NatWest has launched a new digital savings account called First Active, offering a competitive 4.5% annual equivalent rate (AER) for the first 12 months. The account can be opened with as little as £1, and the bank says it brings greater choice to customers seeking competitive rates and flexible access to their money.
First Active: Key Features and Rates
First Active is a digital-first proposition that allows customers to open an account in minutes. The headline rate of 4.50% AER consists of a 1.50% bonus rate on top of a variable rate of 3%. After 12 months, the product reverts to the variable rate of 3%.
There are no restrictions or conditions to receive the 12-month bonus rate beyond basic eligibility criteria. The account has no minimum deposit amount, no tiered pricing based on deposit balances, and a maximum individual deposit of £250,000. The maximum total deposit limit is £1 million.
Customer Preferences Drive Launch
NatWest's rollout of First Active comes as research shows a growing shift in how people manage their savings. According to the bank, 53% of those surveyed prioritised a savings account that gave them easy access to their money. 49% felt this gave them greater control, and 37% appreciated the flexibility.
The account is designed for customers who actively manage their finances online, combining flexibility and competitive returns. NatWest, which has branches in Birmingham, says First Active will expand customer choice through a digital-first savings proposition tailored to today's more active saver.
Impact on UK Savers
With the launch of First Active, UK savers now have another option for instant access savings with a competitive rate. The ability to open an account with just £1 and manage it entirely online reflects the increasing demand for flexible, digital banking solutions. The product's structure, with a 12-month bonus rate, may appeal to those looking to maximise returns in the short term before reverting to a standard variable rate.
