natwest esaver 6.50%

And i just opened one a week ago...

I've applied for another and will get rid of the bonus-less one once everythings set up.

Would save both me and the bank so much time and effort if they could just upgrade my existing one:cool:

Does anyone know if i can have two e-savers temporarily?

ashapala wrote: »

Does anyone know if i can have two e-savers temporarily?

It doesn't say 'no' to having a second account

See http://www.natwest.com/content/global_options/cao/downloads/savings_ts_cs_cao.pdf (Section 22, page 25)

And, of course, this pays interest monthly and can be used for Faster Payment transfers in and out - making it slightly better than Tesco's account

YorkshireBoy wrote: »

EDIT: And yet another savings account destined for the top of the savings tables which quotes an AER that is impossible to achieve!

Why so?

4.30 'AER' = 4.22% 'gross'

2.09% 'gross' + 4.22% 'gross' = 6.31% 'gross' = 6.50 'AER'

OH I SEE! You are referring to the witholding of the bonus rate for up to 2 months (average '6 weeks') meaning the rate looks something like

1.0422^(1.5/12) x 1.0631^(10.5/12) = 6.05% 'AER'

(I'll still take one - but the advice is to apply just before the end of a month to stretch out the bonus rate period)

Does anyone know if this new bonus rate does not apply to existing holders of this account?

nilrem wrote: »

From what I can see it's for new accounts only, it's a kick in the teeth for loyal customers such as myself who have had an esaver account for several years.

I have a good mind to move my cash elsewhere in protest TBH!:mad:

Open a second e-savings - which is allowed - just before the end of the month, pay in £1, wait one month, move what you've got (over £1) from the old e saver to another bank. Then transfer the amount back to the second account. A small trouble for a large reward. [I'd assume there wasn't much in the current e-savings account anyway, at 4.30%?]