natwest isa 7.32%

natweststaffmember

The Transfer OFFER on the ISA is ending as of close of business tomorrow 18/12/2008. The bonus offer of 1.76% for 12 months ends tomorrow. Thought I would post it here.
I won't comment on the ISA problems you guys have experienced(as I am orf to the bank charges reclaims board) but thought the information re the bonus interest offer was right to post here.

JUST TO BE CLEAR: the bonus offer to transfers IN is closing to new transfers and does not affect existing transfers made/already received.

billieboy_2

billieboy wrote: »

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.

:mad: Old provider apparently sent a cheque to NatWest on 16 December. To date NatWest still hasn't received it, so old provider has cancelled cheque and will reissue one today. On asking both parties who is liable for interest lost, both said the other ! Looks like I will be going back to the FOS shortly. Will wait until the end of this week to see if cheque has been received.

chris987

Hidden Catch!!!!!
I took out a natwest cash ISA. It is still not transfered from nationwide.
They insisted I open a current account. I have never used the bank account.
I have just recieved a quarterly charge of £28 for the curreent account and the isa is still not transferred!!!!!!!!!!! So they get money for nothing.

What you might call a bank holiday.

anna42hmr

chris987 wrote: »

Hidden Catch!!!!!
I took out a natwest cash ISA. It is still not transfered from nationwide.
They insisted I open a current account. I have never used the bank account.
I have just recieved a quarterly charge of £28 for the curreent account and the isa is still not transferred!!!!!!!!!!! So they get money for nothing.

What you might call a bank holiday.

i assume from the charge that they have put you one one of the "advantage" current accounts which charge a monthly fee, for added extras (ie holiday insurance etc) you can ask them to provide a free current account without the extras

Kavanne

chris987 wrote: »

Hidden Catch!!!!!
I took out a natwest cash ISA. It is still not transfered from nationwide.
They insisted I open a current account. I have never used the bank account.
I have just recieved a quarterly charge of £28 for the curreent account and the isa is still not transferred!!!!!!!!!!! So they get money for nothing.

What you might call a bank holiday.

What is the charge on the current account shown as? Maintenance Charge? £28 sounds like it, which is what you are charged when your account goes into an unauthorised overdraft....

billieboy_2

billieboy wrote: »

:mad: Old provider apparently sent a cheque to NatWest on 16 December. To date NatWest still hasn't received it, so old provider has cancelled cheque and will reissue one today. On asking both parties who is liable for interest lost, both said the other ! Looks like I will be going back to the FOS shortly. Will wait until the end of this week to see if cheque has been received.

Just checked my NatWest account. The amount has now gone in! It is the same amount as was released on 16 December. Now, who is responsible for the loss of interest between 16 December and today and do I have any claim for loss of interest on the new NatWest account from when I initiated the transfer on 28 October? I think I will definitely have to get the FOS involved again.

billieboy_2

billieboy wrote: »

Just checked my NatWest account. The amount has now gone in! It is the same amount as was released on 16 December. Now, who is responsible for the loss of interest between 16 December and today and do I have any claim for loss of interest on the new NatWest account from when I initiated the transfer on 28 October? I think I will definitely have to get the FOS involved again.

Have now had a phone call from NatWest to say that they will be crediting my account with the interest from the date on the transfer form from the PO ISA as "a goodwill gesture". Also had a letter from the PO stating "ISA regulations state that the transfer time is 30 days for a transfer to be completed. As we are still within the 30 days, we cannot compensate any lost interest". Well as I'm supposedly getting the interest from NatWest that doesn't matter now but I'd still like to know what happened to the transfer form between NatWest sending it off on 31 October and the PO transferring it on 16 December . Maybe the PO was holding on to the money for as long as possible ?

masonic

billieboy wrote: »

Maybe the PO was holding on to the money for as long as possible ?

Technically, your old provider has it in a holding account.

masonic wrote: »

My transfer was finally completed earlier this week. It ended up taking 71 days between the date I submitted the transfer form to the date my funds started earning interest at Natwest. I'm now just waiting for the bank's final response before deciding whether or not I need to start filling out the FOS complaint form.

On a much more positive note personally, Natwest have today informed me they'll credit my account with an additional 46 days interest (at the original October rate) to cover the period they lost my transfer form.
:beer:
They also sent me a tacky, yet not totally inexpensive gift as a goodwill gesture. Overall, I think they've compensated my lost interest in full, so it looks as though I'll have to keep the FOS complaint form for next time.

b56c

Hi everyone
I opened an ISA with natwest in December when my money came back to me from Icesave. I was asked to send them a cheque and transfer certificate a few days later, which I did on 17 December. After several phone calls, in which I was told that processing was slow due to: Christmas holidays; number of recent applications and the need for them to check with the tax people to see that all was in order, the money was only credited to the account 8 January. Will the interest be backdated to when the account was opened or when the money was received, or will there be no back-dating and I will have to accept 8 January as my start date?

housesitter

I signed up for this in November. Seems a long time and lots of interest ago :rolleyes:

Not entirely too sure what I'm on at present.
Wasn't the bonus rate 2%, but now people are saying it's 1.76% ?
They can lower the bonus rate too? :mad:

Natwest suggested I'm on 2.76% but a quick totalling of my interest paid into the account suggests it's more like 3.2% ?!?!?

ANyone actually know for sure