NatWest is offering 3.04% plus £150 cash boost for switching – but not for long

On its website, NatWest said: “That’s not the only change.

“We’ve added a new interest rate for balances over £1,000, so you can save up to £5,000 at a higher rate.”

Once NatWest savers have built up £1,000 in the account, the interest rate drops to 0.25 percent on balances over £1,000 up to £5,000.

It then drops to 0.1 percent on anything above that.