A new Natwest Bank savings account has been launched that is designed for first time buyers looking to put money away for a house deposit.
Called the First Home Saver Account this new Natwest Bank account gives a massive GBP5,000 cashback upon completing a Natwest Bank mortgage. The proviso is that the customer must have had the account and kept at least the minimum balance in each specified tier for six months.
The account pays interest up to 3.1 percent AER and needs just GBP100 to open. Of course it is the cashback offer that will be the biggest draw for potential Natwest Bank savings account customers since it is a large sum of money, especially for first time buyers.
Find the best rates on Natwest Bank Savings Accounts.
The Halifax has just announced that the Web Saver Extra savings account it offers will have an increased rate of interest, up now to 6.35 percent gross.
The increased rate offer is applicable to all customers be they new or existing ones and it is valid on balances as little as GBP1, the minimum amount needed to open the account, up to GBP100,000. Halifax Web Saver Extra account holders are able to manage their savings online and are allowed one withdrawal each year without affecting their interest payment. Any subsequent withdrawals will see thirty days loss of interest on the value of the withdrawal.
This particular Halifax savings account has been very popular with customers enjoying an excellent rate of interest, payment of which is made annually and added to the account.
The Nationwide Building Society informs us that people are losing around GBP248 million through expired or unpaid Child Trust Fund vouchers.
According to data gathered by them a quarter if the vouchers have expired while over 40 percent of the valid ones have not been used so far this year. In financial terms this, said the Nationwide Building Society, means almost GBP13 million each year is being lost in interest earnings alone.
A further word of caution came from a Nationwide Building Society spokesman who explained that if a suitable provider is not chosen by the parents then the government can allocate one for them, though this may not be in the best interests of the child. Child Trust Fund Vouchers are an excellent tax efficient savings vehicle and it is a shame more people are not using them.
