National Westminster Bank, commonly known as NatWest, is a major retail and commercial bank in the United Kingdom. It was established in 1968 by the merger of National Provincial Bank and Westminster Bank. In 2000, it became part of The Royal Bank of Scotland Group, which was re-named NatWest Group in 2020.
Natwest offer two Cash ISA product, one with a variable rate of interest and one with a fixed rate:
Cash ISA
Natwest’s Cash ISA is a savings account where all of the interest earned is variable and tax free and doesn’t form part of your Personal Savings Allowance. The ISA allowance for the 2020/2021 tax year is £20,000. Cash ISAs are flexible which means you can withdraw money from the current tax year or previous tax years if you need to. You can open this account from as little as £1. To apply you must be at least 16 years old and a UK resident for tax purposes.
Fixed Rate ISA
Natwest’s Fixed Rate ISA offers a fixed interest rate of 0.15% AER for longer term savings. You can open an account with £1,000. Choose a term that suits you – either one or two years. When you choose a longer term you will benefit from a higher rate of interest. Interest is paid directly into your account and is tax-free, helping your savings grow faster. To apply you must be at least 16 years old and a UK resident for tax purposes.
Other Services
Natwest offers a large range of financial and savings solutions including bank accounts, savings, loans and finance, trade finance, mortgages, business services and more.
Natwest Reviews and Ratings
Online reviews for Natwest are very poor with customers complaining about rude, unprofessional, unhelpful staff, long phone response times, with many stating that Natwest is ‘the worst bank I have ever dealt with’. Some positive comments have commended the app and website banking tools as being very good.
Trustpilot – 1.5/5 (based on 3,336 reviews)
Reviews.io – 3.29/5 (based on 7 reviews)
Facebook 2.3/5 (based on 3,931 reviews)
Pros
- A major retail and commercial bank in the United Kingdom, established in 1968
- Part of the Royal Bank of Scotland Group
- Quick and easy online signup
- Variable and fixed rate Cash ISA products available
- My Rewards Scheme offers multiple benefits for customers
- £125 Switch offer
- Positive feedback on the product app and web banking tools
Cons
- Cash ISAs only
- Stocks and Shares, Lifetime ISAs and other ISA products not offered
- Fees charged for withdrawing money
- Some very bad customer reviews
- Poor customer service and reports of rude, unprofessional staff
Website: Natwest