e-Savings

Why choose an e-Savings account?

Flat rate – the interest rate stays the same, no matter how much you save

No penalties – we don't charge you for withdrawing your money

Start saving with £1 - and there's no minimum balance

Monthly interest – paid directly into your account

No need for an existing NatWest account – although if you have one, it's quick and easy to move money between e-Savings and your other NatWest accounts

Get the savings habit – we can set up a regular transfer from another NatWest account

Got an e-Savings account? – did you open an e-Savings account between 19 September 2008 and 1 January 2009? Make the most of your bonus rate

Opening your e-Savings account

• How long does it take to open an e-Savings account?
• What happens after I apply?
• How do I know my account is open?
• Can I open the account in branch?
• Do I need an existing NatWest account?
• Can I have more than one e-Savings account?
• Can I have a joint account?
• I’m an existing customer, but I’m not registered for online banking. Can I have an e-Savings account?

Using your e-Savings account

• How do I make a deposit?
• How do I make withdrawals?
• How do I register for online banking?
• Is it easy to close the account?

Bonus rate

• 1.00% plus 2.10% doesn't equal 3.24% AER. Why not?
• When is the bonus and interest paid?
• When does the bonus period start?
• How do I qualify for the bonus?
• Are there any penalties?

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

Are you an existing NatWest Online Banking customer? We’ll open your e-Savings account straightaway.

New to NatWest? It takes no more than three weeks to open a new e-savings account. 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.

Remember the bonus offer can be withdrawn at any time. As long as we receive your completed application during the bonus period, you will be eligible for it. Apply now!

What happens after I apply?

We’ll send a letter confirming all your details – simply sign and return this.

Existing NatWest customer? In the letter, we’ll ask you to confirm your application - it's important you sign and return the form. By doing this you'll make sure your cash transfers and standing orders are set up.

New to NatWest? In the letter, we’ll also ask you to send identification documents. Once we’ve received these documents, we’ll check them and return them to you.

And that’s it – your e-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 online banking login details. Once you’ve activated online banking you can start using your e-savings account.

How do I know my account is open?

We will write to you. In the letter we’ll include a note of your account number and sort code.

Can I open the account in branch?

No - e-Savings is an internet-only account. However, it’s quick and easy to apply online. To use your e-Savings account you’ll need to register for online banking.

Do I need an existing NatWest account?

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

Can I have more than one e-Savings account?

Yes.

Can I have a joint account?

Yes.

I’m an existing customer, but I’m not registered for online banking. Can I have an e-Savings account?

Yes you can – but you will need to register for online banking in order to open and use this account. It takes approximately 5 days and we don’t charge for our online banking service. Why not sign up today – and start accessing your existing accounts? More on online banking

How do I make a deposit?

It’s easy. You simply have to:

• make an electronic transfer 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.

How do I make withdrawals?

Simply make an electronic payment from your e-savings account to any other UK bank account. To ensure your funds remain safe, you will need to use your card reader.

How do I register for online banking?

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

Is it easy to close my e-Savings account?

Yes – although obviously we hope you’ll choose to keep your account open. To close your account, simply write to: FREEPOST RRAB-CXSB-RAGL, NatWest Bank, West Yorkshire, Retail CSC, 1 Victoria Place, Holbeck, LS11 5AN.

1.00% plus 2.10% doesn't equal 3.24% AER. Why not?

At NatWest, we calculate interest daily and pay this interest every month. If you leave the interest in your account, we will pay you interest on the interest you have earned - which is known as compounded interest. When we calculate the AER (Annual Equivalent Rate), we assume that you'll leave the original balance and all the interest in the account.

When is the bonus and interest paid?

We pay the bonus monthly, along with the standard interest payment.

When does the bonus period start?

The 12 month bonus interest period starts on the last business day of the month – in the month after your account was opened. The Gross and AER rates apply from the start date of the bonus.

For example, if you opened your account on 19 September 2008, the 12 month bonus period will start from 31 October 2008, and will end on 30 October 2009 (inclusive). We’ll calculate the bonus on the daily cleared balance between these dates.

How do I qualify for the bonus?

If you opened an e-Savings account between 19 September 2008 and 01 January 2009, then you qualify for a 2.10% gross bonus interest. Make the most of your bonus rate.

Are there any penalties?

No. You can withdraw your money or close your account at any time during the bonus period.

This page provides the current interest rates that apply to this account. We have a separate page for previous savings interest rates.

Full copies of the fees and rates, and terms and conditions that apply to our personal accounts can be downloaded for our terms and conditions page.

Note: Internet based account only
Last updated on: 24 Jul 2009.

Including bonus

Limited period offer for customers who applied for an e-Savings account between 19 September 2008 and 01 January 2009.

Note: Internet based account only.
Last updated on: 24 Jul 2009.

Including bonus

1.40% bonus for customers with Replace & Extend offer from 01 October 2009.

Interest paid monthly.
Make the most of your bonus rate.

Interest is paid monthly to the account. The bonus interest will be calculated daily from the last business day of the month following the month in which your account is opened. It will be paid monthly along with the standard interest payment. The Gross and AER rates are applicable from the start date of the bonus. This limited period offer is now closed.
Last updated on: 24 Jul 2009.

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.

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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)

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