e-Savings Plus

Be rewarded with a conditional bonus if you maintain a balance of £5,000 or more and do not make any withdrawals, in the month.


Maintain a balance of £5,000 or more

Earn 2.72% Gross/2.75 AER (variable) - which includes a 2.22% Gross p.a. (fixed) 12 month conditional bonus, if, in any month, you maintain a balance of £5,000 or more and do not make any withdrawals

Earn a standard rate of 0.50% Gross/AER (variable) if you make a withdrawal, in any month, but still maintain a balance of £5,000 or more. A rate of 0.10% Gross/AER (variable) applies in any month where the balance of your account falls below £5,000

Make regular deposits - a monthly Standing Order helps to build your savings

Instant access to your savings - your money is there when you need

Manage your instant access savings account - online 24/7 or by telephone banking

Savings interest calculated daily - and paid monthly

Minimum age 18 years; UK residents only

e-Savings Plus (Monthly interest excluding conditional bonus) Withdrawals made

BalanceAER
(variable)		Gross RateNet Rate
£5000+0.50%0.50%0.40%
£1+0.10%0.10%0.08%

Interest paid monthly.
Note: Internet and telephone based account only
Last updated on: 27 Jul 2009.

e-Savings Plus (Monthly interest including conditional bonus) No withdrawals made

BalanceAER
(variable)		Gross RateNet Rate
£5000+2.75%2.72%2.18%
£1+0.10%0.10%0.08%

Note: Internet and telephone based account only.


The standard rate of interest of 0.50% Gross (variable) and the 12 month conditional bonus of 2.22% Gross p.a. (fixed) are paid only in months where you don't make any withdrawals and maintain a balance of £5,000 or more. If your balance falls below £5,000 you will earn the nominal rate of interest of 0.10% Gross (variable).
Interest is calculated daily and paid on the last business day of each month.
Interest rates are subject to variation.
Last updated on: 27 Jul 2009.

Common definitions

Annual Equivalent Rate (AER). This is a notional rate used for interest bearing accounts which illustrates what the gross credit interest rate would be if paid and compounded on an annual basis. It helps you to compare the effective rates of credit interest on different accounts.

Gross Rate. This means the interest rate you are paid before the deduction of income tax.

Net Rate. This means the interest rate you are paid after the deduction of income tax.

Opening your e-Savings Plus savings account

Bonus rate

Using your e-Savings Plus savings account

Opening your e-Savings Plus savings account

How does it work?

e-Savings Plus is a telephone and online savings account which can only be opened and operated through telephone or online banking. e-Savings Plus pays standard interest and conditional bonus monthly, subject to the terms and conditions.

In order to qualify for the standard interest and conditional bonus interest per month you are required to maintain a balance of £5,000 or more and not make any withdrawals.

In a month where you maintain a balance of £5,000 or more and make a withdrawal, the conditional bonus interest will be forfeited, but the standard interest will be paid.

In a month where your balance is less than £5,000, regardless of whether you make a withdrawal or not, you will earn the nominal rate of interest of 0.10% Gross/AER (variable).

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Who is eligible to open an e-Savings Plus savings account?

The e-Savings Plus telephone and online account is available only to individuals aged 18 years or over who are resident in the UK. You can hold the account in your sole name or jointly with another individual.

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What are the minimum deposit and balance requirements?

You can open the account with £1, however, only balances of £5,000 and over will be eligible to earn the standard interest and conditional bonus if no withdrawals are made. While your balance is below £5,000 you will receive a nominal rate of interest. Please see the rates for the e-Savings Plus savings account.

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How long does it take to open an e-Savings Plus savings account?

Already an online customer with NatWest Online Banking? We’ll usually open your e-Savings Plus savings account straightaway.

If you are an existing NatWest customer, and are registered for telephone banking, and want to open your e-Savings Plus savings account over the phone, your savings account will usually be opened straight away. If you are not registered for telephone banking, you must register before your account can be opened.

New to NatWest? We’ll normally open your e-Savings Plus savings account within three weeks. Often it is quicker. You will need to provide identification to open the account so the length of time will depend on how quickly you can provide this to us.

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What happens once I apply?

We’ll send a letter confirming all your details. Please ensure that you also read the terms and conditions that apply to your account. These will be included in your savings account pack.

Existing NatWest customer? Your e-Savings Plus savings account should be available to use the next day and we will provide you with the account number and sort code at the end of your application. We will also write to you to confirm your savings account details. If you have requested any cash transfers to be made or any standing orders to be set up, please sign and return the letter in order for these to be set up.

New to NatWest? We will send you a pre-populated application form to be signed and returned before your account can be activated. We will also ask you to send identification documents to us, alternatively, you can take your documents to your local branch. Once we’ve received these documents, we’ll check them and return them to you.

ID requirements

And that’s it - your e-Savings Plus savings account is ready to use. We’ll send a confirmation letter, which includes your account number and sort code.

We’ll also confirm your telephone or online banking login details. Once you’ve activated telephone or online banking you can start using your e-Savings Plus savings account.

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How do I know my savings account is open?

We will write to you. In the letter we’ll include a note of your account number and sort code. Your new account will also appear when you log onto Online Banking, the day after application.

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Can I open the account in branch?

e-Savings Plus can only be opened and operated through telephone or online banking and cannot be opened in any of our branches. However, it’s quick and easy to apply online or over the telephone.

You can operate your e-Savings Plus savings account using telephone or online banking for which you’ll need to register.

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Do I need an existing NatWest account?

No. You don’t need to have another account with NatWest to open an e-Savings Plus savings account.

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What happens if I only have £2,000 to invest?

The e-Savings Plus savings account requires a minimum balance of £5,000 in order to earn the standard interest and conditional bonus interest, subject to the terms and conditions. For balances below £5,000 you will receive a nominal rate of interest. If you only plan to invest £2,000 we have a range of savings accounts that you may find more suitable.

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Can I have more than one e-Savings Plus savings account?

Yes.

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Can I have a joint account?

Yes. Maximum 2 persons.

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I’m an existing customer, but I’m not registered for Telephone or Online banking. Can I have an e-Savings Plus savings account?

Yes, however you will need to register for telephone or online banking in order to operate this account.

Online Banking: Why not sign up today? Then you can start accessing your existing accounts. More on Online Banking.

It’s easy – simply sign-up on our website.

Online banking – overview
Take the online banking tour
Sign up now

Telephone banking: To open your account and register for Telephone banking call us on 0800 592 933 (Minicom 0800 917 0526)

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Bonus

How do you calculate the bonus and the interest?

The Gross standard interest rate 0.50% (variable) plus the conditional bonus rate 2.22% (fixed) gives a total Gross rate of 2.72% p.a. / 2.75% AER (variable).

Interest paid monthly


AmountGross Rate % AER% variableNet Rate %
(Excluding conditional bonus) Withdrawals made in any given month
£5,000 +0.500.500.40
£1 - £4,9990.100.100.08
(Including conditional bonus) No withdrawals made in any given month*
£5,000 +2.722.752.18
£1 - £4,9990.100.100.08

* The standard rate of interest of 0.50% Gross (variable) and the 12 month conditional bonus of 2.22% Gross p.a. (fixed) are paid only in months where you don't make any withdrawals and maintain a balance of £5,000 or more. If your balance falls below £5,000 you will earn the nominal rate of interest of 0.10% Gross (variable).

Interest is calculated daily and paid on the last business day of each month.

Interest rates are subject to variation.

Example: If you save £20,000 in your e-Savings Plus savings account at the beginning of the month and you don’t make any withdrawals, at the end of the month you will earn £45 Gross/£36 Net interest on £20,000, therefore your balance to carry over to the next month will be £20,036. (For this example interest is calculated over 30 days).

Gross is the interest rate paid before the deduction of tax.
Annual Equivalent Rate (AER) illustrates what the interest would be if paid and compounded each year.
It helps you to compare the effective rates of credit interest on different accounts.
Net is the interest rate paid after tax.

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When is the bonus and interest paid?

We calculate interest on the daily cleared balance in your account. Interest is paid monthly, we pay your interest and bonus on the last working day of every month.

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Are there any penalties?

You can add to your savings, withdraw your money or close your account at any time.

The standard interest and conditional bonus interest are paid only in the months where you don’t make a withdrawal and maintain a balance of £5,000 or over.

If your balance remains above £5,000 but you do make a withdrawal you will be paid the standard rate of interest only.

If your balance falls below £5,000, regardless of whether you make any withdrawals or not, you will earn the nominal rate of interest.

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Using your e-Savings Plus savings account

What if I have more than £5,000 in my e-Savings Plus savings account and don't make any withdrawals in the month?

Then you will qualify for both the standard interest and the conditional bonus interest.

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What if I have more than £5,000 in my e-Savings Plus savings account, and I make a withdrawal within the month but my balance remains above £5,000?

You will still qualify for the standard interest, however, you will forfeit the conditional bonus interest.

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What if I have more than £5,000 in my e-Savings Plus savings account, but I make a withdrawal in the month and the balance falls below £5,000?

You will qualify for the standard interest for the number of day’s your balance is equal to or greater than £5,000, and then you will receive nominal interest for the number of days your balance is below £5,000.

You will also forfeit the conditional bonus interest.

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What if I have less than £5,000 in my e-Savings Plus savings account?

You will receive nominal interest and no conditional bonus interest, regardless of whether or not any withdrawals are made from your savings account.

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What if I have less than £5,000 in my e-Savings Plus savings account at the start of the month and I pay in funds to bring the balance above £5,000 in the same month and don’t make any withdrawals?

You will receive nominal interest for the number of days the balance is less than £5,000, and then you will receive the standard interest and conditional bonus interest for the number of days that the balance is £5,000 or more.

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What if I have less than £5,000 in my e-Savings Plus savings account at the start of the month and I pay in funds to bring the balance above £5,000 in the same month and make a withdrawal?

You will receive nominal interest for the number of days the balance is less than £5,000, and then you will receive standard interest for the number of days the balance is £5,000 or more, however, the conditional bonus interest will be forfeited.

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How do I make a deposit?

It’s easy. You simply have to:

  • make an electronic transfer from an existing NatWest account;
    • OR
  • arrange a transfer via telephone banking from an existing NatWest account;
    • OR
  • pay a deposit by cheque from an account you hold with any UK bank

After this first deposit, you can pay money in by electronic transfer from any UK bank account.

Looking to save regularly? You can also set up a standing order.

NatWest Online Banking
Actionline Telephone banking number

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How do I make withdrawals?

Simply transfer money from your e-Savings Plus savings account to another UK bank account by using our telephone or online banking service:

NatWest Online Banking
Actionline Telephone banking number

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How do I register for telephone or online Banking?

It’s easy - simply sign-up on our website.

Online banking – overview
Take the online banking tour
Sign up now

Or call Actionline Telephone banking to register

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Is it easy to close my e-Savings Plus savings account?

Yes - although we hope you’ll choose to keep your savings account with us. To close your account, simply write to:

FREEPOST RRAB-CXSB-RAGL, NatWest Bank, West Yorkshire Retail CSC, 1 Victoria Place, Holbeck, Leeds LS11 5AN. Please include your full details, account number, sort code and ensure that the letter has been signed and dated by all parties to the account.

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Important information

You can download terms and conditions for NatWest current accounts and savings accounts and information on fees and charges as PDFs.

We sometimes allow savings accounts to be operated in a way which enables the customer to give instructions for a withdrawal or other payment which cannot be met from the funds in the account. If this happens, we may apply charges to the account. Please read our leaflet Personal and Private Banking - A Guide to Fees and Interest which contains details of these charges.

NatWest Personal and Private Banking - Terms and Conditions (PDF File 330KB)

NatWest Personal and Private Banking - A Guide to Fees and Interest (PDF File 147KB)

NatWest Our Commitment to You (PDF File 235KB)

Savings Rates

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Call us

Call us on
0800 592 933

Minicom
0800 917 0526

Lines are open: Mon to Fri 8am-8pm, Sat 9am-6pm (excl. public holidays).
Calls may be recorded


e-Savings Plus not for you?

Our e-Savings account pays a flat rate of interest whatever the balance.

More on e-Savings