Welcome to Fixed Term Savings
Available until 13th September 2023 for new customers and 18th September 2023 for existing customers. To apply, you must be 16+ and a UK resident. Early closure charges may apply.
On this page
Overview
How it works
Opening and Managing your account
Interest rates
Balance examples
FAQs
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NatWest's fixed term, fixed rate savings account
Can you set aside savings for at least a year or two? Our Fixed Term Savings Account gives you a guaranteed interest rate, so you know how much your money will grow.
- 1 year terms- earn 5.51% / 5.38% AER/Gross on balances between £1 - £99,999 or 5.55% / 5.41% AER/Gross on balances between £100,000 - £5,000,000
- 2 year terms- earn 5.51% / 5.38% AER/Gross on balancesbetween £1 - £99,999 or 5.55% / 5.41 AER/Gross on balances between £100,000 - £5,000,000
- You can save between £1 - £5,000,000 per term.
When you open our Fixed Term Savings account, you’ll have the chance to choose between terms of one and two years. Here are the main things to consider:
- Length of account term. As you’d expect, your money is locked away for longer with a two-year savings account. It’s something to think about if there might be anything on the horizon - you can't pay more money in as you go or take money out unless you close your account before the end of the term.
- Interest rates. You’ll normally be offered a higher rate when taking out a two-year account. But the trade-off is that your money will be out of reach for longer.
Our Fixed Term Savings Account gives you a guaranteed, fixed interest rate for a set time. That means you'll know exactly what your interest rate will be and how much your money will grow. You just need to pay in a lump sum and leave it until your term ends. Regular deposits aren’t allowed. And you might be charged for early withdrawals if you want to close your account to access your savings early.
If you decide to fix your savings, you'll know how much you'll earn and what your savings will be worth at the end of the term. You'll often get higher interest rates than you would on an instant access account too. But don’t forget fixing doesn't give you as much flexibility, so you can't pay more money in as you go or take money out unless you close your account before the end of the term.
How do Fixed Term Savings works?
Get started
It’s quick and easy to apply. Just click Apply now to get started.If you don't already have a current account with us you can open one here.
Compare our Current Accounts
Choose your term
It’s up to you – pop in a lump sum and choose how long you’d like to fix your savings for. You will know how much exactly you will have earned by the end of the term.
Fix your money
Sit back and see your money grow. Remember, your money is locked away for the term you choose so you won’t be able to access until then
What happens at the end of the term?
Opening your Fixed Term Savings account
Whether you are a new or existing customer, you can still open a Fixed Term Savings account with us. T&Cs apply.
Do you bank with NatWest?
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Opening your savings account
As you don't currently hold a NatWest current account there is some important information to understand about your application:
- When you have completed your application you may receive an email asking you to confirm your identity. We will also send a paper pack just in case we can’t verify you electronically. If you have responded to the email you can ignore the paper pack, but if you haven’t received an email look out for the post.
- The last day for new customers is the 13th September2023.
- It’s important that we receive the information requested as part of your application by 18th September 2023.
- If we don’t receive all required information we’ll be unable to open your account however you can still apply for our next offer so check back with us on 18th September 2023.
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Already have a current account and want to open a Fixed Term Savings product?
If you already have a current account with us and want to open an Fixed Term Savings account, select apply to begin your application.
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Summary Box
Account name: Fixed Term Savings Account
What is the interest rate?
Term
1 year issue - Tier 1
1 year issue - Tier 2
2 year issue - Tier 1
2 year issue - Tier 2
Balance
£1- £99,999
£100,000 - £5,000,000
£1- £99,999
£100,000 - £5,000,000
AER
5.51%
5.55%
5.51%
5.55%
Gross p.a.
5.38%
5.41%
5.38%
5.41%
Interest is calculated daily from the day you open your account and paid on the first business day of every month and on the Maturity Date.You can choose to have interest paid into a Nominated Account. This must be a NatWest personal current or savings account with instant access (other than a cash ISA) held in your name at the same branch as your Fixed Term Savings Account.If interest is paid into your Nominated Account, you can access it the following day.Early closure charges may apply.
Can NatWest change the interest rate?
No, the interest rate is fixed. This means that the rate will not change between the date you open your account and the Maturity Date.
What would the estimated balance be at maturity based on a range of deposits?
Term
1 year issue
1 year issue
1 year issue
2 year issue
2 year issue
2 year issue
Deposit at start date
£10,000
£100,000
£250,000
£10,000
£100,000
£250,000
Balance at maturity date
£10,551.47
£105,546.18
£263,865.45
£11,113.34
£111,399.97
£278,499.91
Interest earned
£551.47
£5,546.18
£13,865.45
£1,113.34
£11,399.97
£28,499.91
These are only examples and do not take into account your individual circumstances. The examples assume that interest is paid into your Fixed Term Savings Account.
How do I need to open and manage my NatWest fixed rate savings account?
Before you apply:
- You must be aged 16 years or over and a UK resident to open our fixed rate accounts.
- This account is for sole applicants only and cannot be opened in joint names.
- If you already have a current account with us, you can open a fixed savings account on our mobile app or online.
- If you don’t have a current account with us you will need to open your account online before setting up our mobile app.
- We’ll need your email address and mobile number to open your one-year or two-year savings account.
- Your balance at the Fixed Term Start Date must be at least £1.
- The maximum deposit is £5,000,000.
- We will send you a certificate of deposit within 14 days of the Fixed Term Start Date.
Key dates 1 year
Key dates
Closing date to open your account - Existing Customer
Closing date to open your account - New Customer
Last date to make payments or withdrawals
Fixed Term Start Date
Maturity Date
18 September 2023
13 September 2023
29 September 2023
02 October 2023
02 October 2024
Key dates 2 year
Key dates
Closing date to open your account - Existing Customer
Closing date to open your account - New Customer
Last date to make payments or withdrawals
Fixed Term Start Date
Maturity Date
18 September 2023
13 September 2023
29 September 2023
02 October 2023
02 October 2025
Definitions
Banking can be confusing sometimes. Here's what some of the words we use mean.
Stands for the Annual Equivalent Rate. It shows you what the rate would be if interest was paid and compounded each year.
The interest rate you are paid without the deduction of UK income tax.
Per annum (per year).
Get ready to apply
Before you apply, we need to check you're happy with a few things. And ask you a few questions up front. Then we can make your application as quick and simple as it can be.
First things first. Please take a look at the important legal info:
If you carry on applying, it means you're happy with what's in these documents, including the FSCS information sheet. Please take some time to review, print and/or save the important information.
All kinds of general info about our savings accounts. Including details about the Fixed Term Savings account.
Download PDF (474 KB)
This Information Sheet sets out the key information you need to know about the Fixed Term Savings account including interest rates and balance examples.
Download PDF (167 KB)
Very important information about how your money is protected. Just in case.
Download PDF (106 KB)
How your information might be used
It’s important for you to understand how we use and share your information Please readthis short summarybefore you continue with your application.
Fixed Term Savings Account – FAQs
Can I withdraw money from a NatWest Fixed Term Savings Account?Close
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You can only withdraw money (in branch, online or by telephone banking) until 3.30pm on the last date to make payments or withdrawals. After this, your money will be locked away. If you do withdraw your money, you may be charged a fee. Partial withdrawals are also not permitted from fixed rate accounts after this time.
If you dont currently hold another account with us you can still do this in branch, online or by telephone banking and the withdrawal will be sent to you via cheque.
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How do I re-invest my Fixed Term Savings Account?Close
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At the maturity date, we’ll automatically reinvest your deposit and any outstanding interest into a new Fixed Term Savings Accountunlessyou tell us you want to opt out.
The NatWest interest rate for the new account may be higher or lower than the rate which applied to your Fixed Term Savings Account when you took it out originally.
If you choose not to reinvest, your account will be converted into an Primary Saver Accounton the Maturity Date (or if the Maturity Date is not a business day, the next business day). Your money can be accessed on the following day.
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When is interest paid on Fixed Term Savings Accounts?Close
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With our Fixed Term Savings Accounts, interest is paid on the first business day of every month and on the Maturity Date.With our Fixed Term Savings Accounts, interest is paid on the first business day of every month and on the Maturity Date.
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Are fixed rate savings accounts the best option?Close
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Your goals and circumstances will ultimately decide whether a fixed rate savings account is right for you. It may be an option if you’re willing to save for the medium to long term and have a lump sum available. But it might be worth researching otherNatWest savings accountsif you want instant access to your money. Or if you prefer regular saving.
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How do I deposit money into my Fixed Term Savings Account?Close
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You can make deposits up until 3:30pm on the last working day before the Fixed Term start date throughelectronic transfers, or cash deposits by visiting branch.
Funds can be paid in by cheque but please be aware that the cheque has to clear in time for it to be credited into the account and this must be cleared on or before the last business day before the Fixed Term Start Date. After this time money cannot be paid in until the maturity date.
You can’t make regular deposits into a fixed NatWest saving account. Instead, you’ll need to make all your deposits by a specific cut-off date, shortly after opening the account
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Fixed term savings or instant access savings?Close
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A fixed term account will usually offer a higher interest rate than aninstant-access product. That effectively means you’re rewarded for locking your money away.
Fixed savings account rates depend on thetermyou choose. This is the length of time you’re willing to set your cash aside for. Longer terms usually offer higher interest rates.
Unlikeregular savers, you’ll pay in a single lump sum shortly after opening your fixed savings account. You can’t usually access this cash until thematurity date. This is when the fixed term ends.
Not sure a fixed account is right for you?Explore other NatWest savings options
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How do I close my Fixed Term Savings account early?Close
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You can close fixed savings accounts by giving 35 days written notice to your branch. An Early Closure Charge will be deducted from the balance of your account, except in the event of your non-voluntary redundancy, death or some other circumstances. Please contact us to find out more.
The Early Closure Charge will be the lower of the amount of interest earned on your account or 90 days’ interest.
The total amount you receive (including interest earned on your balance) will be no less than your deposit at the Fixed Term Start Date. For example, if you have earned 50 days’ interest, you will only be charged an Early Closure Charge equivalent to 50 days’ interest. If you have earned 100 days’ interest, you will only be charged an Early Closure Charge equivalent to 90 days’ interest.
The Early Closure Charge will be deducted from the balance of your Fixed Term Savings Account.
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How do I fund my Fixed Term Savings account?Close
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When funding your newly opened savings account a limit of £99,999 per day applies. However, the following day you can quickly and easily transfer money to your savings account any time you like via our mobile app or online banking if you have them, or you can call us or visit us in branch. You can transfer between two of your own accounts as many times you like (up to £99,999) per day.
You need to have your account fully funded by the ‘last date to make payments or withdrawals’ date. As stated on key dates info.
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FAQs
Can you take money out of a fixed term savings account? ›
No. When you put money in a Fixed Term Account you agree to lock it away for a set period of time, called a term. You should only open a Fixed Term Account when you have enough money to cover emergencies in an instant access account.
Should I go for a fixed rate savings account? ›If you're confident that you won't need the cash then a fixed-rate account could be worth considering. But make sure you understand the terms of the account before transferring your money: some have penalties if you decide you want to move your money before it matures.
Should I put my savings in a fixed rate bond? ›Fixed rate bonds give you a safe place to put your money for a set period with a guaranteed return. This can make them a really good option for someone who has come into a lump sum of cash, for example.
Where can I get 7% interest on my money? ›Which bank gives 7% interest on a savings account? Right now, only one financial institution is paying at least 7% APY: Landmark Credit Union.
What happens at the end of a fixed term savings account? ›You get your original capital back at the end of the term, plus any interest you've earned. These products tend to offer higher interest rates than instant access accounts. The longer you can afford to lock your money into one of these accounts, the higher the interest rate is likely to be.
What are the disadvantages of a fixed term savings account? ›The main drawbacks of fixed-rate savings accounts are: You can't access your money if you need it before the end of the fixed term – or if you can, there could be a hefty penalty to pay.