NatWest savings account for first-time buyers launched

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NatWest savings account for first-time buyers launched

NatWest has launched a new savings account aimed at those putting away money to get on the property ladder.

The First Home Saver Account offers a tax-free cashback of up to £5,000 upon completion of a NatWest mortgage, providing the customer has held the account and maintained the minimum balance appropriate for each tier for six months.

It has an interest rate of up to 3.10 per cent gross AER and can be opened with £100.

After that, savers must make regular monthly deposits of at least £50 by standing order, although they can also make extra deposits whenever they wish.

Research from Sainsbury's released last month found that the rising cost of living is impacting on first-time buyers' deposit savings.

It found that 16 per cent of people aged 25 to 34 are saving less now than they were a year ago.
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