NatWest launches £1,000 cash prize competition on its 3% savings account – rules explained

Martin Lewis advises against children’s savings in Premium Bonds

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NatWest has announced a new savings competition today which opened up to savers in August. The competition will award 10 customers with £1000 for opening an account and then developing a regular savings habit.

To be within a chance of winning, customers simply need to open a Digital Regular Saver account in August, set up a standing order for between £1-£50 and make payments in September, October and November.

The winners will be selected in December with 10 customers winning £1,000.

NatWest appeared to have younger savers in mind for this, as it revealed setting up a savings goal is most popular among 21- 30 year olds and customers who set up a savings goal are more likely to achieve their goal compared to those who don’t have a goal.

The bank detailed Customers aged 41-50 years old were the least likely to set up a goal.

READ MORE: Savings warning: Retirees facing emergency cash ‘shortfall’

NatWest

NatWest has launched a new deal (Image: GETTY/PA IMAGES)

NatWest detailed it is aiming to help an additional two million customers to start saving by 2023 and help increase financial capability.

Its Digital Regular Saver account is designed to help customers with little or no savings develop a savings habit and “unlike other regular savings accounts” does not expire after a year.

The account is more flexible too, allowing for withdrawals to be made without the need to close the account.

Interest is paid monthly with the top rate of three percent interest paid on balances of up to £1000.

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Lewis Broadie, NatWest’s Savings Expert, commented: “We hope the added incentive of winning £1000 in time for Christmas will help encourage more customers to begin building a savings pot.”

On top of these offers, NatWest also offers a range of savings tools to help customers save, including a Savings Goal tool in the bank’s mobile app and “Spending” which helps customers budget.

For the Digital Regular Saver, it should also be noted 0.01 percent interest is payable on money added over the £1,000 threshold.

The interest is calculated on a daily basis and paid into the account on the first business day of the month.

ISA

NatWest also have ISA deals (Image: EXPRESS)

NatWest also laid out the following rules for the Digital Regular Saver account:

  • Savers can open the account if they’re a UK resident, aged 18 years or over and a NatWest current account holder.
  • Your account can be opened online or through our mobile app. You can manage your account on our mobile app, online, in branch or by telephone.
  • You can only pay up to £50 into the account each calendar month. This includes your standing order and any extra money you put in. Any amount over this limit may be automatically moved to your current account. If you repeatedly try to pay more than £50 each month into the account, you will be given 60 days’ notice to close the account.
  • There’s no minimum deposit to open the account, however you’ll need to set up a standing order from your NatWest current account of between £1 and £50 each calendar month into the account. If you wish to put extra money into the account, the combination of this and your standing order cannot exceed the £50 per calendar month limit. There is no maximum balance limit, however, the higher interest rate will only apply to balances up to and including £1,000.
  • Extra money can come from a current or savings account in your name held with us or held with another bank (online, by telephone or on the mobile app) as long as it doesn’t exceed the £50 monthly limit.
  • You can only have one Digital Regular Saver and it needs to be in your name. Joint accounts aren’t allowed.
  • If you close your account, you will not earn interest for the month of closure.
  • We will also need your email address and mobile number to open your account and send you important account opening documents.

On top of the Digital Regular Saver account, NatWest currently offers the following deals:

  • Savings Builder – zero percent interest
  • Instant Saver – 0.01 percent AER
  • Premium Saver – 0.05 percent on balances between £25,000 and £1,000,000
  • First Saver – 0.35 percent on balances of £1+
  • Fixed Rate ISA – 0.10 percent AER
  • Cash ISA – 0.01 percent on balances of £1 – £49,999

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