What you need to open a NatWest savings account

NatWest lets you open a savings account online, by phone, or in a branch. The fastest route is online if you already have a NatWest current account — you can set up a savings account in minutes without leaving your home. If you don't have a NatWest current account yet, you'll need to open one first, which takes longer.

To open any NatWest savings account, you'll need proof of identity (a valid passport or UK driving licence) and proof of address (a recent utility bill, council tax bill, or bank statement dated within the last three months). If you're opening online, you'll upload these documents as photos or scans. If you're opening in a branch or by phone, bring the originals or have them ready to describe.

You must be at least 18 years old and a UK resident with a UK address. NatWest will also run a credit check as part of their standard process — this won't affect your credit score, but they use it to verify your identity and assess whether to open the account.

Key Takeaways

  • Opening a NatWest savings account online takes minutes if you already have a NatWest current account, but you'll need to open a current account first if you don't have one.
  • You need a valid passport or UK driving licence plus proof of address dated within three months — a utility bill, council tax bill, or bank statement all work.
  • NatWest runs a credit check during the process, which verifies your identity but doesn't affect your credit score.
  • Interest rates and account features vary by account type, so check what each NatWest savings product offers before you choose.
  • Once your account opens, you can fund it immediately by transferring money from another bank account or depositing cash at a NatWest branch.

Opening online if you already bank with NatWest

Log into your NatWest online banking or mobile app and look for the option to open a new account or product. NatWest usually displays this as a button or link on your dashboard. Select it and choose the savings account type you want — NatWest offers fixed-rate savings bonds, easy-access savings accounts, and other products with different interest rates and withdrawal rules.

Answer the questions about how much you plan to deposit and what you're saving for. This helps NatWest recommend the right account for you, though you can ignore the recommendation and choose any account you want. Review the terms and conditions, then confirm. The account usually opens within minutes, and you'll see it in your app or online banking straight away.

You can start moving money into the account immediately. Use a bank transfer from your current account, or if you have cash, visit a NatWest branch and deposit it directly into your new savings account.

Opening in a NatWest branch

Find your nearest NatWest branch using the branch locator on the NatWest website. Walk in during opening hours with your proof of identity and proof of address. Tell the staff member you want to open a savings account.

They'll ask you questions about your income, employment, and what you're saving for. This is standard procedure and helps NatWest meet regulatory requirements. They'll also confirm your identity and address using the documents you've brought. If you don't have a current account with NatWest, they'll open one at the same time — this takes longer than opening a savings account alone, usually 20 to 30 minutes total.

Once everything is confirmed, the account opens on the spot. You can deposit cash immediately if you want to fund it right away, or you can leave and transfer money later from another bank.

Opening by phone

Call NatWest on 0370 010 0000 (or the number on the back of your card if you're already a customer). Have your proof of identity and proof of address ready — you won't need to send them immediately, but the adviser will ask you to describe them or confirm details from them.

The adviser will walk you through the account options and ask the same questions about your savings goals and income that a branch would ask. The call usually takes 15 to 20 minutes. They'll confirm your details and open the account while you're on the phone.

After the call, NatWest will send you a letter confirming the account opening and your account number. You can start transferring money as soon as the account is open, even before the letter arrives.

Different NatWest savings account types and their interest rates

NatWest offers several savings products, and the interest rate you earn depends on which one you choose. Easy-access savings accounts let you withdraw money whenever you want without penalty, but the interest rate is usually lower — rates vary and change regularly, so check the current rate on the NatWest website before you open. Fixed-rate bonds lock your money away for a set period (usually one, two, three, or five years) and pay a higher interest rate in exchange, but you can't touch the money without losing interest.

NatWest also offers notice accounts, where you can withdraw money but have to give 30 or 60 days' notice first. These pay more interest than easy-access accounts but less than fixed bonds. Some accounts have minimum deposit requirements — check whether the account you're interested in requires you to deposit a certain amount upfront.

Interest rates change regularly and vary by account type and deposit amount. Visit the NatWest website or call 0370 010 0000 to see the current rates before you decide which account to open.

How long it takes for your account to be fully set up

If you open online and already have a NatWest current account, the account opens instantly and you can use it straight away. If you open in a branch or by phone, the account opens during your visit or call, and you can start using it the same day.

If you don't have a NatWest current account yet, opening both a current account and a savings account takes longer. In a branch, this usually takes 20 to 30 minutes. Online, NatWest may ask you to verify your identity through a video call or by uploading documents — this can take a few hours to a few days depending on how quickly you provide what they ask for.

Once your account is open, any money you transfer into it from another bank account arrives within one to two working days (faster if both banks use Faster Payments). Cash deposits at a branch are available immediately.

What to do if NatWest declines to open your account

NatWest may decline to open an account if the credit check raises concerns, if your identity can't be verified, or if you don't meet their residency requirements. They'll tell you the reason in writing, though they may not give full detail.

If your identity couldn't be verified, check that your documents are genuine and match the name and address you provided. If you've moved recently, make sure your proof of address is current. If the issue is your credit history, you can't change that immediately, but you can open a savings account with another bank in the meantime — many banks have different lending criteria and may open an account for you.

If you believe NatWest made a mistake, you can ask them to review their decision. Call 0370 010 0000 and ask to speak to someone about your declined application. They may ask for additional information or documents.

Funding your account after it opens

The easiest way to fund your NatWest savings account is a bank transfer from another account you own. Log into your other bank's online banking, set up a new payee using your NatWest account number and sort code (you'll find both in your NatWest app or online banking), and transfer the amount you want. The money arrives within one to two working days.

If you have cash, visit a NatWest branch and deposit it directly into your savings account at the counter. The money is available immediately. You can also set up a standing order from your current account to your savings account if you want to save a fixed amount regularly — this is useful if you're building up savings over time.

Don't transfer money from a credit card or loan account — NatWest won't accept it, and your credit card provider may charge you a fee for the transfer anyway.

Frequently Asked Questions

Can I open a NatWest savings account without a current account?

No, you need a NatWest current account first. If you don't have one, NatWest will open both at the same time, which takes longer than opening a savings account alone. In a branch, this takes 20 to 30 minutes. Online, it may take a few hours to a few days if they ask you to verify your identity through a video call.

What's the minimum amount I need to deposit to open a savings account?

This depends on the account type. Some NatWest savings accounts have no minimum deposit requirement and let you open with £1. Others require £500 or £1,000 upfront. Check the account details on the NatWest website before you open to see what the minimum is for the account you want.

Can I open a savings account for someone else?

No, the person whose name the account is in must open it themselves and provide their own proof of identity and address. If you're opening an account for a child under 18, NatWest has separate junior savings accounts with different rules — contact a branch or call 0370 010 0000 to ask about these.

What if I don't have a UK driving licence or passport?

You need one of these as your primary proof of identity. If you don't have either, you can't open a NatWest account online or by phone. Visit a branch in person and ask whether they can open an account using alternative identity documents — some branches may be able to help, but it depends on what documents you have.

How do I check the interest rate my savings account is earning?

Log into your NatWest online banking or mobile app and view your account details. The interest rate is shown there. You can also call 0370 010 0000 or visit a branch to ask. Interest rates change regularly, so if you opened your account a while ago, the rate you're earning may be lower than the current rate NatWest is offering to new customers.