natwest isa 7.32%

Bisoy

fitzal wrote: »

Hi, does anyone know if the interest rate cut will lower the Natwest ISA interest rate? Will it be 0.5% lower than advertised?
Thanks.

It will probably stay as advertised because these banks are after of our hard earned cash;) . As I have said in my previous post this offer will not stay long and will be withdrawn at anytime then decide to cut it's advertise interest rate.

Jumping_Bean

Bisoy wrote: »

It will probably stay as advertised because these banks are after of our hard earned cash;) . As I have said in my previous post this offer will not stay long and will be withdrawn at anytime then decide to cut it's advertise interest rate.

When it cuts it's advertised rate presumably it will cut the rate for existing accounts as well? Seeing as it was very likely that a base rate cut was coming quite soon, it's quite a clever time to offer such a good ISA rate. They can get loads of people transferring large balances (because of the interest tiers) over on the headline rate and then cut the rate "because the base rate has been cut" without losing face. Many / most of the transferees won't be bothered to switch away so soon.

Stevenic

I've finally spoken to Natwest and they say I need to provide another signature before they can process my transfer :mad:

It's no wonder Icelandic banks were so popular, at least they did actually understand customer service.

dandandan_3

I think they'll cut their rate but still, so will everyone else.
If everyone else does this account will still be the best (relatively the 2%bonus will make it an even better deal, relatively speaking)

Edit: I'll be transferring from A&L which pays 6% atm, but it's still worth it, esp as I already have (although never use it) a NW account.

One thing I like about A&L is having an isa with them - £ level I'm not sure - give you free access to their financial planners - I saw mine a month ago thinking about converting a chunk of my cash isa into shares with a tracker - now I'm going to see if NW offer the same as I really want a tracker *when _I_ think the market is goign to recover*

dandandan_3

"I have not subscribed and will not subscribe to another Cash ISA in the same tax year that I subscribe to this Cash ISA"

This doesn't exempt me from transferring in from A&L if I've put in part of my £3,600 cash allowance does it? I recall reading this before with A&L and could transfer to A&L even though I'd put money into it with my previous provider; it translates effectively to I can't - after I move to NW - operate another ISA this tax yr (as you can only contribute to one at a time)

Anyone read this differently?

From nw.com:
"
I have paid £700 of my current tax year allowance into a Cash ISA with another provider. Can I open another Cash ISA with NatWest and pay in the remaining £2,900?

No, due to Cash ISA Regulations you cannot have more than one Cash ISA in a tax year.
However, you can pay the remaining £2,900 of your allowance into your existing Cash ISA with the other provider and then transfer it over to us."

runciblespoon

dandandan wrote: »

One thing I like about A&L is having an isa with them - £ level I'm not sure - give you free access to their financial planners - I saw mine a month ago thinking about converting a chunk of my cash isa into shares with a tracker - now I'm going to see if NW offer the same as I really want a tracker *when _I_ think the market is goign to recover*

:eek: You do realise that high street bank 'financial planners' are merely salespeople? They're only allowed to sell you their own products, even if they're rubbish, and are on commission to do so?

If you're aware of that but find the conversation useful then that's fine. Just don't think you're going to get impartial advice.

Many brokers and IFAs who open a stocks and shares ISA can accept transfers from a cash ISA (I think), so there's nothing special about taking out a S&S ISA at your cash ISA provider. If you do want a tracker, don't be afraid to go to A&L/Natwest to find out about their offerings and then see what other options are available. Post on this board if you want anyone to comment on the different options.

dandandan_3

They're only allowed to sell you their own products, even if they're rubbish, and are on commission to do so?

From what I was offered that doesn't hold - I had products from a range of companies, even other cash isas.
Also mine was not on commission (from A&L at least) according to both what she said and the text I was given.

I'll be speaking to NW's 'advisors' I guess at some point soon now but may stick to the products I chose before speaking w/ A&L - several of which A&L recommended themselves.

Maybe there's a more specific thread on this (s&S) I should find in the forum.

Baldur

dandandan wrote: »

They're only allowed to sell you their own products, even if they're rubbish, and are on commission to do so?

From what I was offered that doesn't hold - I had products from a range of companies, even other cash isas.
Also mine was not on commission (from A&L at least) according to both what she said and the text I was given.

I'll be speaking to NW's 'advisors' I guess at some point soon now but may stick to the products I chose before speaking w/ A&L - several of which A&L recommended themselves.

Maybe there's a more specific thread on this (s&S) I should find in the forum.

'Financial Advisers' who are bank/building society-based are, in almost every case, restricted to a very slim range of products - they may not bear their own name, but are usually with organisations with which their bank.building society has 'arrangements'.

Unless they are Independent Financial Advisers, they are, as said above, basically just salespeople.

Jazzy_B

Grrrrrrrr. I'm seething
My husband opened one of these on Monday. Today he received loads of stuff about his account in the post. I applied 2 weeks ago, and have heard nothing. I've just phoned the helpline, and they have no trace of my application. I really wonder what they're playing at.

Stevenic

Jazzy_B wrote: »

Grrrrrrrr. I'm seething
My husband opened one of these on Monday. Today he received loads of stuff about his account in the post. I applied 2 weeks ago, and have heard nothing. I've just phoned the helpline, and they have no trace of my application. I really wonder what they're playing at.

I'm in the same boat as you. They want a signature from me which is going to take days to post back and forth. I'm so glad that RBS has so much cash that they don't need our money :rolleyes:

What are they doing to get your application sorted out?