natwest isa 7.32%

lisyloo · 29 September 2008 at 2:43PM

I went into the branch this morning and got a letter printed straight away with number and sort code for the ISA (I already have nat west accounts so didn't need to open one).

mug51 · 29 September 2008 at 4:49PM

can this all be done online or will i need to pop into a branch sometime?
i have £6.4k in ns&i, for the 6.87% interest do i need to transfer between £9k-£18k or can i transfer the entire lot from ns&i and put in this years £3.6k allowance?

oh and ive read some people are having trouble with sort code, what did you eventually put in?

thanx

£$&*"($£&( · 29 September 2008 at 9:07PM

mug51 wrote: »

can this all be done online or will i need to pop into a branch sometime?
oh and ive read some people are having trouble with sort code, what did you eventually put in?

thanx

You need to go to the branch. I told them there was no sort code and they were happy with just the account number (he checked with the manager). I had to open an ISA to transfer the cash into and a current account so it's a bit fiddly but at least the advisor knew what he was doing which is a first when it comes to transferring in a branch. In the past I gave up with Lloyds TSB because they were clueless and I had to explain the process to HSBC and that they would have a form to fill in. It must be worth the wait now I suddenly find myself a customer of Santader which is not were I want to be.

bluu2k · 29 September 2008 at 11:41PM

Taggy wrote: »

I have the same issue I'm looking to transfer an IceSave ISA, but according to all the paperwork that I have the account number is over 8 digits and there is no sortcode......rang the 'help' line (joke) and they insisted that I must have a sort code or they would not be able to transfer..........I explained there wasn't one..........so he went away then came back a mimute later.........and said "you will need to speak to the branch as they are the specialists!!!!".....in other words he couldn't be bothered to deal with it himself.

I know what the poster above said about putting six zero's in the sortcode box, but I cannot see how they can collect the money from the provider as they have no address to write to, and they cannot transfer via BACS?.......

If I am honest I am totally confused and don't know if I can be bothered to deal with NatWest as they seem to have no clue about anything!!

Any ideas from anyone?.......does a sortcode exist from Icesave?

I called Icesave the other day and asked for cash ISA's sortcode. The staff nicely asked the reason for that, then told me it's 20-32-53.

I went further to ask for 8 digit a/c number, if any. He advised me to take 7 digits in the middle of my a/c reference, with the full reference written down as well.

I did as instructed and also explained to Natwest staff about 7 digit format--then no further question asked. Hope Natwest will complete the transfer process in next few weeks, as they promised me

My Icesave ISA starts with 61A, if it makes any different.

Cheers,

PS. You'd better ring Icesave to check if yours is similar to mine? You can find their numbers are provided on their website.

lisyloo · 30 September 2008 at 9:51AM

My ISA that I opened yesterday is already showing on my on-line banking (I am already a natwest customer), so it seems to get opened pretty quickly (nothing tranferred yet though).

I have given notice to Ruffler bank.
Their reposnse is that they are reviewing their rates, and would we stay if they increased their rates?

oxfox · 30 September 2008 at 10:33AM

Well, I went back into the branch this Saturday (27th) to see what was happening with the ISA I applied open last Saturday (20th), which was the first day of the offer.

The person I spoke to confirmed that the teller who'd decided not to open a savings account at the same time had made a mistake (or had just wanted to get home as she'd gone into the back to check things so often that it was already 10 minutes past closing time). He had to go round the back to check this as well, spoke to the manager, wanted to know who I'd dealt with previously, etc.

They printed off my details from an esaver I already have with them (which doesn't count because the savings account has to be with the same branch) and promised me a callback this week. They said they could open the required savings account over the phone with me, that I didn't have to be there in person to do it (possibly because I already have an account with NatWest, but I'm not sure). The ISA hasn't appeared on my online banking yet, and I haven't been called yet, though I suppose it's early days.

Jazzy_B · 30 September 2008 at 1:37PM

I opened ISA in the branch with an esaver account online. I have just phoned the helpline, and they said that the accounts do not have to be held at the same place. I keep being told different things about the requirements for this ISA. I don't really have a great deal of confidence in Nat West.

lisyloo · 30 September 2008 at 4:15PM

The advisor I spoke to in Natwest (not counter staff) told me that any interest above the £3600 limit would be allocated to a different account.

I don't think he's right because I am sure you are allowed £3600 in contributions PLUS interest on the whole account.
However that is what I was told.

howler_2 · 30 September 2008 at 4:30PM

I opened one of these ISAs with NatWest yesterday so I thought Id share my experience - it made me realise why I dont hold any other accounts with them!

Friday last week - go into branch and enquire about opening said ISA. Am told by the receptionist someone would be with me in 5 mins. Waited for nearly 30 mins before being seen.

The girl who saw me knew next to nothing about ISAs.

Firstly she didnt know whether you need a separate form for each ISA account your are transferring. You do.

Next she then claimed the 'bonus' 2% interest would be paid at the end of 12 months providing you havent made any withdrawals. It isnt. Its paid monthly.

To follow up, she then helpfully explained how you need to open a savings account when you open an ISA "so we have somewhere to put any money that is over the limit". You dont.

Brilliant.

She did though manage to book an appointment for the following Monday for me to open my ISA account.

When I turned up for the appointment the lady I was due to see was off ill - good of them to inform me, but someone else saw me. After some confusion about the interest rate on offer (it was explained to me that it was 7.13% and the bonus 2% made it up to 7.32% ??!?!? :doh: ) - a quick check with the Financial Planning Manager clarified that a bonus of 2% on 7.13% wouldnt give us 7.32% and besides the bonus wasn't ever going to be applied to 7.13%.

Ive gone with the NatWest for the rate on offer - I only hope the call centre is easier to deal with than the branch!

Paul_Herring · 30 September 2008 at 4:40PM

lisyloo wrote: »

The advisor I spoke to in Natwest (not counter staff) told me that any interest above the £3600 limit would be allocated to a different account.

I don't think he's right because I am sure you are allowed £3600 in contributions PLUS interest on the whole account.
However that is what I was told.

I'd like to meet anyone who manages to get interest of over £3,600 on their ISA. (Hint: at 7.32%AER, they'd need to be transferring £49,180.)

They're talking rubbish.

The account is for contributions made over £3,600 in the tax year, probably so you don't realise they're earning a pittance, instead of getting the payment bounced like most normal banks do.

natwest isa 7.32%

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