natwest isa 7.32%

miele_2

Finally! My ISA transfer to Natwest has arrived! Yay! It took a total of 64 days.

On the very morning that I was about to submit my complaint to the FOS, my money appeared in my account, (although it wasn't cleared, just deposited). Strange, that. Natwest sure do like to make the most of the 30 day transfer window.

I will definitely be checking my statement at the end of the month to make sure that I am receiving the correct interest rate, (inc 2% bonus), and to see whether I will have the back dated interest the lady at Natwest previously promised me.

Please please please, can someone powerful out there please look into this silly 30 day transfer time. It's ridiculous. I can receive and send money from halfway around the world directly into my bank account in less than half an hour. Surely banks can speed up this process! Not knowing where your money is when it's left one bank but hasn't arrived at the other bank is worrying and the worst thing about the whole ordeal.

PS, Thanks for the great advice, masonic and yorkshireboy.

lisyloo

I was told over the phone that because i signed up at this rate it's what i would be getting regardless of interest rate drops.

What they meant by that is that you will get the BONUS 2% rate (the highest) but it won't be 6.76%.

On 3rd Novmember it went down to 6.22% gross (6.4% AER)

So, yes it's about £60.

You need to remember that on a monthly basis you will be getting the gross rate and not the AER rate.
You will acheive the AER rate over the year when it's compounded but monthly it's the gross rate you should use (let me know if anyone wants a worked example).

BTW - on 1st December it went down to 4.76% gross (4.87% AER).

oldfella

Please please please, can someone powerful out there please look into this silly 30 day transfer time. It's ridiculous. I can receive and send money from halfway around the world directly into my bank account in less than half an hour. Surely banks can speed up this process! Not knowing where your money is when it's left one bank but hasn't arrived at the other bank is worrying and the worst thing about the whole ordeal.

---

if its taken Natwest 30 days to deposit your cheque I would complain - they have a recommended 30 days for the whole transfer process

Baldur

oldfella wrote: »

Please please please, can someone powerful out there please look into this silly 30 day transfer time. It's ridiculous.

Personally, I'd almost be happy with 30 days in comparison with my transfer to Lloyds TSB which was started in early March - 283 days and counting to date.......

bluebell_lily

miele wrote: »

ISA Customer Services: 0800 255 200

Transfers from another Bank/BS into your Natwest Account: 0845 303 7075 & 0845 303 6868

(Apartantly this department is in Bolton. But, after being transfered through to them twice, they don't seem to answer the phone. A lady at ISA C/S gave me these direct numbers, hope they work as she didn't seem too bright; she gave me this number for my local branch: 0845 plus my sort code. Well , that didn't work!)

When I rang the freephone number, I was passed around lots of times, then they told me to speak to someone in branch. :mad: Branch people told me to phone. If I write a letter, I think it might take a few months.

dawny10

Has anyone who opened the account when the bonus was 2% requested an additional transfer to their Natwest ISA since the bonus rate dropped to 1.76%?

I need to find a home for my Icesave ISA and already have some in the Natwest ISA supposedly getting the 2% bonus. I realise that I will only get 1.76% bonus now but am unsure if they will be able to cope with two chunks of money in the same account getting different rates of interest, and also whether as the Icesave transfer will bump my total up to the next 'band' this will also apply to my 2% bonus money.

I was going to give them a call but given I can manage to confuse myself on the subject I thought I would check here first!

masonic

dawny10 wrote: »

I need to find a home for my Icesave ISA and already have some in the Natwest ISA supposedly getting the 2% bonus. I realise that I will only get 1.76% bonus now but am unsure if they will be able to cope with two chunks of money in the same account getting different rates of interest, and also whether as the Icesave transfer will bump my total up to the next 'band' this will also apply to my 2% bonus money.

I was going to give them a call but given I can manage to confuse myself on the subject I thought I would check here first!

Both the 2% bonus and the underlying tiered interest rate are applied to the whole balance. The different tranches of money would not be treated differently.

billieboy_2

billieboy wrote: »

I've just contacted the FOS who are going to write to NatWest. When I spoke to NatWest last week they told me the transfer would automatically be chased up on the 30th day (which was 1st December) and when I rang this morning there was no note on my account to this effect and it hadn't been chased:mad: . Natwest told me a log had now been put on my account and someone would contact me on Tuesday to confirm:rolleyes: which I don't think wil happen. So thanks YorkshireBoy - I wouldn't have thought to ring them this early. The lady at the FOS also told me to take issue with them for the amount of interest I will have lost. Hopefully this will get the ball rolling.:T

Okay, some progress has been made. I just rang my old provider who informed me that a cheque was sent to NatWest by post yesterday. So looks like a kick up the jacksy from the FOS has worked. Will be interesting to see how quickly/slowly it appears in my account:rolleyes: and then see where I stand with loss of interest.

cogito

I transferred two ISAs to Nat West in October. My National Savings transfer took place OK.

I was alerted to the fact that my M&S ISA hadn't been transferred when I received a letter from M&S advising me that the rate had dropped. I contacted M&S who told me that they hadn't heard from Nat West. Nat West told me that they had sent off the transfer forms on the 3rd October. I asked Nat West if they had no follow up procedure to make sure that the transfer took place and they obviously hadn't. They hadn't even retained a copy of the transfer form so I had to go into my local branch and do it all again. I have now had a letter from M&S to confirm that the transfer is going through but am unsure whather I will have lost out.

No one comes out of this with any credit. Probably not even me as I suppose I should have checked that it had gone through but I shouldn't have to if other people did their jobs.

masonic

cogito wrote: »

I transferred two ISAs to Nat West in October. My National Savings transfer took place OK...

It sounds as though you are in a very similar situation to me. My second ISA transfer went through fine eventually (71 days later) and I'm currently persuing a complaint against Natwest and attempting to claim back all the interest I lost out on over the period they delayed my transfer. Natwest has another 2 weeks to issue their final response before I can take my complaint to the FOS.