NatWest Announces Interest Rate Increases on Savings Accounts. Discover how NatWest’s recent interest rate increases are shaping the landscape for savings accounts. Get insights into the changes across 10 different accounts, effective from August 23. Explore the impact on Digital Regular Saver, Flexible Saver, Help to Buy ISA, and more. Plus, learn about Beehive Money’s Bonus Saver August 2024 update. Stay informed on the latest in banking and finance.
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NatWest has recently raised interest rates across a total of 10 distinct savings accounts. These changes were enacted this week, specifically taking effect on Wednesday, August 23. The bank has proactively communicated these adjustments to its account holders, elucidating that several of their savings rates are once again on the upswing.
A notable account in this series of changes is the Digital Regular Saver, which maintains its offer of 6.17% AER (Annual Equivalent Rate) or six percent gross for account balances ranging from £1 to £5,000. Notably, for balances exceeding £5,000, the interest rates have been elevated from 1.41% AER/1.40% to 1.75% AER/1.74%.
Additional noteworthy enhancements encompass various accounts including the Flexible Saver, Instant Saver, Primary Savings, and Cash ISA. Moreover, the Help to Buy ISA rate is set to rise from 2.53% AER/2.50% to a higher 2.70% AER/2.67%.
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Adjustments are also applicable to interest rates associated with the First Saver, Adapt Account, First Reserve, and Savings Building.
In parallel, Beehive Money has concurrently increased the interest rate for its Bonus Saver August 2024 account. This updated rate now stands at 4.90% per annum, encompassing an attractive bonus of 2.25% until August 31, 2024.
Commenting on these developments, Rachel Springall, a finance expert at Moneyfactscompare.co.uk, has noted that this account holds a competitive position within its sector. It could particularly appeal to savers with a potential investment of £1,000. Notably, an introductory bonus rate of 2.25% is in place until August 31, 2024. Springall recommends a proactive review of the account before this bonus offer concludes. In its entirety, Beehive Money’s Bonus Saver August 2024 has been awarded an Excellent rating in the Moneyfacts product evaluation.
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