natwest isa 7.32%

Dollie

I rang the number connected with the URL link at 1930hrs this evening, basically the following applies :

Applications * must be * made by close of business on 9th November.

Applications are definitely for one ISA transfer to another.

The 5.94% is based on (upto) £3,600 investment, the 6.60% is for those of you with circa £18,000 to transfer.

I have asked for the Natwest to call me in the morning to answer the following questions prior to my nipping into town to open one of these ISA's :

I feel as though Natwest could be penalising those of us without ISA's, but whom are willing to invest immediately, poss with the full £3,600.00 from the outset - can they give a rationale as to why they are potentially 'poaching' customers who have invested in other companies and giving them a bonus and not offering the same bonus to new investors.

The impression I got from the very knowledgeable Manager I spoke to is possibly that as this offer (which incidentally is a 6 week offer avail from circa beginning October) crosses two tax years, it is possible the bonus just entices us now. Natwest will be receiving information on Monday 10th November as to whether or not the 5.94% variable AER will change as a result of the recent 1.5% Bank of England cut. However the 1.76% bonus is guaranteed for 1 year and will not be adjusted.

The Manager I spoke with is faxing the local branch for me to clarify if I can walk in tomorrow to commence the application, then I can nip over to another company (Royal Bank of Scotland are affiliated to Natwest if you weren't aware) and place my money with them awaiting the transfer to take place in due course. The Manager is seeking clarity if the ISA which has to be transferred to Natwest has to already be in place by the closing date of this offer ie : I am waiting to hear if I can apply for Natwest ISA tomorrow and then open one with another company on Monday and then do the transfer.

(Am hoping you understand this, in my world it's wine o'clock !)

Also, you do need to open a bank account with photo id, although I am told you do not need to use the account.

I think that's all, sorry if I bored you, but am just about to invest £3,600 in my first ever ISA and really have done my homework on this site and feel this is a great offer pending no significant reduction in the AER. Thanks for attaching the original link. Will keep you posted - have asked for a call at 0900 in the morning, will update this prior to any mad dash into town to open the ISA !

Have a nice evening.

(M - Natwest Manager, if you read this, thank you so much for your help this evening - we discussed you also subscribe to MSE - Good luck with your next six months - R)

anna42hmr

anna42hmr wrote: »

why do i feel like i am banging my head against a brick wall with natwest!!

just called them as no call back since my call at 9.30 this morning, they have put me on hold, told me again they can see the money i have transfered in, out me on hold to speak to the transfer department, then the lady came back to me to tell me they received the cheque from marks and spencers on tuesday 4th october ( m&s sent it on tuesday 28th October) however it will not be until tuesday next week (11th November) before it shows up in my account, as they take 5 working days to process!

god help me if its not in my account by tuesday, else i will be in that branch as quick as a flash, if the money goes in on tuesday next week, that will be more than 2 weeks without any interest so it better had not go on for any longer

at last, the money showing up on my online account!! maybe me phoning the branch 3 times yesterday actually got them to get their bums in gear!!! she did say the transfer dept would try asap to process it but it wouldnt be in until tuesday,but its now showing as it going in!

Squibbler

anna42hmr wrote: »

at last, the money showing up on my online account!! maybe me phoning the branch 3 times yesterday actually got them to get their bums in gear!!! she did say the transfer dept would try asap to process it but it wouldnt be in until tuesday,but its now showing as it going in!

My money arrived in my new Natwest ISA Friday too after leaving my Nationwide ISA on 31st OCT. Some clearing bank somewhere is making a packet out of us over those days whilst it sits in the ether. I mean how long does it take to type in a new sort code & account number for the money to be transferred to? Roll on automated faster payments for ISAs too!

anna42hmr

Squibbler wrote: »

My money arrived in my new Natwest ISA Friday too after leaving my Nationwide ISA on 31st OCT. Some clearing bank somewhere is making a packet out of us over those days whilst it sits in the ether. I mean how long does it take to type in a new sort code & account number for the money to be transferred to? Roll on automated faster payments for ISAs too!

to be honest, my personal belief is that natwest has been sitting on it, as the lady i spoke to confirmed that she could see that they had received the funds on tuesday 4th, so it was at least 4 days before they credited it to my account

however the lady seemed to slip up and said initially they had it earlier than that on (on the friday before) , then recanted that statement and advised that she made a mistake- possibily back tracking because of the delay?? which given that marks and spencers set the cheque a week before that, on tuesday 28th, i am less inclined to beleive they didnt receive it until tuesday 4th, especially given the slip up that she implied they had it since the friday before, the 31st october, )

Milarky

anna42hmr wrote: »

to be honest, my personal belief is that natwest has been sitting on it, as the lady i spoke to confirmed that she could see that they had received the funds on tuesday 4th, so it was at least 4 days before they credited it to my account

however the lady seemed to slip up and said initially they had it earlier than that on (on the friday before) , then recanted that statement and advised that she made a mistake- possibily back tracking because of the delay?? which given that marks and spencers set the cheque a week before that, on tuesday 28th, i am less inclined to beleive they didnt receive it until tuesday 4th, especially given the slip up that she implied they had it since the friday before, the 31st october, )

I had direct experience from this week alone, that transfers can take as little as a day. YBS closed my account with them on 5th November and Holmesdale BS opened my account for me on 6th November - and I had my passbook issued to me the next day. Yorkshire to Surrey - 1 day. This is the same YBS which sent a transfer to Natwest on 16 October - and it took until 22 October for NatWest to record the receipt - to which they then added two days clearing. (Given that, transfers received by next day post may be more common than we are led to believe)

If anyone is taking up the issue of the apparent delays when transferring to NatWest from another ISA provider there are two concern therefore

1) when the cheque appears to go missing and then just 'turns up' after a long wait
2) when a credit appears at NatWest 'as normal' - but only after an apparently 'standard' 6 or 7 days.

1) May be due to the postman delivering the item after a substantial delay - but it is more credible to suspect that all the cheques reach NatWest in a standard 1 to 2 days - and there is additional delay whilst the item is mislaid in NatWest's post-room prior to opening

2) Appears to be the common experience. I'm not blaming NatWest staff but the system seems to incorporate a handling delay - and the customer should never have to pay for this

littlemissmoney

Mine was transfered out from A&L on 30 October and appeared online at Natwest on 7 September (so will have to wait a few more days for interest to start).

chris_topher97

Dollie wrote: »

I am waiting to hear if I can apply for Natwest ISA tomorrow and then open one with another company on Monday and then do the transfer.

You might want to read this thread http://forums.moneysavingexpert.com/showthread.html?t=1269643 before opening up an ISA then trying to immediately make a transfer to Natwest.

I am not entirely sure if thats allowed, opening two ISA's in the same tax year, and if it is possible its still quite arkward to do judging by that thread.

Try on of these, http://www.moneysupermarket.com/isa/IsasResults.asp Newcastle BS looks alright at a glance.

Baldur

chris_langs wrote: »

I am not entirely sure if thats allowed, opening two ISA's in the same tax year...

You can 'open' as many Cash ISAs as you like per tax year, as long as you only subscribe your annual £3,600 allowance to one of them.

The number of Cash ISA transfers per tax year is not limited.

tweet

only subscribe to one of them . . . at a time.
I've transferred to NW from A&L having paid an amount into the latter- my NW ISA account page now says I've paid in xx and have yy remaining for this tax year; and I've transfered and rec'd in my account an amount from my current account (not my linked account) via bacs (x into NW ISA sort code/accnt num) and that's gone in fine.

Baldur

tweet wrote: »

only subscribe to one of them . . . at a time.
I've transferred to NW from A&L having paid an amount into the latter- my NW ISA account page now says I've paid in xx and have yy remaining for this tax year; and I've transfered and rec'd in my account an amount from my current account (not my linked account) via bacs (x into NW ISA sort code/accnt num) and that's gone in fine.

As your A&L ISA account no longer exists, having been closed when the transfer to Natwest took place, you are subscribing to the same ISA - just the provider has changed.