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Press Room

NatWest Scores A Hat-Trick With Attractive Savings News
(13 July 2005)

As the weather hots up, so too do the savings deals at NatWest with a trio of products to suit everybody. Firstly, NatWest has hiked up the rate on their Young Saver account to 5.0% from 4.42%. Next, for savers looking for a guaranteed rate over the next twelve months NatWest has launched a 1-year fixed rate bond also at 5.0%. And last, but not least, it has increased the top tier on its instant access Mini Cash ISA to 5.0%.

With the recent focus for children’s savings being Child Trust Funds, NatWest is also keen to encourage parents of older children, who are not eligible for the Government scheme, to save. With an increase of over 0.5% the Young Saver provides a good choice for children under 11 yrs old.

All young savers receive a Young Saver welcome pack containing information about using their account, as well as charts and stickers so they can record what they’re saving for and the progress they’re making. If opened with an initial deposit of 10 or more, the child will also receive a free book voucher*.

From one type of saver to another, NatWest is offering a new limited edition 1-year fixed rate bond for those looking to fix a competitive rate of interest in the face of a possible base rate drop. The new bond has a rate of 5.0%, interest paid at maturity, and a minimum investment of 5000 that must be kept for the full 1-year term with no withdrawals made.

For the hundreds of thousands of people yet to open a mini cash ISA and who aren’t making use of their annual allowance, the NatWest Mini Cash ISA (which has all interest paid monthly) guarantees that its lowest tier will match or better the Bank of England Base rate until April 2006. For those that already have a mini cash ISA, they can now transfer to NatWest any Cash ISA or TESSA Only ISA subscriptions they may hold with other providers, and could benefit from a new top tier rate of 5.00%.

Helen Page, Director of NatWest Brand, said: "We are pleased to be able to increase the rates on two of our most popular products and also introduce this new fixed rate bond. We believe that our range suits the varying needs of our customers from those just starting out with savings, to those with money they need to access and then of course to those who are looking to put their money away for longer with a guaranteed interest rate. With these new competitive rates we are able to offer our customers some of the best rates on the market."

Notes to Editors:

  • *Free book voucher for Dorling Kinderley's 'My First Atlas' or 'My First Number Book'.

  • Young Saver
    Product Interest RateOld RateNew Rate
    1 +4.42% AER5.0% AER

    Cash ISA
    Product Interest RateOld RateNew Rate
    1 - 14,9994.85% AER4.85% AER
    15k4.94% AER5.0% AER

    1 Year Fixed Rate Bond
    Product Interest RateOld RateNew Rate
    5k +N/A5.0% AER

  • In response to customer feedback, NatWest now has introduced the facility to allow Cash ISAs to be transferred in from other providers.