NatWest adds bonus to online savings account

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NatWest has added a bonus to one of its savings account products.

Those with a NatWest bank account may be interested to note that the financier has launched a new bonus to complement one of its savings account products.

As of tomorrow (September 29th), customers with the lender’s E-savings account will be given the opportunity to save for the next 12 months with a total gross annual equivalent rate of 2.85 per cent.

Anyone with this NatWest savings account – which can be opened online with an initial deposit from as low as £1 – will be given the year-long benefit of an additional 1.85 per cent on top of the underlying rate of one per cent attached to the deal.

Phil Sheehy, head of savings at NatWest, commented that this package forms part of the lender’s commitment to offer “great, straightforward savings accounts for our customers” as it offers a competitive rate without many restrictions.

Meanwhile, Richard Sorsky of the UK Insolvency Helpline stated recently that a change in the cultural norms of the country has led to less being put away for the future in savings accounts.

In other news, if you currently have a bank account, mortgage, savings account or personal loan through RBS branches in England or Wales, or NatWest branches in Scotland, your account will be moved to Santander.

It is thought this move will affect around 1.8 million people and 244,000 small businesses. Accounts are scheduled to be transferred in 12 months. Credit cards, stocks & shares Isas and other investment products are not being sold, so customers will remain with either RBS or NatWest.

Santander aren’t saying whether the moves will cause a change in interest rates on RBS and NatWest savings or mortgages, because it is still uncertain as to precisely what accounts it will be getting.

However, a spokesman told Money Mail that “no RBS or NatWest customers would be worse off as a result of the transfer”.