natwest isa 7.32%

anna42hmr

anna42hmr wrote: »

still waiting for my money to transfer in from marks and spencers god knows how much longer i will have to wait

just an update, i called marks and spencers and they sent the cheque to natwest on 29th october, still nothing showing on my online account yet, so 7 days so far (5 working days)

went into the branch to ask how long it would be now, but they were no help at all, if nothing is in my account by friday lunch time, will have to make a fuss i think as that will be 10 days from the cheque being sent to them, irony is i received a print out statement in the post for some reason for the isa saying balence is £ 0 on the isa (no s sherlock, im waiting for you to cash the cheque!)

masonic

miele wrote: »

Who's to blame? Who's fault is it? Natwest seem to have done their part, (opened account, sent out transfer request to Abbey). Is it Abbey's fault for possibly losing this letter? Or has it simply gone missing in the post on the way from Natwest to Abbey? Do banks use Royal Mail?

I'd say your first port of call would be Natwest. You instructed them to complete the transfer. If they choose to use a method of postage that does not guarantee delivery, then they need to take responsibility in the minority of instances where a letter doesn't arrive.

wrattej

Has anyone noticed where their interest is getting credited to? I've just checked and NatWest have credited my current account with the interest. I thought they were supposed to pay the interest back into the ISA???

masonic

wrattej wrote: »

Has anyone noticed where their interest is getting credited to? I've just checked and NatWest have credited my current account with the interest. I thought they were supposed to pay the interest back into the ISA???

Mine is being paid within the ISA. There was a choice as to where interest could be paid. Perhaps they made a mistake when filling out your application?

tweet

Just rec'd my balance in NW online today.
According to A&L:

28th Closing withdrawal
27th Closing interest

and thus today:
5th Balance arrival at NW

All in all seems I've been lucky- 7 days without interest.

BristolVR

tweet wrote: »

Just rec'd my balance in NW online today.
According to A&L:

28th Closing withdrawal
27th Closing interest

and thus today:
5th Balance arrival at NW

All in all seems I've been lucky- 7 days without interest.

Unfortunately, just because the cheque is credited to your account, it doesn't mean that the money is actually earning interest from that date. As both sweepnsoo and I have found, there are a few extra clearing days before interest accrual starts.

You'll need to wait till the end of the month to see the discrepancy.

MickK_3

Just for info, I've transferred cash isas previously from NW to B&B and lost 11 days interest. Now I've transferred them back from B&B to NW and this time I have lost 10 days interest. Both times the cheque transfer and clearing at the other end has taken longer than it should. I presume your old provider gets away with our interest until the cheque is cleared. I am aware of this and always factor in the lost interest when looking at the new rates. Lets hope something is done legally to speed up our transfers as we'll all be at it again after the 12 month bonus runs out.

Muhren

tweet wrote: »

Just rec'd my balance in NW online today.
According to A&L:

28th Closing withdrawal
27th Closing interest

and thus today:
5th Balance arrival at NW

All in all seems I've been lucky- 7 days without interest.

Exactly the same dates for me tweet so now i can sit back and watch the interest build up!

mar7t1n

I find this totally unacceptable. The sending and receiving institutions are in collusion. Whenever you see an ISA rate you actually need to divide by 12 and multiple by 11 to account for the potential 30 day 0% interest period. So natwest's 7.32% rate is more like 6.7%. They do agree to run the 12 month rate from the date they recieve the money, but as I have consolidated funds from 2 providers that date actually started a month ago as The Abbey did what they should within 2 weeks, and the money was only out of interest for 4 days.

They should not be sending cheques for £30,000k about which might get lost, especially with half the banks on the brink of collapse.

Martin Lewis can you do a program on this issue, and a template letter for us please or should we write to Watchdog....

biscit

On tranfering to ISA my wife nearly went for this after reading about it on moneysaving expert and seing it said "one simple form".

She downloaded the form, a bit longer than she expected filled it in and took them to our local branch. Who presented her with another form for opening an ISA.

She gave up, but complained to Nat West customer services.

The branch got in contact and said it was the government's fault.

Now, I've opened ISAs and it's not been onerous, the only reason the tax man would not be happy with the first form would be that it was badly designed and left of one or two minor details. Except the Natwest couldn't admit to that. And won't be getting our business.