NatWest customers have been warned about significant changes that could affect their accounts this month. The bank is poised to lower interest rates on several accounts in the coming days. These alterations will come into effect from May 30, following to decrease its base rate from 4.5% to 4.25%. NatWest will be cutting interest rates on five of its savings accounts from the end of May.

This includes the Digital Regular Saver, Flexible Saver and Cash ISA. Rates on three other savings accounts and a children's current account won't be cut until July 15. The extent to which the interest rates on these accounts will fall depends on the amount deposited. For example, if you have a Digital Regular Saver, you'll see from 6.17% Annual Equivalent Rate (AER) to 5.5% AER effective May 30 for sums between £1 and £5,000.

AER represents the annual interest if it's paid and compounded yearly. For those holding over £5,000 in such an account, the AER will decline from 1.25% to 1.15%. for the Savings Builder account are set to fall from 2% to 1.75% for those with balances from £1 to £10,000. For accounts exceeding £10,000, the drop will be from 1.25% to 1.15%.

NatWest customers should brace for on certain savings accounts starting July 15, with the First Saver account's interest rate tumbling down from 2.25% to 2.05% for balances exceeding £1. Likewise, First Reserve savers will witness their returns shrink from 1.25% to 1.15%, given they maintain at least £1 in their pot.

A NatWest spokesperson said: "Following the Bank of England base rate cut, we will be passing on the rate cut in full to our customers on a Standard Variable Rate (SVR) mortgage.

"SVR will be reduced from 7.49% to 7.24%, effective from June 1. SVR customers may also be able to save money by switching to one of our fixed-rate mortgages.

"Following the Bank of England base rate cut, we have made reductions to some of our variable rate savings accounts. We will communicate these changes to customers in due course, giving at least 14 days' notice of any changes. Details of these changes are available on our website now."