Overview
- NatWest, which launched the Defined Access Saver on Wednesday, is offering an instant-access account that pays 2.50% AER when customers make no more than three withdrawals a year.
- A fourth withdrawal drops the rate to 1.04% AER for the rest of the calendar year, and both the rate and the withdrawal count reset at the start of the next year.
- Customers can open the account with no minimum deposit through NatWest’s website or mobile app.
- The product is available to new and existing customers across NatWest Group, including Royal Bank of Scotland and Ulster Bank.
- NatWest cites research showing 45% of people withdraw from instant accounts rarely or annually and 83% value higher rates for fewer withdrawals, positioning this offer against rivals like Nationwide, Lloyds and HSBC UK for savers who seldom dip into funds.