Our fixed term, fixed rate savings account

You can only withdraw money (in branch, online or by telephone banking) until 3.30pm on the last date to make payments or withdrawals. After this, your money will be locked away. If you do withdraw your money, you may be charged a fee. Partial withdrawals are also not permitted from fixed rate accounts after this time.

If you dont currently hold another account with us you can still do this in branch, online or by telephone banking and the withdrawal will be sent to you via cheque.

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 Primary 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.

With our Fixed Term Savings Accounts, interest is paid on the first business day of every month and on the Maturity Date.With our Fixed Term Savings Accounts, interest is paid on the first business day of every month and on the Maturity Date.

Your goals and circumstances will ultimately decide whether a fixed rate savings account is right for you. It may be an option if you’re willing to save for the medium to long term and have a lump sum available. But it might be worth researching other NatWest savings accounts if you want instant access to your money. Or if you prefer regular saving.

You can make deposits up until 3:30pm on the last working day before the Fixed Term start date through electronic transfers, or cash deposits by visiting branch.

Funds can be paid in by cheque but please be aware  that the cheque has to clear in time for it to be credited into the account and this must be cleared on or before the last business day before the Fixed Term Start Date. After this time money cannot be paid in until the maturity date.

You can’t make regular deposits into a fixed NatWest saving account. Instead, you’ll need to make all your deposits by a specific cut-off date, shortly after opening the account.

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.

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.

When funding your newly opened savings account a limit of £99,999 per day applies.  However, the following day you can quickly and easily transfer money to your savings account any time you like via our mobile app or online banking if you have them, or you can call us or visit us in branch. You can transfer between two of your own accounts as many times you like (up to £99,999) per day.

You need to have your account fully funded by the ‘last date to make payments or withdrawals’ date. As stated on key dates info. 

At NatWest, a fixed rate bond is the same as a fixed term account. Our Fixed Term Savings Account gives you a guaranteed, fixed interest rate on your savings for 1 year or 2 years, you choose. This means you’ll know exactly what the interest rate on your savings will be and how much interest you’ll earn monthly.