e-Savings
Earn a bonus with this internet-only account
Boost your savings with a 2.10% bonus for 12 months. Simply open a new e-Savings account – perfect for managing your savings online.
Why choose an e-Savings account?
4.47% AER (variable), including 2.10% bonus
Earn an extra 2.10% for 12 months
That's on top of 2.30% AER (variable) – giving you a combined rate of 4.47% AER (variable).
Flat rate – the interest rate stays the same, no matter how much you save
No penalties – we don't charge you for withdrawing your money
Start saving with £1 - and there's no minimum balance
Monthly interest – paid directly into your account
No need for an existing NatWest account – although if you have one, it's quick and easy to move money between e-Savings and your other NatWest accounts
Get the savings habit – we can set up a regular transfer from another NatWest account
2.10% Bonus for 12 months
Open a new e-Savings account, and we'll say 'thank you' with a 2.10% bonus for 12 months. It could be just the boost your finances need.
The bonus is:
Guaranteed – we’ll pay a 2.10% bonus. This bonus period starts on the last business day of the month after you opened the account – and runs for the next 12 months
Paid monthly - along with your standard interest
Simple - there are no confusing conditions or penalties. Simply open a new account to get the 2.10% bonus
2.30% plus 2.10% doesn't equal 4.47% AER. Why not?
At Natwest we calculate interest daily, and pay this interest every month. If you leave the interest in your account, we will pay you interest on the interest you have earned - which is known as compounded interest. When we calculate the AER, we assume that you'll leave the original balance and all the interest in the account.
Still got questions?
Read more about the bonus offer in our common questions
Opening your e-Savings account
- How long does it take to open an e-Savings account?
- What happens after I apply?
- How do I know my account is open?
- Can I open the account in branch?
- Do I need an existing NatWest account?
- Can I have more than one e-Savings account?
- Can I have a joint account?
- I’m an existing customer, but I’m not registered for online banking. Can I have an e-Savings account?
Bonus rate
- 2.30% plus 2.10% doesn't equal 4.47% AER. Why not?
- When is the bonus and interest paid?
- When does the bonus period start?
- How do I qualify for the bonus?
- I already have an e-savings account. Will I get the bonus?
- Are there any penalties?
Using your e-Savings account
- How do I make a deposit?
- How do I make withdrawals?
- How do I register for online banking?
- Is it easy to close the account?
Opening your e-Savings account
How long does it take to open an e-savings account?
Are you an existing NatWest Online Banking customer? We’ll open your e-Savings account straightaway.
New to NatWest? It takes no more than three weeks to open a new e-savings account. Often it is quicker. You will need to provide identification to open the account so the length of time will depend on how quickly you can provide this to us.
Remember the bonus offer can be withdrawn at any time. As long as we receive your completed application during the bonus period, you will be eligible for it. Apply now!
What happens after I apply?
We’ll send a letter confirming all your details – simply sign and return this.
Existing NatWest customer? In the letter, we’ll ask you to confirm your application - it's important you sign and return the form. By doing this you'll make sure your cash transfers and standing orders are set up.
New to NatWest? In the letter, we’ll also ask you to send identification documents. Once we’ve received these documents, we’ll check them and return them to you.
And that’s it – your e-Savings account is ready to use. We’ll send a confirmation letter, which includes your account number and sort code.
We’ll also confirm your online banking login details. Once you’ve activated online banking you can start using your e-savings account.
How do I know my account is open?
We will write to you. In the letter we’ll include a note of your account number and sort code.
Can I open the account in branch?
No - e-Savings is an internet-only account. However, it’s quick and easy to apply online. To use your e-Savings account you’ll need to register for online banking.
Do I need an existing NatWest account?
No. You don’t need to have another account with us to open an e-Savings account.
Can I have more than one e-Savings account?
Yes.
Can I have a joint account?
Yes.
I’m an existing customer, but I’m not registered for online banking. Can I have an e-Savings account?
Yes you can – but you will need to register for online banking in order to open and use this account. It takes approximately 5 days and we don’t charge for our online banking service. Why not sign up today – and start accessing your existing accounts? More on online banking
Bonus rate
2.30% plus 2.10% doesn't equal 4.47% AER. Why not?
At NatWest, we calculate interest daily and pay this interest every month. If you leave the interest in your account, we will pay you interest on the interest you have earned - which is known as compounded interest. When we calculate the AER (Annual Equivalent Rate), we assume that you'll leave the original balance and all the interest in the account.
When is the bonus and interest paid?
We pay the bonus monthly, along with the standard interest payment.
When does the bonus period start?
The 12 month bonus interest period starts on the last business day of the month – in the month after your account was opened. The Gross and AER rates apply from the start date of the bonus.
For example, if you open your account on 19 September 2008, the 12 month bonus period will start from 31 October 2008, and will end on 30 October 2009 (inclusive). We’ll calculate the bonus on the daily cleared balance between these dates.
How do I qualify for the bonus?
The bonus only applies to e-Savings accounts opened on or after 19 September 2008. This offer is only available for a limited period.
I already have an e-savings account. Will I get the bonus?
Only new e-savings accounts opened on or after 19th September qualify for the additional bonus rate. If you have an existing e-saving account you still get to benefit from our great rate of interest of 2.28% Gross / 2.30% AER (variable).
Are there any penalties?
No. You can withdraw your money or close your account at any time during the bonus period.
Using your e-Savings account
How do I make a deposit?
It’s easy. You simply have to:
- make an electronic transfer from an existing NatWest account
OR
- pay a deposit by cheque from an account you hold with any UK bank
After this first deposit, you can pay money in by electronic transfer from any UK bank account. Looking to save regularly? You can also set up a standing order.
How do I make withdrawals?
Simply make an electronic transfer from your e-Savings account to any other UK bank account.
How do I register for online banking?
Online banking – overview
Take the online banking tour
Sign up now
Is it easy to close my e-Savings account?
Yes – although obviously we hope you’ll choose to keep your account open. To close your account, simply write to: FREEPOST RRAB-CXSB-RAGL, NatWest Bank, West Yorkshire, Retail CSC, 1 Victoria Place, Holbeck, LS11 5AN.
This page provides the current interest rates that apply to this account. We have a separate page for previous savings interest rates.
Full copies of the fees and rates, and terms and conditions that apply to our personal accounts can be downloaded for our terms and conditions page.
Current savings rates
Including bonus
| Balance | AER (variable) | Gross Rate | Net Rate |
|---|---|---|---|
| £0+ | 4.47% | 4.38% | 3.50% |
Interest paid monthly.
Note: Internet based account only.
Offer available from 19.09.08 and all rates correct as at 01.12.08 and are subject to variation.
Interest is paid monthly to the account. The bonus interest will be applied from the last business day of the month following the month in which your account is opened. It will be paid monthly along with the standard interest payment. The Gross and AER rates are applicable from the start date of the bonus. Offer may be withdrawn at any time.
Last updated on: 1 Dec 2008.
| Balance | AER (variable) | Gross Rate | Net Rate |
|---|---|---|---|
| £0+ | 2.30% | 2.28% | 1.82% |
Note: Internet based account only
Last updated on: 1 Dec 2008.
Common definitions
Annual Equivalent Rate (AER). This is a notional rate used for interest bearing accounts which illustrates what the gross credit interest rate 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 Rate. This means the interest rate you are paid before the deduction of income tax.
Net Rate. This means the interest rate you are paid after the deduction of income tax.
Important information
You can download terms and conditions for NatWest current accounts and savings accounts and information on fees and charges as PDFs.
We sometimes allow savings accounts to be operated in a way which enables the customer to give instructions for a withdrawal or other payment which cannot be met from the funds in the account. If this happens, we may apply charges to the account. Please read our leaflet Personal and Private Banking - A Guide to Fees and Interest which contains details of these charges.
NatWest Personal and Private Banking - Terms and Conditions (PDF File 302KB)
NatWest Personal and Private Banking - A Guide to Fees and Interest (PDF File 147KB)
NatWest Our Commitment to You (PDF File 235KB)
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