NatWest to make huge change to millions of accounts TODAY – check if you're affected
MILLIONS of NatWest customers will see a big change to accounts from today.
The move will hit savers trying to make a return on their hard-earned cash.
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The high street bank is chopping interest rates on a range of accounts from today.
It comes after the Bank of England (BoE) slashed the base rate from 4.5% to 4.25% earlier this month.
The base rate affects borrowing and saving rates offering by banks. Usually you will see rates come down if the central rate is lowered.
And now NatWest is today cutting interest rates on four of its savings accounts including its Digital Regular Saver, Flexible Saver and Help to Buy ISA.
The digital regular saver, flexible saver, savings builder and cash ISA are among other rates falling.
The interest earned depends on how much money you hold in these accounts, you can see the full list of how rates are changing in the table below.
Rates on three other savings accounts and a kids current account will be slashed from July 15.
NatWest customers with a children's First Saver account and a balance of more than £1 will see the interest rate fall from 2.25% to 2.05%.
If you've got a First Reserve account with £1 or more in the account, the interest rate will fall from 1.25% to 1.15%.
You can see the changes taking place on accounts in July in the table below.
A spokesperson for NatWest said: "Following the Bank of England base rate cut, we have made reductions to some of our variable rate savings accounts.
"We will communicate these changes to customers in due course, giving at least 14 days' notice of any changes.
"Details of these changes are available on our website now."
The provider is also cutting rates on variable rate mortgages.
NatWest has cut interest rates on accounts twice since the end of 2024.
In December, the bank dropped the interest rates on its Digital Regular Saver, Flexible Saver and Savings Builder accounts.
Then in March, it cut rates on 11 variable rate savings accounts including its Digital Regular Saver and Flexible Saver again.
It's not the only provider trimming returns for savers.
Nationwide is cutting interest rates on over 60 savings accounts from June 1 including a number of ISAs and easy access accounts.
And Virgin Money is trimming the rate on its M Plus Saver account next month.
What to do if your savings rate is being cut
If your interest rate drops, look to see if you can get a better return elsewhere.
Price comparison sites such as moneysavingexpert.com or moneyfactscompare.co.uk show the best savings accounts on the market.
Take action and move your money if you can get a more attractive return.
But do check whether the headline savings rate includes a bonus rate.
These bump up returns for a short period so you'll need to make a note to switch when those bonus rates fall off.
Others will only offer you a specific interest rate if you make a limited number of withdrawals each year.
Go over this withdrawal limit and the interest rate can plummet.
Some savings accounts offer additional perks which can make them attractive.
Where to find the best savings rates
Many savings accounts offer miserly rates meaning that money is generating little or no return.
However, there are ways to get your cash working hard. Sun Savers Editor Lana Clements explains how to make sure you money is getting the best interest rate.
Easy access savings accounts offer flexibility for customers, meaning they can dip in and out of cash when needed. However, the caveat is that rates can change at any time.
If you're keeping your money in an easy access account, you'll need to keep checking whether it's the best paying account for your circumstances and move if not.
Check in at least once a month to see what is happening in the market.
Check what is offered by your bank - sometimes the best rates are for customers only.
But do search the wider market as often top savings accounts are offered by lesser known providers.
Comparison sites are a good place to check for the top rates. Try Moneyfactscompare.co.uk or Moneysupermarket.
You can search by different account type. You'll usually get a better interest rate if you can lock your money away for a fixed amount of time, but it's always a good idea to keep some money in an easy access account in case of emergencies.
Don't overlook regular savings accounts often pay some of the best rates, but you'll need to commit to monthly payments. This can be a great way to get into a savings habit while earning top rates at the same time.
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