NatWest launches EcoGrowth savings account

by Gill Montia

Story link: NatWest launches EcoGrowth savings account

NatWest has launched an EcoGrowth account for those who have £10,000 or more to invest and want their savings to support green issues.

One option on the new deposit account contains a fixed-rate cash element, and an element linked to the RBS Green Index, which covers a variety of sectors including biotechnology, hydroelectricity, solar and wind energy and energy management services.

The fixed rate cash element applies to one-third of the total deposit and guarantees a return of 7% gross AER after one year.

The two-thirds of savings linked to the RBS Green Index will be enhanced by 70% of the calculated growth in the index.

Alternatively, customers can place their total deposit into a four-year “green” business sector account.

On maturity they receive their deposit plus the greater of a minimum return of 12% or 70% of the calculated growth in the RBS Green Index, on the full deposit.

NatWest spokesperson, Dave Isley, says the EcoGrowth account has been designed for those who recognise the potential growth in businesses that address environmental challenges, adding that the two deposit options enable customers meet their own personal savings goals.

The minimum deposit is £10,000 and those wishing to take up the offer need to do so between 20th October and 19th December 2008.