natwest isa 7.32%

shazkhan111

why has this gone unnoticed

http://www.natwest.com/personal/savings/g2/isas/cash-isa.ashx#tabs=section2

Jonbvn

Primarily because it is the typical high street bank scam of a 1-year bonus rate, looking for high inertia customers. Until ISA transfers become automated, I would never consider switching ATM.

Bonus is for customers transferring in ISA funds from another provider (with the exception of The Royal Bank of Scotland) and is calculated on the whole balance in the account for one year from receipt of the ISA transfer request. Offer may be withdrawn at any time.

PBA

Probably just because it's brand new. I had the misfortune of being in a Natwest branch this morning, and there was no mention of this new account anywhere. I see they sent their press release out today, just in time for the weekend papers. I'd imagine they'll start the advertising Monday, with best buy logos from the papers slapped all over it.

Press release: http://www.natwest.com/global/media/y2008/m-1.ashx

YorkshireBoy

The NatWest site is a little lacking in detail. However, the same offer looks to be available with parent company RBS, where there's a little bit more detail*. For instance...

• The 12 month clock starts ticking when they receive your transfer request. The transfer itself (and ability to actually EARN the bonus) may take place a month or more AFTER this date. All of which means only 10-11 months bonus may be earned.

• The bonus is payable in two instalments...the first in March 2009, and the second in March 2010. You'll (probably) then have to keep the account open at whatever pitiful rate they're paying throughout the 2009/10 tax year in order to get the second bonus payment.

* http://www.rbs.co.uk/personal/savings-investment/g2/isas/cashisa.ashx?DCMP=ILC-PersHPDirSavBnr#tabs=section2

PBA

YorkshireBoy wrote: »

The bonus is payable in two instalments...the first in March 2009, and the second in March 2010. You'll (probably) then have to keep the account open at whatever pitiful rate they're paying throughout the 2009/10 tax year in order to get the second bonus payment.2

That's not the same as the Natwest offer then. Natwest says "Interest including bonus is paid monthly to the account".

YorkshireBoy

PBA wrote: »

That's not the same as the Natwest offer then. Natwest says "Interest including bonus is paid monthly to the account".

You're quite correct, they are different. The RBS ISA only has an annual interest option (and also a slighly lower 7.25% AER).

Innys

This looks like the new best buy to me.

I have tried to download the transfer form online but the link is to the ISA reactivation form! I'll go to the branch and fill out the form there and then instead.

I have rung them and additional details are:

1) No transfer fee out (though I need to check on the T&Cs);
2) Interest is paid monthly and, if payment of this takes you into the next interest rate band, this then become payable;
3) Available for a limited period only, though they don't know how long.
4) New money doesn't get the extra 2%.

Speculator

here's the transfer form.

http://www.natwest.com/content/personal/savings/isas/downloads/transfer_service.pdf

Walletwatch

Innys wrote: »

4) New money doesn't get the extra 2%.

Does new money qualify to get counted in the overall amount that determines the interest rate tiers though? I have 17000 in an ISA, which along with interest and some of the ISA amount for next year will qualify for the highest rate.

Cheers
WW

pardal51

I am quite tempted to transfer my Abbey ISA 6.00% to Natwest, even though I might lose out 1 mth or so of the bonus. Have already downloaded form and filled it in.

Also remember that: "You will also need to hold or open an instant access account. We will use this account to hold your money if you accidentally put more than £3600 a year into your Cash ISA." Which, of course, isn't a problem.

COCO

I have been into the branch this morning and nobody knew about the isa but got the standard forms anyway.
I also rang the natwest helpline and quite honestly i would have done better ringing pizzahut.
Does any body know 1. if the rate and the bonus is paid monthly?.
2.If there are any penalties at all?.
3.if you can transfer isa's from more than one provider
and would they show up as more than one isa account?.
4.do you need there e saver account as well?.
5.how long should it take them and my previous providers to complete the transfers?.
6. does anyone think this will be beaten within the next few months.

Sorry for all the questions but one of my previous providers is ICESAVE and i just want to transfer as soon aqs possible.

Coco.....................