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MSE News: NatWest/RBS customers hit by Isa interest blunder

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Former_MSE_Helen
Former_MSE_Helen Posts: 2,382 Forumite
in ISAs & tax-free savings
"NatWest and RBS have miscalculated January's interest on some E-Isa accounts..."
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NatWest/RBS customers hit by Isa interest blunder

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  • Alias_Omega
    Alias_Omega Posts: 7,917 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Another Nail in the coffin for Natwest.

    Only yesterday I was in the local branch complaining about a charge that I thought was inclusive of being an "Platinum" Account Holder.

    Add in cutting the E-ISA rate, then this and were outta here. Never mind the services which other Banks offer for free. I have been with Natwest for 18 years. Ah well..
  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    It doesnt say how we claim compo for the error
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • irish1984
    irish1984 Posts: 22 Forumite
    Interest underpaid by £60 today. SO fed up with glitches I closed my current account with NatWest at the end of last year. No regrets. Nat West is really doing it's best to loose as many of customers as possible!
  • Amalea
    Amalea Posts: 256 Forumite
    Just been and checked mine, about £30 short this month - and I only find out about it via another site (i.e. this one). Ridiculous and time to move on banks!
    Out of my mind. Back in 5 minutes.
  • Money-Saving-King
    Money-Saving-King Posts: 2,044 Forumite
    chanz4 wrote: »
    It doesnt say how we claim compo for the error

    Surely you should just get the interest you were due?

    Why do you need compo or is that just the fashion now?
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    chanz4 wrote: »
    It doesnt say how we claim compo for the error

    What financial loss have you experienced that you would want compo for?
  • mr_jrt
    mr_jrt Posts: 65 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    innovate wrote: »
    What financial loss have you experienced that you would want compo for?

    Just playing devil's advocate here, try underpaying a bank repayment and see how much they charge you for your "mistake". It's a bit petty in this particular case, but doesn't stop the banks doing it to us.
  • camcanary
    camcanary Posts: 3 Newbie
    Looked at my eISA last night and saw I was about £90 down on my usual interest. I did notice that the (small amount of) interest which had been paid was split in two, interest and bonus, which I presume is something to do with the switch from eISA to cash ISA. Perhaps this switch is also the reason for the error?

    I still haven't received any notification from NatWest about this. How hard would it be to send a quick email to all the eISA account holders?

    I'm not looking for compensation as I haven't really lost anything, but I would expect a bank to fix the error pretty quickly and keep customers officially informed.

    When I saw the interest paid, I automatically looked to MSE for news on it, rather than any NatWest source, because I know what's going to be the most useful!
  • alahol2
    alahol2 Posts: 63 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Spoke to them and they said the interest should be in the account by Thursday. There will soon be cash coming out of this ISA to go into a Santander 3% account, the first time I've ever taken money out of an ISA. The ISA will obviously soon be winging its way to another provider too.
  • Tymofy
    Tymofy Posts: 1 Newbie
    I have also been substantially underpaid in interest for this last month for my e-ISA. I think its the final straw for my relationship with Nat West after being a loyal customer for decades. I only found out the nature of the problem by ringing a number on a leaflet they posted me. They seem to go into immediate 'denial mode' whenever they hit a glitch instead of coming clean and admitting it. Their way of managing information and customers is very poor to say the least.
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