Welcome to Fixed Term Savings

Our fixed term, fixed rate savings account

Available until 10th July 2023. To apply, you must be 16+ and hold a NatWest current account and be a UK resident. Early closure charges may apply.

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Overview

FAQs

NatWest's fixed term, fixed rate savings account

Can you set aside savings for at least a year or two? Our Fixed Term Savings Account gives you a guaranteed interest rate, so you know how much your money will grow.

1 year terms - earn 5.01% / 4.90% AER/Gross on balances between £1 - £99,999 or 5.12% / 5.00% AER/Gross on balances between £100,000 - £5,000,000
2 year terms - earn 5.12% / 5.00% AER/Gross on balances between £1 - £99,999 or 5.22% / 5.10% AER/Gross on balances between £100,000 - £5,000,000
You can save between £1 - £5,000,000 per term.

Compare one and two-year fixed rate savings accounts

When you open our Fixed Term Savings account, you’ll have the chance to choose between terms of one and two years. Here are the main things to consider:

Length of account term. As you’d expect, your money is locked away for longer with a two-year savings account. It’s something to think about if there might be anything on the horizon - you can't pay more money in as you go or take money out unless you close your account before the end of the term.
Interest rates. You’ll normally be offered a higher rate when taking out a two-year account. But the trade-off is that your money will be out of reach for longer.

What is a fixed term, fixed rate savings account?

Our Fixed Term Savings Account gives you a guaranteed, fixed interest rate for a set time. That means you'll know exactly what your interest rate will be and how much your money will grow. You just need to pay in a lump sum and leave it until your term ends. Regular deposits aren’t allowed. And you might be charged for early withdrawals if you want to close your account to access your savings early.

Should I fix my savings rate?

If you decide to fix your savings, you'll know how much you'll earn and what your savings will be worth at the end of the term. You'll often get higher interest rates than you would on an instant access account too. But don’t forget fixing doesn't give you as much flexibility, so you can't pay more money in as you go or take money out unless you close your account before the end of the term.

How do Fixed Term Savings works?

Get started

It’s quick and easy to apply. Just click Apply now to get started. If you don't already have a current account with us then you will need to open this first.

Compare our Current Accounts

Choose your term

It’s up to you – pop in a lump sum and choose how long you’d like to fix your savings for. You will know how much exactly you will have earned by the end of the term.

Fix your money

Sit back and see your money grow. Remember, your money is locked away for the term you choose so you won’t be able to access until then

What happens at the end of the term?

Summary Box

Account name: Fixed Term Savings Account

What is the interest rate?

Can NatWest change the interest rate?

No, the interest rate is fixed. This means that the rate will not change between the date you open your account and the Maturity Date.

What would the estimated balance be at maturity based on a range of deposits?

How do I need to open and manage my NatWest fixed rate savings account?

Before you apply:

You must be aged 16 years or over and a UK resident to open our fixed rate accounts.
If you already have a current account with us, you can open a fixed savings account on our mobile app or online.
If you don’t have a current account, you will need to open this first online or via our mobile app. You will need to register for Online Banking before you can get our mobile app.
We’ll need your email address and mobile number to open your one-year or two-year savings account.
Your balance at the Fixed Term Start Date must be at least £1.
The maximum deposit is £5,000,000.
We will send you a certificate of deposit within 14 days of the Fixed Term Start Date.

Key Dates 1 year

Key Dates 2 year

Definitions

Banking can be confusing sometimes. Here's what some of the words we use mean.

Annual Equivalent Rate (AER)

Gross Rate

p.a.

Get ready to apply

Before you apply, we need to check you're happy with a few things. And ask you a few questions up front. Then we can make your application as quick and simple as it can be.

First things first. Please take a look at the important legal info:

If you carry on applying, it means you're happy with what's in these documents, including the FSCS information sheet. Please take some time to review, print and/or save the important information.

Savings Account Terms (45 pages)

Fixed Term Savings Information sheets

FSCS Information Sheet and Exclusions List (2 pages)

How your information might be used

It’s important for you to understand how we use and share your information Please read this short summary before you continue with your application.

All okay? You're nearly ready to start.

To speed up your application for our Fixed Term Savings account, we need to do a few final checks with you. They'll only take a minute.

Continue

Are you an existing NatWest Customer?

No, I'm new to NatWest

Yes, I'm already a NatWest customer

Sorry you can't apply for a Fixed Term Savings account right now

As you aren't an existing customer you will need to open a current account with us before you open a Fixed Term Savings account.

Compare our Range

Do you use Online Banking?

If you log in to Online Banking we can pre-fill some of the application for you.

Yes

Great. Let's get your application started.

Remember, to apply for a Fixed Term Savings account you must:

Be a current account customer
Be aged 16 years or over and a UK resident
Login using your NatWest Online Banking details at the start of the application

Register for Online Banking

You'll need to sign up for online banking with us in order to apply for the Fixed Term Savings account online. The good news is that it normally takes just 5 minutes.

What you'll need
You'll need your sort code and account number, and your NatWest debit card if you have one.

Fixed Term Savings Account – FAQs

Can I withdraw money from a NatWest Fixed Term Savings Account? Close

How do I re-invest my Fixed Term Savings Account? Close

At the maturity date, we’ll automatically reinvest your deposit and any outstanding interest into a new Fixed Term Savings Account unless you tell us you want to opt out.

The NatWest interest rate for the new account may be higher or lower than the rate which applied to your Fixed Term Savings Account when you took it out originally.

If you choose not to reinvest, your account will be converted into an Instant Saver Account on the Maturity Date (or if the Maturity Date is not a business day, the next business day). Your money can be accessed on the following day.

When is interest paid on Fixed Term Savings Accounts? Close

Are fixed rate savings accounts the best option? Close

How do I deposit money into my Fixed Term Savings Account? Close

Fixed term savings or instant access savings? Close

A fixed term account will usually offer a higher interest rate than an instant-access product. That effectively means you’re rewarded for locking your money away.

Fixed savings account rates depend on the term you choose. This is the length of time you’re willing to set your cash aside for. Longer terms usually offer higher interest rates.

Unlike regular savers, you’ll pay in a single lump sum shortly after opening your fixed savings account. You can’t usually access this cash until the maturity date. This is when the fixed term ends.

Not sure a fixed account is right for you? Explore other NatWest savings options

How do I close my Fixed Term Savings account early? Close

You can close fixed savings accounts by giving 35 days written notice to your branch. An Early Closure Charge will be deducted from the balance of your account, except in the event of your non-voluntary redundancy, death or some other circumstances. Please contact us to find out more.

The Early Closure Charge will be the lower of the amount of interest earned on your account or 90 days’ interest.

The total amount you receive (including interest earned on your balance) will be no less than your deposit at the Fixed Term Start Date. For example, if you have earned 50 days’ interest, you will only be charged an Early Closure Charge equivalent to 50 days’ interest. If you have earned 100 days’ interest, you will only be charged an Early Closure Charge equivalent to 90 days’ interest.

The Early Closure Charge will be deducted from the balance of your Fixed Term Savings Account.

Do I still earn interest if I cancel my standing order? Close