natwest isa 7.32%

owitemisermusa

Hi guys,
Closed a natwest account and (very poor) ISA a few months ago - does this mean I won't be eligible for the new ISA? ie will they refuse my application since i only recently left them?
Must I also open another account with them? I wish I had left me account open now!
Any clues?
OMM

ultrapop

My previous ISA provider sent the cheque to Natwest on 18th October and it hasn't yet paid in!

jiffi

Say you have the needed amount to benefit from a 7.32% natwest ISA interest rate which is £27,000. How does this compare to Halifax's Web Saver which starts at 7%?

Here's how it goes:

Natwest
7.32% for 12 months, then 5.25% after 12 months
compared with...

Halifax Websaver
7% for 3 months, 6% for 6 months, 6.5% for 9 months, 6.5% for 1 year, 5.85% for 2 years, 6% for 3years, 5.75, 5.70 ...


Also if you transfer an ISA that pays interest on an annual basis, is this interest lost on transfer to another?

goodfella66

ultrapop wrote: »

My previous ISA provider sent the cheque to Natwest on 18th October and it hasn't yet paid in!

Exactly the same here! I'm going to leave it until the middle of next week before chasing them up.

miele_2

Ainsdale wrote: »

Thought it might be helpful if I post my experience with the Nat West ISA.
I opened an account at interview in the local Branch (Southport) on 2nd October. Had letter to confirm the account numbers the following working day (3rd) and could see the new accounts on the internet as well, which I thought was quite impressive.
Does this help answer your question anna42hmr?

I was transferring from Abbey and they confirmed by telephone and also by letter that they actually sent a cheque to Nat West on 15th October (2nd class post which they say all banks do).
Rang Nat West on 20th and 21st this week and they said they couldnt tell me whether they had received the cheque or not (dealt with by a single quality assurance department at Plymouth).
The money actually appeared on screen in my Nat West account this morning 23rd and showed as credited to the account on 22nd. So the account was opened exactly one week after the cheque was sent from Abbey on 15th.

Lucky you I'm still waiting from my transfer from Abbey to Natwest to go through. I opend the account at Natwest on Oct 2nd, got the account info and it even appeared on my online banking straight away. But 3 weeks later and my Abbey Isa still appears on my Abbey ebanking and my Natwest Isa balance is still £0!

The girl at Natwest said I'd earn interest from Oct 2nd as this is the date I put on the transfer form, is she correct?

BTW, Does anyone know if I can/should still add to my Abbey Isa during this time (whilst I'm still waiting)? Or should I just wait until everything's ready at Natwest?

Thanks!!

Baldur

miele wrote: »

Does anyone know if I can/should still add to my Abbey Isa during this time (whilst I'm still waiting)? Or should I just wait until everything's ready at Natwest?

With the potential for things to go wrong (and from experience of them having gone wrong with Abbey this time last year), I'd personally wait until the transfer has taken place.

nuthatch

nuthatch wrote: »

Seems that others are questioning the amount of time it is taking for our cheques from previous providers to reach NatWest.

About 10 or 11 days ago I received a letter from Nationwide to say they had sent a cheque to NatWest on 9th October: the money did not reach my account until today - 12 days later.

First thing this morning I, once again, checked online and still nothing in my account, so a little later I went into my branch of NW to find out what was going on. I asked to speak to someone in private, and a few minutes later a senior staff member appeared saying, coincidentally, that she just happened to be dealing with my account at that moment, and the money was now paid in. However she could not say when the cheque had actually arrived.

Although the lady was most helpful, she was unable to give me answers regarding (a) why it had taken so long to reach my account (though it was suggested that possibly Nationwide had not sent the cheque when they said) .. and (b) whether the interest would be backdated. The interest has amounted to £68 for the 12 days (at £5.66 per day), so I won't be too pleased if I lose that much.

The lady at the branch has promised to find out the answers to my questions, and will hopefully phone me tomorrow. I will post the outcome here as soon as I know.

Right now I'm thinking that there might be 'dodgy' practices going on at NatWest ... we shall see!

Referring back to my post on 21st Oct (above), I have at last been given answers - of sorts.
According to a spokesperson at NatWest the cheque sent from Nationwide did not reach them till 11 days later, and interest will start to be paid 2 days after receipt. Therefore the transfer has cost me 13 days interest.

What I did not mention in my previous post, was that two days after transferring my main cash ISA, I also transferred a Mature Tessa ISA from Nationwide, and that account was closed on 14th October; ten days later this has yet to arrive at NatWest.

Furthermore, my ‘other half’ who also transferred an ISA from Nationwide, received a letter from them stating a cheque had been sent to NW on 15th October. This too has not yet arrived.

So where are all these cheques between the day of posting and day of receipt???
NW suggest that Nationwide might be slow in actually sending the cheques!!! Can’t see what they would gain by holding them back.

I have spoken to Nationwide on the phone, and was assured that cheques are sent out by First Class post on the day they say, but at worst if the last post was missed, then certainly by the next day.

Between the two of us we’ve lost a fair amount of interest and our suspicion is that NatWest are deliberately delaying paying the money in, thereby saving themselves several days interest. Which if multiplied by the thousands of accounts being transferred, must amount to a substantial sum. If this is so, then how can they be allowed to get away with it? There should be more transparency, certainly proof of when a cheque is received.

I shall be interested to see how many other people come forward with stories of delays.

nuthatch

miele wrote: »

......
The girl at Natwest said I'd earn interest from Oct 2nd as this is the date I put on the transfer form, is she correct? ......

Apparently not ... been told that interest is paid from after the second day (i.e. from the third day) that the money appears in your account.

Wish you luck!

Milarky

miele wrote: »

The girl at Natwest said I'd earn interest from Oct 2nd as this is the date I put on the transfer form, is she correct?

That's almost certainly untrue* - they're not going to pay for overlapping requests - interest from current provider and from NatWest whilst it is sorted out. They don't even (as a rule, I don't know for sure with NatWest) pay interest after the current provider has closed the account until they recieve the cheque and it is deemed 'cleared' (2 working days later)

However, if there is a delay by Abbey (and how does the customer 'prove' it's down to Abbey anyway?) beyond the 30 days after (they will say) they received the NatWest request and there a difference in interest rates between the two account (presumably there is - that's the primary reason for transferring it) then, I think it is generally accepted, that you may claim the difference in rates for the duration of the delay (plus a token amount for the time and trouble it will take you to raise a complaint etc)

In defence of NatWest, they do seem to be sending out requests after about a week (not part of the 30 days) after applying and most providers contacted seem to have sent the money within about a week of this - with the actually (interest-earning) balance showing about a week after this. And they must be getting a steady flow of transfer requests.. so I imagine also that they are running their operation smoothly too.

*What she might be confusing is that the 12 months bonus period starts when the transfer is finally received. If you have overlapping transfers (eg from two different providers) then those bonuses will run for overlapping durations to - but in each case will be 12 months (not less).

Milarky

nuthatch wrote: »

Between the two of us we’ve lost a fair amount of interest and our suspicion is that NatWest are deliberately delaying paying the money in, thereby saving themselves several days interest. Which if multiplied by the thousands of accounts being transferred, must amount to a substantial sum. If this is so, then how can they be allowed to get away with it? There should be more transparency, certainly proof of when a cheque is received.

They have no interest in the adverse publicity of not processing cheques on the day they actually receive them. If this is happening at all at NatWest I would look to a more 'innocent' explanation.

Clearly you've had some bad luck with when NatWest say they recieved the cheque. As usual with a problem of this kind, one must backtrack. Thus start by establishing with NatWest when the cheque arrived. If they say 'after 14 days' then I would take the complaint to Nationwide and ask them to pay you the interest for this delay. Your 'justification' would be that Nationwide chose to use an unreliable system of transfer - that's their option, but you should not lose out as a result of the occasional misfired cheque. Point out that they will have continued to benefit - earning money on your deposit before it could be reinstated at the NatWest end.

On the other side, of course, NatWest may admit they have held on to your cheque for a indeterminate period. They don't benefit as such through, because Nationwide still had the 'cash' during this period. But if it isn't down to Nationwide then it must be down to NatWest - so they become liable because their inaction (when they were in a position to act) caused you a loss

Good Luck