If you’re based in the UK and looking to start putting some cash to one side, then you might be considering a traditional stocks and shares broker. However, while the returns can be plentiful, as are the risks. As such, if you’re instead looking for an investment channel that carries zero risk, you might be best off placing your cash in a simple ISA.
With most high street banks and building societies now offering a range of ISAs, it will come as no surprise that Natwest is looking to take this particular segment of the savings arena by the horns. With that being said, if you’re interested to find out what Natwest ISAs are on offer – how much they pay, who they are eligible for and whether you need to lock up your money, be sure to read on.
Natwest ISAs: What ISAs are offered?
As is the case with most high street institutions, Natwest offers a range of ISAs for you to consider. Each with come with its own pros and cons, so we have broken down the fundamentals below.
Is my money safe in a Natwest ISA?
Yes, your money is 100% safe when placing it in a Natwest ISA. As an established UK financial institution, Natwest is covered by the FSCS. This means that your money is protected by the UK government up to the first £85,000. However, if your money is stored in the Natwest Stocks and Shares ISA, then this goes down to £50,000.
What if I need to access cash held in a fixed-term Natwest ISA?
If you opt for the Natwest Fixed Cash ISA - you will need to lock your money away for either 1 or 2 years. If you find that you need to access your money in the case of a financial emergency, you will need to close your ISA. This will result in a loss of 90 days' worth of interest.
Can I have more than 1 ISA at Natwest?
You can. As you are allowed an annual ISA allocation of £20,000 per year, you can split the funds between more than one ISA. However, just remember that if opting for the Help to Buy ISA, this comes with lower annual limits.