This comparison simply includes all savings accounts.
NatWest Fixed Rate ISA
Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)
Why we like it: Interest can be paid monthly or annually. £500,000 maximum balance. FSCS Protected. Must be UK resident and aged 18 or older. Unlimited withdrawals subject to 45 days notice
Why we like it: Interest can be paid monthly or annually. £500,000 maximum balance. FSCS Protected. Must be UK resident and aged 18 or older. Unlimited withdrawals subject to 45 days notice
Why we like it: Minimum deposit £1000. No withdrawals permitted. Apply online. Eligible deposits covered by UK FSCS.
Why we like it: Minimum deposit £1,000. Interest paid at maturity. No withdrawals permitted. Apply online. Eligible deposits covered by UK FSCS.
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
Why we like it: Earn 1.00% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm.
Why we like it: Check where you’re up to anytime, anywhere with our app and online banking. Keep track of your money with real-time balance and transaction details. Instant spending alerts. Send money in seconds to your existing payees or set up new ones. Contactless debit card. Pay in cash and cheques at the Post Office. Use your fingerprint or facial recognition as a way to access your account. Lock your card if you lose it, and unlock it again if it turns up. No minimum monthly pay in. No fees if we’re refusing a payment due to lack of funds (such as if a Direct Debit bounces). No credit checks. Improve your credit score. Apply in a few minutes with no tricky questions
NatWest Fixed Rate ISA
NatWest, offer two kinds of tax-free ISA. Their Fixed Rate ISA and their Instant Cash ISA. Their Fixed Rate ISA allows you to:
- Have a fixed interest rate on your cash ISA so you know in advance what your savings will earn
- Choose a term that suits you, either one or two years
- Keep all the interest - which helps your savings grow faster
- Make transfers into the ISA, so you can bring all your ISAs together in one place
- You will earn a higher rate of interest on the two year plan and for any amount above £25,000
Useful to Know
As this is a fixed rate ISA, you cannot withdraw your money during the agreed term. If you do choose to withdraw your money then you incur an early closure charge. They offer both one year and two year terms so be sure to pick one that’s right for you. Also:
- The minimum deposit is £1,000
- The early closure charge is the lower of the amount of interest earned on your account in 90 days.
- You will need your National Insurance Number to apply for any ISA.
NatWest is one of the few banks that offer a fixed rate of ISA for one year, as many offer a two year minimum and some up to five year minimums. For many people this time frame isn’t convenient and so NatWest are offering an easy way for savers to take the plunge and begin their savings.
As NatWest is part of The Royal Bank of Scotland Group, you will find that they offer the same accounts and rates. However, they do not currently offer the highest rate of interest on the market.
Why use an ISA?
An ISA is a tax efficient way to save and stands for Individual Savings Account. An ISA lets you pay little or no tax on the interest of your savings and investments, making them a popular choice for saving large amounts of money.
They have become less popular since the new PSA (Personal Savings Allowance) has allowed lower rate tax payers to save up to £1000 tax-free and higher rate tax payers up to £500. As many current accounts are now offering competitive rates of interest, many people are moving away from ISAs.
As your tax-free amount is much higher in an ISA, there are still opportunities for savers to make the most of their money and this fixed rate account is a great option.
