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NatWest launches £1,000 cash prize competition on its 3% savings account – rules explained | Personal Finance | Finance

NatWest has announced a new savings competition today which opened up to savers in August. The competition will award 10 customers with £1000 for opening an account and then developing a regular savings habit.

To be within a chance of winning, customers simply need to open a Digital Regular Saver account in August, set up a standing order for between £1-£50 and make payments in September, October and November.

The winners will be selected in December with 10 customers winning £1,000.

NatWest appeared to have younger savers in mind for this, as it revealed setting up a savings goal is most popular among 21- 30 year olds and customers who set up a savings goal are more likely to achieve their goal compared to those who don’t have a goal.

The bank detailed Customers aged 41-50 years old were the least likely to set up a goal.

READ MORE: Savings warning: Retirees facing emergency cash ‘shortfall’

Lewis Broadie, NatWest’s Savings Expert, commented: “We hope the added incentive of winning £1000 in time for Christmas will help encourage more customers to begin building a savings pot.”

On top of these offers, NatWest also offers a range of savings tools to help customers save, including a Savings Goal tool in the bank’s mobile app and “Spending” which helps customers budget.

For the Digital Regular Saver, it should also be noted 0.01 percent interest is payable on money added over the £1,000 threshold.

The interest is calculated on a daily basis and paid into the account on the first business day of the month.

On top of the Digital Regular Saver account, NatWest currently offers the following deals:

  • Savings Builder – zero percent interest
  • Instant Saver – 0.01 percent AER
  • Premium Saver – 0.05 percent on balances between £25,000 and £1,000,000
  • First Saver – 0.35 percent on balances of £1+
  • Fixed Rate ISA – 0.10 percent AER
  • Cash ISA – 0.01 percent on balances of £1 – £49,999

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