 2 April 2018

 

Initial deposit at account opening

Balance after 12 months (includes £1,200 deposited over the 12 months)

Interest earned

£100 deposited every month: bonus condition is met each month

£1,000

£5,000

£10,000

£2,224.94

£6,282.07

£11,327.06

£24.94

£82.07

£127.06

  Initial deposit at account opening Balance after 12 months (includes £600 deposited over the 12 months) Interest earned

£50 deposited every month: bonus condition is not met in any month

 

£1,000

£5,000

£10,000

£1,601.33

£5,605.33

£10,610.33

£1.33

£5.33

£10.33

 

Estimated balance based on interest rates applicable from 3 April 2018

 

Initial deposit at account opening

Balance after 12 months (includes £600 deposited over the 12 months)

Interest earned

£50 deposited every month: regular saving condition is met

£1,000

£5,000

£10,000

£1,620.02

£5,678.79

£10,726.40

£20.02

£78.79

£126.40

  Initial deposit at account opening Balance after 12 months (includes £300 deposited over the 12 months)

 

Interest earned

£25 deposited every month: regular saving condition is not met

 

£1,000

£5,000

£10,000

£1,300

£5,300

£10,300

£0.00

£0.00

£0.00

 

These are only examples and do not take into account your individual circumstances. The examples assume that: no further deposits or withdrawals are made; any interest earned stays in the account and there is no change to interest rates and tiers.

4. How do I open and manage my account?

 
  • You must be aged 16 years or over to open an 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.
  • In each monthly bonus period your balance must grow by at least £100 until 2 April 2018 and by £50 from 3 April 2018 to earn the bonus rate. If your balance grows by less than £100 (until 2 April 2018), then in that month the interest rate without bonus will apply instead. From 3 April 2018 if your balance grows by less than £50 no interest will apply.

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)
  • Up to £250 per day at any cash machine 
  • Up to £500 per day (or your ATM card limit, whichever is lower) at any Post Office® throughout the UK

There are daily limits on the amount you can transfer from your account online, by telephone or mobile banking. The current daily limits and how to withdraw more than them can be found here or by contacting Telephone Banking.

6. Additional information

Bonus Condition

How do I earn bonus interest?

  • To earn the bonus in each monthly bonus period, your balance must grow by at least £100 until 2 April 2018 and £50 from 3 April 2018. From 3 April 2018 if your balance grows by less than £50 you will earn no interest that month
  • A monthly bonus period 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.

What happens if my payment is late?

  • Your payment will count towards the following monthly bonus period.
  • If due to the late payment you have not grown your balance by £100 (until 2 April 2018) in that month, you will not receive the bonus that month. If from 3 April 2018 due to a late payment you have not grown your balance by £50 in that month, you will earn no interest that month.

What happens if I close my account?

  • You will not earn bonus interest for the monthly bonus period of closure. The interest rate without bonus will continue to apply up until the day you close your account until 2 April 2018. From 3 April 2018 you will earn no interest in the month you close your account.

Tax: We do not deduct tax from the interest we pay to you. The tax treatment may be subject to change in the future and depends on your individual circumstances.

Definitions

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 income tax.

p.a. Per annum (per year)

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