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Leaving a Savings Account
Ashlion
Posts: 22 Forumite
When your savings account is no longer making good interest and you want to leave, what's the best way to do this and still retain as much of your bonus as possible?
I have an instant savings account Natwest Reward Reserve where the interest is paid quarterly, plus there is a quarterly reward and an annual reward for a maximum amount of withdrawals. If I want to leave part way through the year, but not miss-out on the bonuses that I have accrued to date for the year, is it just a matter of keeping a nominal amount in the account until January like £1, and staying within the amount of withdrawals set? Or could there be anything else in the small print that will scupper this?
It says on their website that there is no minimum balance, although it is £2000 to open it. I am pretty sure the interest is calculated daily but T&Cs are generic and don't completely correlate to my account type, so I'm not too sure.
I have an instant savings account Natwest Reward Reserve where the interest is paid quarterly, plus there is a quarterly reward and an annual reward for a maximum amount of withdrawals. If I want to leave part way through the year, but not miss-out on the bonuses that I have accrued to date for the year, is it just a matter of keeping a nominal amount in the account until January like £1, and staying within the amount of withdrawals set? Or could there be anything else in the small print that will scupper this?
It says on their website that there is no minimum balance, although it is £2000 to open it. I am pretty sure the interest is calculated daily but T&Cs are generic and don't completely correlate to my account type, so I'm not too sure.
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Comments
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Their "reward" looks like it's just a bonus on top of their base rate. So, you'd get the bonus on top of any interest you'd normally have. You'd lose the bonus only if you shut it down or exceeded the withdrawals allowed. The rate is so dreadful that your cash would be working much harder for you elsewhere, so unless a bonus was imminent I can't think why you'd leave any cash there at all, myself!Debbie0
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I have been into the branch and got a full set of their terms and conditions. Sure enough, tucked away in the small print, it says you will lose the annual bonus if your account falls below £2000, or make more than 3 withdrawals. I think this is pretty sneaky as it's not on their website. But at least I know now.0
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The document the branch gave you is on the NatWest website...I think this is pretty sneaky as it's not on their website.
http://www.natwest.com/content/global_options/terms/Terms_Conditions.pdf
(the T&C's for your account start half way down page 20)0
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