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Managing Your Money
How To Start Saving Money
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Saving money is easier when you have a plan

How to start saving

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Why start saving? Open in new window

Start saving regularly Open in new window

Money saving challenges Open in new window

Are my savings protected? Open in new window

Why start saving?

Saving money on a regular basis could help you:

stay on track to reach your goals such as buying a car or going on holiday
if something unexpected happens, such as your car or boiler breaking down
plan for retirement to enjoy a comfortable future

A good first step toward taking control of your finances is to set up a budget. Use our budget calculator to help you understand what you’re earning and spending.

Use our budget calculator Open in new window

Want to start saving regularly?

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To apply for a savings account you must be 16+ and resident in Jersey, Guernsey, Isle of Man or Gibraltar. Eligibility and conditions apply.

Discover our savings accounts

Having instant access to your money is important for you? Looking for a fixed term account?

Whatever you’re saving for, we have a range of savings options for you to choose from.

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Compare our savings accounts Open in new window

Set a savings goal using our app

Following a plan can make a big difference to your savings habits.

With our savings goal tool, you can see how much you need to save each month to reach your goal, tracking your progress with our mobile app.

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Discover how to set up a savings goal Open in new window

Save spare change with Round Ups

With Round Ups, pay with your debit card or contactless device and we'll round up the amount to the nearest pound. The spare change will be added to your savings account.

Saving can be that simple.

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Find out how to turn on Round Ups Open in new window

Money saving challenges

There are many different ways to reach a savings goals, but sometimes we need a little bit of a challenge.

Remember to keep it simple and achievable. There's no point in choosing a goal where you save weekly if you’re struggling to make it to the end of the month.

Some challenges to try

1p savings challenge

This is an easy one to get started and in a year you could save over £650.

Save 1p on day one, 2p on day two, 3p on day three, saving what you saved the day before plus a penny more each day. A year later, you'll save £3.65 on the last day which gives you a total of £667.95.

52 week challenge

Another simple challenge that follows the same principal as the 1p challenge.

Start off by saving £1 in the first week of the challenge, increasing the amount saved by £1 every week. £2 in week two, £3 in week three, all the way up to £52 in week 52

By starting small and increasing what you save each week, you'll have saved £1,378 in a year.

£5 money savings challenge

This challenge is not for the faint of heart.

Instead of saving £1 a week, you’re saving in multiples of fives. So you save £5 in week one, £10 in week two, £15 in week three and so on.

This challenge could be difficult, especially towards the end, but you could end up saving £7,000 in a year.

No spend challenge

The no-spend challenge is about getting more control of your finances.

In this challenge, you make sure you can pay all your essential expenses. After that, you don't buy unnecessary items like coffees, clothes or impulse buys.

Think of it as fasting, only you're giving up spending instead of chocolate. This could show which luxuries matter to you and which you can do without.

Cancellation challenge

This is about keeping on top of regular payments and direct debits. Take the time to review what you're paying for every month and question whether you need or use it.

Cancel as many things as possible and put the money into your savings account.

Are my savings protected by a compensation scheme?

NatWest International is a participant in the Depositors Compensation Schemes in Jersey, Guernsey, Isle of Man and Gibraltar.

Under the scheme(s) customers are entitled to make only one claim per licensed entity regardless of the number of brands or trading names contained within that licensed entity and customers are entitled to make one claim only per licensed entity in the jurisdiction where the deposits are held.

Therefore as NatWest International brand is operated by RBS International it is not licensed in its own right. A person with a deposit in NatWest International and a deposit in RBS International would thus only be entitled to make one claim.

Jersey Banking Depositor Compensation Scheme

NatWest International is a participant in the Jersey Bank Depositors Compensation Scheme. The Scheme offers protection for eligible deposits of up to £50,000. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period.

Full details of the Scheme and banking groups covered are available on the Government of Jersey website www.gov.je/dcs or on request.

Guernsey Banking Deposit Compensation Scheme

NatWest International is a participant in the Guernsey Banking Deposit Compensation Scheme. The scheme offers protection for ‘qualifying deposits’ up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period.

Details are available from: Website: www.dcs.gg. Telephone: +44 (0)1481 722756. Post: P.O. Box 380, St Peter Port, GY1 3FY.

Deposits made in a Guernsey Branch will not be covered by any equivalent scheme in any jurisdiction outside of the Bailiwick of Guernsey.

Isle of Man Depositors’ Compensation Scheme

NatWest International is a member of the Isle of Man Depositors’ Compensation Scheme (DCS) as set out in the Depositors Compensation Scheme Regulations 2010.

To understand your eligibility under the scheme you may wish to visit the Isle of Man Financial Services Authority website.

Gibraltar Deposit Guarantee Scheme

The Royal Bank of Scotland International Limited trading as NatWest International is covered by the Gibraltar Deposit Guarantee Scheme (‘GDGS’). The GDGS can pay compensation to depositors if a credit institution is unable to meet its financial obligations. Ordinarily, most depositors – including individuals, corporations and small businesses – can claim back up to EUR 100,000 of their deposits (or EUR 100,000 for each eligible account holder if it’s a joint account). However, there are important exclusions which apply to certain depositors, which are set out on the website of the GDGS.

For further information about the compensation provided by the GDGS refer to: www.gdgb.gi.