NatWest has made a number of changes to its savings accounts terms and conditions, which increase restrictions on the accounts and cut rate change notice periods.
Savings customers will no longer be able to use their savings accounts to pay bills or transfer money and customers will only be able to send money to their own NatWest current accounts. In addition to this, NatWest has cut the notice period it gives customers about rate changes from 60 days to just 14 days, while those with savings of less than £100 will not receive any warnings about rate changes.
According to NatWest, these changes have been made to bring its savings accounts in-line with what many other major banks already do. In addition to this, the bank states that ATM cards on savings accounts are used by less than 2% of its customers.
Savers with less than £100 in savings will still be notified of rate changes in NatWest branches, on its website and through press adverts. NatWest also informed Moneyfacts.co.uk that the new rates will be displayed on its mobile app and online banking.
A spokesperson for NatWest said: “We want to help our customers save more and are doing this by differentiating our savings accounts from our current accounts. Savings accounts will focus on saving, meaning we will no longer issue ATM cards for these accounts and funds will need to be paid into a current account of the same brand before they can be paid elsewhere. We have found this helps customers to save even more and can help prevent against fraud.”
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Many savers have money deposited in long-forgotten savings accounts and could be suffering from low interest rates as a result
Many savers have money deposited in long-forgotten savings accounts and could be suffering from low interest rates as a result
Savers prepared to lock their money away may want to consider a notice account over a fixed rate bond
Savers prepared to lock their money away may want to consider a notice account over a fixed rate bond
Savers will be pleased to see that all the top rates in the chart last week have remained available, which is particularly good news for those opting for an easy access account as this chart often sees the quickest rate changes
Savers will be pleased to see that all the top rates in the chart last week have remained available, which is particularly good news for those opting for an easy access account as this chart often sees the quickest rate changes
Many savers have money deposited in long-forgotten savings accounts and could be suffering from low interest rates as a result
Many savers have money deposited in long-forgotten savings accounts and could be suffering from low interest rates as a result
Savers prepared to lock their money away may want to consider a notice account over a fixed rate bond
Savers prepared to lock their money away may want to consider a notice account over a fixed rate bond
Savers will be pleased to see that all the top rates in the chart last week have remained available, which is particularly good news for those opting for an easy access account as this chart often sees the quickest rate changes
Savers will be pleased to see that all the top rates in the chart last week have remained available, which is particularly good news for those opting for an easy access account as this chart often sees the quickest rate changes
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