The sneaky traps on top accounts: A mistake could lead to lower interest rates on RBS and Natwest deals

The sneaky traps on top accounts: A mistake could lead to lower interest rates on RBS and Natwest deals

Savers who are tempted by easily accessible high-priced accounts should be aware of hidden catches.

Since Goldman Sachs launched its Marcus account for 1.5 percent over the past month, Royal Bank of Scotland and NatWest bankers from High Street have been setting up accounts at the same rate.

While the Marcus account is a straightforward, easy-to-access account that lets you deposit and withdraw money at any time, the others do not. Make a mistake and your interest rate could go down.

Since Goldman Sachs launched its Marcus account for 1.5 percent in the past month, RBS and NatWest have introduced accounts at the same rate - but there are catches

Since Goldman Sachs launched its Marcus account for 1.5 percent in the past month, RBS and NatWest have introduced accounts at the same rate - but there are catches

Since Goldman Sachs launched its Marcus account for 1.5 percent in the past month, RBS and NatWest have introduced accounts at the same rate – but there are catches

The only disadvantage with the Marcus account is that the interest rate includes a small 0.15 percentage point bonus payable for the first 12 months. However, the bank states that you can extend it at the end of your first year.

Another drawback for some is that when you open an account, you'll need to provide your salary, occupation, and mobile phone number.

For the RBS and NatWest accounts, you can keep a maximum of £ 10,000 on the accounts called Savings Builder, compared to £ 250,000 on the Marcus account.

Anything beyond that, you only earn 0.2 percent – the same rate that RBS and NatWest pay on their Instant Saver accounts.

To earn 1.5% on credits of up to £ 10,000 you need to "raise" your savings account by at least £ 50 a month. Every month you do not, you do not earn a cent.

And if you make a withdrawal within a month, you'll need to deposit more to make sure you do not lose. For example, if you deposit £ 100 and withdraw £ 70 in the same month, the bank will say that your savings have increased by only £ 30 and refuse to pay interest.

The headline rate of 1.5 percent is around 0.125 percent per month. So, if you miss a month, your annual rate drops to 1.31 percent.

Miss two months and your rate will be 1.25 percent.

Also note the monthly cycle of the bank. Instead of a mere calendar month, the account runs from the end of the second to last business day of a month until the close of business on the same day of the following month.

For example, the last month of the year runs from November 29th to December 28th. The accounts are only available to those who have a current account with the banks.

If you want to avoid confusion, there are many other accounts that approach the highest rate of 1.5 percent, allowing you to deposit money and take it out at will.

The new eSaver from Nottingham BS pays even 1.55 percent.

In addition to Marcus von Goldman Sachs (1.5 percent), Shawbrook Bank Easy Access 14 and Charter Savings Bank Easy Access 10 each pay 1.4 percent.

Virgin Money's regular savings, which are available at the branches, pay a fixed amount of 3 percent for savings between £ 1 and £ 250 per month. You can immerse yourself in your savings without losing interest.

sy.morris@dailymail.co.uk

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