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Natwest Savings Builder 1.5% Instant Access Saving Account
Natwest Savings Builder 1.5% Instant Access Saving Account

Natwest Savings Builder 1.5% Instant Access Saving Account

*Feeling brave, here goes...* I suspect this deal might go stone cold given that there aren't really any good savings deals at the moment, but this is the best and most flexible savings account I've come across from any high street bank or building society this year.

I've actually just opened once of these accounts for myself today

Introducing.... the Savings Builder account from Natwest. A flexible instant access savings account that provides 1.5% AER interest rate (now TAX FREE under the gov's Personal Savings Allowance scheme) on balances of up to £5k and a 1% interest rate on balances between £5k to £10k.

How Does This Compare Against ISA Savings?
Currently the best instant access ISAs are paying around 1% interest. The benefit of these ISAs over the Natwest Savings Builder is that they have a much higher limit (£20k/year), but for anyone with savings of less than £10k you will be better of with the Natwest account.

Key Info:
- Starting balance can be as little as £1 with no upper limit
- In order to qualify for the 1.5% interest you MUST transfer at least £100 per month into the account
- The account is instant access with NO penalty
- You don't have to pay in £100 each month. If you decide not to you simply forfeit the interest for that month only


Other Good Deals
Credit to @Speculator for this - "nationwide 5% flexdirect (max £2500) plus Flexclusive regular 5% (£500 per month)

11 Comments

Brave at 1.5% ??? Waste of time if u ask me, plenty of options to get a better return for that amount. \x0d\x0aFor starters the Santander 123 coupled with a reg saver beats this hands down....\x0d\x0a\x0d\x0a...and before someone says "oooh but you have to pay £5 a month fee with Santander 123, well think again, the reg saver interest negates it"

Original Poster

Sharpharp

Brave at 1.5% ??? Waste of time if u ask me, plenty of options to get a … Brave at 1.5% ??? Waste of time if u ask me, plenty of options to get a better return for that amount. For starters the Santander 123 coupled with a reg saver beats this hands down.......and before someone says "oooh but you have to pay £5 a month fee with Santander 123, well think again, the reg saver interest negates it"



It undoubtedly depends on your circumstances. Switching involves the hassle of having to change bank accounts to Santander if you aren't already with them, pay in £500/month, setup two direct debits. etc

If the Santander deal were really that good I would have gone with them.

So, this reaffirms my opening sentence... "Brave", because you simply cannot please all (or even many) of the people all of the time!
Edited by: "alexc100" 7th Jun

nationwide 5% flexdirect (max £2500) plus Flexclusive regular 5% (£500 per month)
Edited by: "Speculator" 7th Jun

Not bad at all, thanks Op.

Sharpharp16 m ago

Brave at 1.5% ??? Waste of time if u ask me, plenty of options to get a …Brave at 1.5% ??? Waste of time if u ask me, plenty of options to get a better return for that amount. For starters the Santander 123 coupled with a reg saver beats this hands down.......and before someone says "oooh but you have to pay £5 a month fee with Santander 123, well think again, the reg saver interest negates it"



Cashback from utility/phone/council tax direct debits cancels out the £5 fee.

Depends on what you pay for these, my mums doesn't! but the interest on her balance does so swings and roundabouts.

Great if you have used all of the other accounts and need one as a floater account, heat added

Better than the interest I'm getting - just opened one, thanks OP

You may wish to consider shares in the current interest rate climate (provided Corbyn and his incompetent economy wrecking mates don't get in tomorrow ) . Many large companies such as Lloyds, GSK , BP , Legal and General etc are paying 4% - 6% in dividends but obviously not suitable for short term savings.

Sharpharp1 h, 8 m ago

Brave at 1.5% ??? Waste of time if u ask me, plenty of options to get a …Brave at 1.5% ??? Waste of time if u ask me, plenty of options to get a better return for that amount. For starters the Santander 123 coupled with a reg saver beats this hands down.......and before someone says "oooh but you have to pay £5 a month fee with Santander 123, well think again, the reg saver interest negates it"


Sort of, but not quite. You can get the reg saver, and the bills cashback, by going for S123 lite, at just £1 per month. That £4 per month difference would be better banked and a different current account chosen for interest... IMO

If you knock £4 x 12 = £48 pa off the interest then the effective S123 rate is about 1.26% assuming you are using the personal savings allowance.

It gets worse if you don't put in the full £20k, or if the S123 is in addition to other current accounts, you've used up your PSA, and you are a higher rate taxpayer ... in the higher rate taxpayer scenario the £4 extra per month makes the effective interest rate before tax nearer 1.1%.
Edited by: "gwapenut" 7th Jun

only £5k...

Use as a last resort after you're maxed out on TSB, Halifax, Bank of Scotland, Santander, and multiple regular saver accounts that offer far more attractive returns.
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