NatWest has introduced two new savings products, known as the Savings Builder and the Premium Saver account.

Savings Builder will pay a bonus interest rate of 1.50% Annual Equivalent Rate (AER) every month a customer raises their savings by £100 on balances up to £5,000, the bank said.

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The product allows withdrawals and does not have any limited time period for maturity and closure of accounts.

Premium Saver offers customers with 1% AER every month they do not withdraw.

Users do not require any minimum deposit to open the account and no maximum balance limit.

Both the offerings are available for individuals aged 16 years or more.

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NatWest head of products Moray McDonald said: "These products have been designed to help our customers achieve their savings goals by rewarding people for getting into great savings habits and helping those who have already saved significant sums with us make the most from their money."