As well as offering a choice over the term, the Platinum 1 and 2 year Deposit offers investors the choice of up to three interest options – either interest can be paid on a monthly basis or, at maturity (or annually in the case of the two year deposit).
NatWest said that early withdrawal of part or whole of the deposit will be subject to an administration fee of £250 and an interest adjustment of 180 days at the 2 year rate deposit rate or 90 days at the 1 year deposit rate. Where there is insufficient accrued interest to cover the administration fee or interest adjustment, the shortfall will be debited to the capital amount. At maturity, and in the absence of any alternative instruction, the deposit will be placed on a 1 month fixed term at the applicable rate at that time.
Dave Isley, head of NatWest IPB said: “Platinum Deposit is a flexible account offering savers the option to fix interest rates for either 1 or 2 years. In uncertain times when interest rates remain volatile, fixed interest rates are an attractive option.
“We have listened to our customers and we know how valuable flexibility can be, which is why we are offering a choice of interest payment options on a monthly basis, at maturity or annually in the case of the 2 year deposit.”
