natwest esaver 6.50%

shazkhan111

something else we haven't discussed on here

http://www.natwest.com/personal/savings/g1/instant-access/e-savings.ashx#tabs=section2

ashapala

And i just opened one a week ago...

I've applied for another and will get rid of the bonus-less one once everythings set up.

Would save both me and the bank so much time and effort if they could just upgrade my existing one:cool:

Does anyone know if i can have two e-savers temporarily?

shazkhan111

good question ashapala

Milarky

ashapala wrote: »

Does anyone know if i can have two e-savers temporarily?

It doesn't say 'no' to having a second account

See http://www.natwest.com/content/global_options/cao/downloads/savings_ts_cs_cao.pdf (Section 22, page 25)

And, of course, this pays interest monthly and can be used for Faster Payment transfers in and out - making it slightly better than Tesco's account

YorkshireBoy

The bonus interest will be applied from the last business day of the month following the month in which your account is opened.

http://www.natwest.com/personal/savings/g1/instant-access/e-savings.ashx?DCMP=ILC-PersHPeSavBnr#tabs=section2

...so best to fund with only an opening deposit of £1 for the first 4-8 weeks, and then when the above date passes deposit the rest?


EDIT: And yet another savings account destined for the top of the savings tables which quotes an AER that is impossible to achieve!

Milarky

YorkshireBoy wrote: »

EDIT: And yet another savings account destined for the top of the savings tables which quotes an AER that is impossible to achieve!

Why so?

4.30 'AER' = 4.22% 'gross'

2.09% 'gross' + 4.22% 'gross' = 6.31% 'gross' = 6.50 'AER'

OH I SEE! You are referring to the witholding of the bonus rate for up to 2 months (average '6 weeks') meaning the rate looks something like

1.0422^(1.5/12) x 1.0631^(10.5/12) = 6.05% 'AER'

(I'll still take one - but the advice is to apply just before the end of a month to stretch out the bonus rate period)

YorkshireBoy

Milarky wrote: »

6.05% 'AER'

...which is why I'd do as you say and open towards the end of the month. I'd also refrain from putting in anything other than the £1 opening deposit until I was able to earn 6.31% gross p.a. on my money.

brookerbabyisababy

Does anyone know if this new bonus rate does not apply to existing holders of this account?

nilrem_2

brookerbabyisababy wrote: »

Does anyone know if this new bonus rate does not apply to existing holders of this account?

From what I can see it's for new accounts only, it's a kick in the teeth for loyal customers such as myself who have had an esaver account for several years.

I have a good mind to move my cash elsewhere in protest TBH!:mad:

Milarky

nilrem wrote: »

From what I can see it's for new accounts only, it's a kick in the teeth for loyal customers such as myself who have had an esaver account for several years.

I have a good mind to move my cash elsewhere in protest TBH!:mad:

Open a second e-savings - which is allowed - just before the end of the month, pay in £1, wait one month, move what you've got (over £1) from the old e saver to another bank. Then transfer the amount back to the second account. A small trouble for a large reward. [I'd assume there wasn't much in the current e-savings account anyway, at 4.30%?]

james87

Could i not just close my existing e-saver account and then open up a new one soon after?