Double rate increase for NatWest Savings Builder and Help to Buy ISA customers
Following the Bank of England base rate increase NatWest, Royal Bank of Scotland and Ulster Bank NI savings rates are increasing with some savings accounts seeing increases double the Bank of England rate increase.
13 August 2018
NatWest’s flagship savings account for first-time buyers, the Help to Buy: ISA, increases by double the base rate increase offering customers 2.50% AER. NatWest's most popular regular savings option, Savings Builder, will now offer an interest rate of 1.50% AER on balances of up to £10k.
Rates are increasing for 96% of savings customers, with the remaining 4% already receiving 0.75% AER or more. The minimum savings rate will now be 0.20% AER.
Customers with Mortgage Fixed Rate products will not see a change to their rate– this is two thirds of all mortgage customers. Mortgage Standard Variable Rate (SVR) will rise by 0.25% to 4.24% APR for all residential mortgages. Offset, The One Account and Current Account mortgage customers will also see a rise of 0.25%.
Rate increases on Savings and Mortgage Standard Variable Rate will both take place at the beginning of September 2018.
Les Matheson, CEO of Personal and Business Banking said: “Helping our customers save for their future and develop a regular savings habit is important to us. That is why we are increasing the rate across some of our regular savings accounts by double the Base Rate increase.