RBS 5% Regular Saver From 27/7

premierfella · 3 August 2010 at 5:24PM

Sounds like you have a good case to back up a complaint then - happy days!*

(* although days would obviously be even happier if the full terms and conditions had been provided to you as required in the first place).

Dagobert · 3 August 2010 at 6:04PM

When I asked for the T&Cs, this is what I got. It's the full spec, albeit not the copy intended for the customer if it ever existed at all.

premierfella · 3 August 2010 at 6:27PM

Dagobert wrote: »

When I asked for the T&Cs, this is what I got. It's the full spec, albeit not the copy intended for the customer if it ever existed at all.

I'd say there was a fair chance it existed, just that they didn't have it when you asked for it. Look on the bright side - you should be able to wring some extra cash out of RBS.:beer:

Dagobert · 3 August 2010 at 6:42PM

This sheet lists all the info that should have been given to the customer and wasn't in my case. I have no document confirming 5% interest.

anticlaus105 · 3 August 2010 at 8:32PM

Dagobert wrote: »

I opened this account on 28th July 2009 and expected it to mature on its first anniversary on 28th July 2010 as per the T&Cs.

Interest was not paid until 2nd August. I wonder what interest rate the account attracted since the 28th?

I should have received £92* ** gross interest but only received £82.

Check your interest payments!

* I made 13 £250 payments on the 1st of every month.
** for the period from 28/7/09 - 28/7/10

I had the Natwest version. I paid £250 on 29th July 09 and then the rest on the 1st of each month.

I would have thought the interest would be ((£3250/2)/100)*5 which is £81.25 gross.

I'm not sure how you could pay 13 payments if they were all done on the 1st of the month. Using your dates above 1st Aug 09 - 1st July 10 is only 12.

Dagobert · 3 August 2010 at 8:58PM

I made 13 payments (Jul09 - Jul10), the first on account opening on 28th Jul, thereafter on every first of the month.

Interest is calculated on a daily basis: 5/(365*100) on the daily balance.

Biggles · 3 August 2010 at 9:23PM

I don't know if these T&Cs are the correct ones, they would appear to be (http://www.rbs.co.uk/content/personal/downloads/personal_charges.pdf) but they state that, 'You are required to make 12 consecutive monthly deposits between £25 – £250 throughout the Term which will attract the standard rate of interest. Any additional deposits will attract interest at a nominal rate.'

Dagobert · 3 August 2010 at 9:49PM

According to 36.3 of the document above

The term ... commences on the date of opening, runs for a full 12 months period from the start of the following month and ends on the last business day of the 12th month in that 12 month period.

In my case that would be 28 Jul 2009 to 30 Jul 2010. If we assume that the 13th payment attracted only a nominal rate (or even 0%), I should have received £91.88.

So, I am still £10 short.

C_Mababejive · 4 August 2010 at 11:57AM

Regular savings are a mugs game and the latest con trick from the banks..

Here,see what pathetic interest you earn whilst they lend it out at 8% plus.

http://www.e-gismos.com/savings.asp

Innys · 4 August 2010 at 12:16PM

C_Mababejive wrote: »

Regular savings are a mugs game and the latest con trick from the banks..

Here,see what pathetic interest you earn whilst they lend it out at 8% plus.

http://www.e-gismos.com/savings.asp

For the risk averse investor, your alternative suggestion is................?

I use them as there is nothing better, especially as ILSCs are no more. If you can come up with something else with an at least equivalent rate of return and no risk to my capital, I'm all ears.

RBS 5% Regular Saver From 27/7

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