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Savings Builder

Get into the saving habit

Apply for a Savings Builder account Apply for a Savings Builder account

You must be aged 16 years or over to open an account.

Savings Builder

Get into the habit of saving money every month with a Savings Builder account.

With instant access to your savings and an interest bonus for saving money every month it's a savings account that's flexible when you need it to be.

To earn interest each month, your balance must grow by at least 50. If you can't grow your savings by 50 in a month, you won’t earn interest for that month.

What is the interest rate?

Balance grows by less than 50 a month: regular saving condition is not met Balance grows by at least 50 a month: regular saving condition is met
Balance AER/Gross p.a (variable) AER/Gross p.a (variable)
1 - 5,000 0.00% 1.50%
5,001 - 10,000 0.00% 1.50%
Over 10,000 0.00% 0.45%

The need-to-knows

  • Interest is paid on the above tiers on a stepped basis which means you’ll earn a different rate on each portion of your balance within the above tiers. If, for example, you hold 11,000 in your account, and you have satisfied the interest condition, your interest rates for that monthly period will be: 1.50% on the first 5,000, 1.50% on the next 5,001-10,000 and 0.45% on anything over 10,000.

  • Interest is calculated daily and paid on the first business day of the month. You’ll be able to see and access the interest in your account on the following day.

Frequently asked questions

How do I open and manage my account?

Exclusively available for customers holding a Current account.

You must be aged 16 years or over to open an account.

You can only have one Savings Builder Account in your sole name, and only one Savings Builder Account in joint names with another person.

You can open and manage your account in branch, online or by telephone.

No minimum deposit is required to open the account; and there is no maximum balance limit.

Each month your balance must grow by at least 50 to earn interest. If your balance grows by less than 50 in any month, you will not earn interest.

Can NatWest International change the interest rate?

Yes, the interest rate is variable.

The rate may be changed for any of the reasons set out in Term 10.3 of the Personal Banking Account Terms and Fees e.g. to take account of Bank of England's base rate changes or changes in the rates paid by other banks.

If the rates are going down we'll give you at least 60 days' notice. If they are going up, we'll inform you before the change or shortly afterwards. 10.4 of the Personal Banking Account Terms and Fees contains details of the notice we'll give you.

Can I withdraw money?

Yes. No notice is required.

You can withdraw money:

  • in branch
  • by transfer to any other account based in the Channel Islands, Isle of Man, Gibraltar or the UK (online, by telephone or on the mobile app)

There are daily limits on the amount you can transfer from your account online, by telephone or mobile banking.

Please note: Withdrawal during the month which means your month to month balance does not increase by 50 or more will result in the regular saving condition not being met and interest not being earned.

Additional information

How do I earn interest?
To earn interest each month, your balance must grow by at least 50. Our monthly interest cycle runs from close of business on the second-last business day of one month, to close of business on the second-last business day of the following month. Close of business times depend on whether you pay in your money in-branch or by using our telephone, online or mobile banking services.

What happens if my payment is late?
Your payment will count towards the following monthly interest period. If due to the late payment you have not grown your balance by 50 in that month, you will earn no interest that month.

What happens if I make a withdrawal?
Savings Builder allows you to make withdrawals however if your withdrawal means that your overall balance has not increased by 50 on what it was on the second-last business day of the previous month, you will not earn interest for that month.

What happens if I close my account?
You will not earn interest for the month of closure.

Definitions

Annual Equivalent Rate (AER) - This is a notional rate used for interest bearing accounts which illustrates what the gross credit interest rate (excluding any bonus interest payable) would be if paid and compounded on an annual basis. It helps you to compare the effective rates of credit interest on different accounts.

Gross - is the interest rate paid before the deduction of tax

p.a - per annum (per year)

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