You can have more than one savings account. The Digital Regular Saver has the best rate of interest at 6% (which is why you can only put £150 a month in), but there’s also an instant access savings account called the Flexible Saver, and there’s a Cash ISA (which allows you to save £20,000 per year tax free). All three of these accounts are instant access. If you wanted more information you can call in to your nearest branch, read through the savings range in the app (they’re under the ‘apply’ tab) or even book a financial health check with an advisor (they’ll talk to you about your goals and give you information to help achieve them). The handy thing about the app is that you can also set savings goals and even turn on round-ups (if you buy something in a shop it’s rounded ip to the nearest pound and the difference is put into your savings account to help you save. So say you bought a pasty at Gregg’s for £2.35, it’s rounded up to £3 and the extra 65p goes into your savings account. It’s an easy way of saving without even noticing you’re doing it). More on reddit.com

Is it worth opening yes, over a long period of time it’s the better regular saving as you can save up to £5k at 6%. Whereas with most other regular savings you have to renew the account every 12 months. I’ve had mine for years, with £5k plus, so I just pay in £1 a month to ensure that I get my 6%. Plus NatWest pay interest monthly on that account, which suits you as you want the money for Christmas. Also you don’t need a current account to have the regular saver unless they’ve changed that. More on reddit.com

You have a £1000 of tax free interest before you start paying anything on it. That's not a £1000 in total you can save before it's taxed, it's the actual interest payments you get. The highest interest rate on any natwest account I believe is 5.5%, which means you'd have to put in £20,000 at the very start to get enough interest for tax liability, the account only lets you put in £150 a month though so that's impossible anyway. Basically, you've got nothing to worry about. You won't have anywhere near enough in there for tax to be an issue. Open the one with the highest interest amount, put in the max they let you every month and put the rest into another account with no deposit restrictions. In the unlikely case you do make enough in interest to pay tax, you can open an ISA account where everything put into it is tax free no matter how much you make. Only restriction is £20,000 a year max. More on reddit.com

Firstly congratulations on reaching £5k. I reached £5k a while back, you're free to cancel the standing order if you wish, the terms only state you need to set up a SO to fund the account, you don't have to keep the SO though. I cancelled my SO after I'd made my first deposit into the account 3 years ago and made all future deposits manually. Also there's no requirement to add money to the account each month so you can just skim the interest off. More on reddit.com