What are the NatWest Easy Access Savings Accounts Rates? Our Instant Access savings guide.

Tom

4 min read

An easy-access account, also known as an instant-access account, is a savings account designed to facilitate saving while ensuring easy access to your funds.

If you’re in search of a savings account offering great flexibility, an instant access account might be the right choice for you.

In this guide, we’ll cover the current interest rates for all NatWest instant access accounts, explore the pros and cons of easy access accounts and provide tips on helping you find the right account for your financial needs.

What are the current NatWest instant access savings rates?

NatWest currently offers three instant access savings accounts. Here are the current NatWest instant access accounts interest rates:

- NatWest Digital Regular Saver: 6.17% / 6.00% AER/gross p.a (variable) for balances up to £5,000. 1.75% / 1.74% AER/gross p.a (variable) for balances over £5,000. Deposit up to £150 monthly. Unlimited withdrawals. You must hold a NatWest current account.

- NatWest Flexible Saver: 1.75% / 1.74% AER/gross p.a (variable) for balances up to £24,999. 2.25% / 2.23% AER/gross p.a (variable) for balances between £25,000 to £99,999. 2.70% / 2.67% AER/gross p.a (variable) for balances between £100,000 to £249,999. 3.30% / 3.25% AER/gross p.a (variable) for balances of £250,000 and over. Minimum £1 deposit. Unlimited withdrawals. You must hold a NatWest current account.

- NatWest First Saver: 2.70% / 2.67% AER/gross p.a (variable). This account is available for children under the age of 16. Minimum deposit £1. Unlimited withdrawals.

Source: https://www.natwest.com/savings.html. Current NatWest instant access savings rates are accurate as of 30/07/24.

Comparing and Finding the Best Easy Access Account Rates

When seeking the best interest rates for your easy access savings account, it's crucial to align your choice with your financial goals.

Here are some tips for comparing different instant access accounts:

1) Explore Various Providers: Look beyond traditional high street banks and consider alternatives such as online banks, apps, and building societies. These providers often offer competitive rates for their own easy access accounts. Compare rates and features, considering both online/app-only options and traditional bank accounts.

2) Understand Account Details: Instant access accounts may have specific restrictions, like withdrawal limits or deposit requirements. Always review the account details to understand how it works. Some accounts may lower the interest rate based on your actions, so it's crucial to be aware of any potential impacts.

3) Consider Introductory, Bonus, and Boosted Rates: Some accounts may offer bonus rates to attract new customers. While these rates may be higher initially, it's important to understand the duration of the boosted rate and how competitive the rate remains after that period. Evaluate the long-term viability of the account beyond any introductory offers.

Choosing the Right Instant Access Account

Before selecting an easy access account to grow your savings, take into account several key factors:

Penalty Restrictions: Be aware that some accounts may reduce the interest rate based on the frequency of withdrawals. Always carefully review the terms and conditions to understand any potential penalty restrictions associated with the account.

Account Management: Consider your preferred method of managing your easy access account. Some savings accounts allow online or app management, providing convenience, while others may require in-person visits to a bank branch.

Interest Rate: Interest rates can vary among instant access accounts from different providers. Check for bonus or introductory rates, and assess whether the standard interest rate is competitive. Be vigilant for any usage restrictions or penalties that may impact the overall appeal of the account.

Access to the Account: Certain instant access savings accounts may impose limitations on when you can access them. This might include restrictions on the number of times you can withdraw funds each month or year. Ensure that the access conditions align with your financial needs and expectations.

Pros and Cons of an Instant Access Account

An easy access savings account is a popular choice for those aiming to build their savings. However, like any savings account, it comes with its own set of advantages and disadvantages.

Instant access account pros:

Easy Setup: Opening an instant access account is usually simple and straightforward. Many instant access savings accounts can be initiated with just £1 and entail minimal administrative steps.

Immediate Deposits and Withdrawals: The primary advantage of an easy access account is the ability to access your money almost instantly without prior notice. However, exercise caution with accounts that may reduce your interest rate based on the frequency of withdrawals.

No Long-term Commitment: Unlike some other savings accounts, an instant access account typically doesn't require a long-term commitment. You can usually access your money without notice.

Instant access account cons:

Lower Interest Rates: Easy access accounts may provide lower interest rates in comparison to specific accounts such as fixed notice savings accounts. While fixed notice accounts typically offer higher rates, they require you to maintain your funds deposited for a set duration.

Variable Interest Rates: Instant access accounts come with variable interest rates that can change with minimal notice. This variability introduces the possibility of rate fluctuations, potentially affecting your overall earnings.