Latest news with #HelptoBuyISA
Scottish Sun
30-05-2025
- Business
- Scottish Sun
NatWest to make huge change to millions of accounts TODAY – check if you're affected
We explain what to do if you're affected BANK ON IT NatWest to make huge change to millions of accounts TODAY – check if you're affected Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) 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. Sign up for Scottish Sun newsletter Sign up 1 NatWest is cutting rates hitting savers Credit: Getty 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 or 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.
Daily Mirror
20-05-2025
- Business
- Daily Mirror
Natwest customers urged to act ahead of huge change to bank accounts this month
The cut to interest rates comes as the Bank of England slashed its base rate by 0.25 percentage points to 4.25% earlier this month. On the day, savers were immediately warned about the impact the move would have on them Natwest is making a huge change to millions of bank accounts from next month in a blow to banking customers. The high street building society will be slashing the interest rates offered on some of its most popular savings accounts from May 30. Some of the Natwest accounts impacted by the cuts at the end of this month include its Digital Regular Saver, Flexible Saver and Help to Buy ISA. However, a further four will see rates drop a little later from July 15 and these include the building society's First Saver, Adapt Account, First Reserve, and Primary Savings. Only one Natwest savings account is not changing, and this is its Cash ISA. The interest rate for this account will remain at 2.7% for balances over £25,000 and at 1.4% for those under. The cut to interest rates comes as the Bank of England slashed its base rate by 0.25 percentage points to 4.25% earlier this month. On the day, savers were immediately warned about the impact the move would have on them. The Bank of England's base rate influences what banks and lenders charge you to borrow money, but it also dictates how much banks will pay you in interest on your savings. When the base rate is higher, the banks will pay you more. When the base rate drops, the banks will pay you less. Alice Haine, personal finance analyst at Bestinvest by Evelyn Partners, said: "Savings rates are now firmly in retreat mode and with more bank rate reductions expected, those that want to preserve their return must act fast by securing the best deal possible while interest rates remain on the higher side. "This is imperative for anyone with money idling in a current account or an old savings account offering a dismal return, which is being slowly eroded by inflation." Sign up to Mirror Money's newsletter for the latest advice and news From universal credit to furlough, employment rights, travel updates and emergency financial aid - we've got all of the big financial stories you need to know about right now. On the rate cuts, a Natwest spokesperson 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." Full list of Natwest savings accounts changing Digital Regular Saver (£1 – £5,000) - Going from 6.17% to 5.50% Digital Regular Saver - (Over £5,000) - Going from 1.25% to 1.15% Flexible Saver - (£1 – £24,999) - Going from 1.25% to 1.15% Flexible Saver - (£25,000 – £99,999) - Going from 1.85% to 1.70% Flexible Saver - (£100,000 – £249,999) - Going from 2.10% to 1.95% Flexible Saver - (£250,000 – £999,999) - Going from 2.70% to 2.55% Flexible Saver - (£1million plus) - Going from 2.70% to 2.55% Savings Builder - (£1 – £10,000) - Going from 2.00% to 1.75% Savings Builder - (Over £10,000) - Going from 1.25% to 1.15% Cash ISA (Tax-free) - (£1 – £24,999) - Going from 1.40% to 1.40% Cash ISA (Tax-free) (£25,000 plus) - Going from 2.70% to 2.70% Help to Buy ISA (Tax-free) - (From £1) - Going from 2.02% to 2.05%
Daily Mirror
19-05-2025
- Business
- Daily Mirror
Major UK bank issues huge blow to 1.9 million customers after BoE update
Brits may want to take swift action following the BoE's decision to cut the base rate to 4.25% - which has resulted in several banks including Ulster and Monzo slashing their interest rates Swathes of savings Brits have been dealt a major blow, after the Bank of England (BoE) announced it had cut the base rate from 4.5 per cent to 4.25 per cent. This is the interest rate that the bank charges other lenders when they borrow money, and in theory, means Brits will be charged less for lending. The move will be a relief for households with a tracker mortgage, with experts predicting monthly payments should decrease by around £29. However, a lower base rate is bad news for savers - who have been cashing in on lucrative interest rates exceeding five per cent. Ulster Bank, which is part of the NatWest Group, has consequently slashed its interest rates on a slew of its Non Payment and Payment accounts. It means Brits may want to transfer their money into a different account, or risk missing out on accrued interest. In email correspondence viewed by the Mirror, Ulster Bank said: "We want to let you know we're changing the interest rate on your account(s). You may have heard the news that the BoE has decided to reduce the based rate. We've been looking at our rates too, as well as what's on offer from other savings providers right now, and we've decided to reduce some of our interest rates." The shake-up does not impact Ulster Bank's Cash ISA account. This currently offers 1.4 per cent interest for balances between £1 and £24,999 and a 2.70 per cent AER for balances above £25,000. (Remember, you can only save £20,000 in a Cash ISA per tax year). The Help to Buy ISA is however impacted, with interest rates slated to drop from 2.20% / 2.18% to 2.05% / 2.03% on May 30. This type of account is no longer available to open - and is different to the Lifetime ISA (LISA) which offers £1,000 bonuses every tax year. Get the best deals and tips from Mirror Money WHATSAPP GROUP: Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. NEWSLETTER: Or sign up to the Mirror's Money newsletter here for all the best advice and shopping deals straight to your inbox. Ulster Bank's interest rate changes - full list The following accounts will keep their AER/ Gross p.a. (variable) until July 14, 2025. The decreased interest rate will come into effect on July 15. Loyalty Saver Balance £1-£4,999: decreasing from 1.50% - 1.25% Balance £5,000+: decreasing from 4.25% to 4.00% Private Reserve Balance £1 - £9,999: decreasing from 1.50%/ 1.49% to 1.25%/ 1.24% Balance £10,000+: decreasing from 4.25% / 4.17% to 4.00%/ 3.93% urfirst Balance £1+: decreasing from 2.25% to 2.05% Easy Access Savings Account Balance £1+: decreasing from 1.50% to 1.25% Special Interest Deposit Balance £1-£15,000: decreasing from 1.00% to 1.75% Balance over £15,000: decreasing from 1.50% to 1.25% Adapt Account Balance £1: decreasing from 2.25% / 2.23% to 2.05% / 2.03% Article continues below Ulster isn't the only bank that will be making changes to its savings accounts following the BoE announcement. Monzo has already confirmed it is lowering its Instant Access savings from 3.50% AER (variable) to 3.25% AER (variable) on May 27. Moneybox, an app-only bank that is popular for ISA products, is also lower Moneybox Lifetime ISA from 3.55% AER (variable) to 3.30% AER (variable) on May 29. *This article does not constitute financial advice. Always read the full terms and conditions before opening or closing a savings account.
