natwest isa 7.32%

GraemeW

Yes
I have just discovered that and had come back to correct the post when I see you have beaten me to it. But why do I need another account? I have opened Cash Isa accounts before with a number of banks and none of them have insisted I had a second account "in case there were funds which were left over" or words to that effect.

runciblespoon

I've never heard of that one before either. But I've not had an ISA with a sort code before. At all my previous institutions the ISA account number has been something like ABC12345DEF678GHI. It's impossible to pay into this by BACS, you have to do it at the bank concerned, so they can check whether you've overpaid.

NatWest give you a sort code, so potentially you can BACS in cash (a standing order from your current account, perhaps). I can see why there might be a problem if you overpay - it's a bit messy to accept some of the payment and bounce the rest. Cynically it also means they can put some of the money you thought was going in the top-paying ISA into a savings account earning a whopping 1.55%.

I've today received an ISA statement for the month of September which says '30 September: account opened', my account numbers, and my amazing balance of 0.00. I applied in-branch on 22nd September (see page 1 or 2 of this thread).

I've also received a card for my First Reserve account, which I'm not even going to bother to activate.

Jumping_Bean

Can someone clarify a couple of things about this account for me please?

I currently have two ISAs with about £4800 between them. I haven't yet invested anything this year into any ISAs although I do have £3600 which I want to invest. My understanding of this account is that the 2% bonus is only payable on transferred money and not new money. Is this correct? So I won't get the bonus on the new £3600 if I pay it into the account in the normal way? So am I able to put my £3600 for this year into one of my existing accounts before I transfer it? Does this then mean that the whole balance will receive the 6.67% rate?

Thanks for your help.

Bisoy

Jumping_Bean wrote: »

Can someone clarify a couple of things about this account for me please?

I currently have two ISAs with about £4800 between them. I haven't yet invested anything this year into any ISAs although I do have £3600 which I want to invest. My understanding of this account is that the 2% bonus is only payable on transferred money and not new money. Is this correct? So I won't get the bonus on the new £3600 if I pay it into the account in the normal way? So am I able to put my £3600 for this year into one of my existing accounts before I transfer it? Does this then mean that the whole balance will receive the 6.67% rate?

Thanks for your help.

Spot on JB. You need to use/maximise your ISA allowance this year with your existing isa provider and apply for natwest cash ISA as the bonus only apply on transferred money. But you need to hurry up as rumours that this offer will be withdrawn fairly soon, maybe this week?

Jumping_Bean

Bisoy wrote: »

Spot on JB. You need to use/maximise your ISA allowance this year with your existing isa provider and apply for natwest cash ISA as the bonus only apply on transferred money. But you need to hurry up as rumours that this offer will be withdrawn fairly soon, maybe this week?

Thanks Bisoy. I take it that RatNest won't mind me opening the account even though I will be fully subscribed already for this year?

Bisoy

I pop down on our local natwest branch today and whole process didn't last 30 minutes and no hard selling done. CSA said she's quite new and still learning and the exact opposite as I was the one firing the questions and at times she goes out to confirm with her manager! probably one of those lucky ones I guess) . I've opened first reserve account in conjunction with my cash ISA.

I've decided to transfer all my previous ISA subscriptions (YBS and EGG) and current one with ICESAVE to consolidate with natwest. I am hoping that my Icesave will be smooth.

She has also confirmed that this offer will be withdrawn anytime and that this is their best product at the moment.

Temrael

Seeing as RBS shares were one of the worst hit by the big drop in share prices this morning (down 25% at one point) is Natwest a wise place to be moving one's money?

Bisoy

Jumping_Bean wrote: »

Thanks Bisoy. I take it that RatNest won't mind me opening the account even though I will be fully subscribed already for this year?

NO. I have already maximised my ISA allowance this year. Good luck.

littlemissmoney

Reaper wrote: »

I opened a First Reserve. Simple, low interest, £0 balance.

How did you manage that? They made me pay £1 in :rolleyes:

I went to my appointment today. It took about half an hour. 25 min of that was opening the pointless savings account that I'm never going to use and paying a £1 into it. A lot of faff, but hopefully it will be worth jumping through their hoops in the end.

runciblespoon

Today I've received notice that Northern Rock has sent my money to Natwest!

Bisoy wrote: »

Spot on JB. You need to use/maximise your ISA allowance this year with your existing isa provider and apply for natwest cash ISA as the bonus only apply on transferred money.

What I have been told on the phone is that first you open a standard ISA (at 4.whatever%). As soon as a transfer hits it the bonus appears. Any cash you paid in directly also gets the bonus once there's been a transfer in.

Had I paid in some cash to NW two weeks ago, I'd have earnt 4.6% on it until that transfer arrives in the NW ISA. Then I'd have earnt 6.67% or more on it, same as the whole balance.

If they kept them separate they'd have to have it like there were two accounts, one with your transferred money earning 6.67+% and the other with your paid-in money earning 4.6%+.

So I decided not to pay in any cash straightaway because 4.6% isn't a good rate, but as soon as my transfers arrive in the ISA I can add it and then earn 6.67% on it.

By the way, RBS/Natwest is having difficulty getting cash. That's why they're bothering with this offer rather than their usual pathetic 4%. But then everyone else is having difficulty too. RBS is just a big fish.