natwest esaver 6.50%

MalcolmPreen

Brian_Bullocks wrote: »

I don't know where you got your info., but this is from their FAQs:-


How do I make a deposit?

It’s easy. You simply have to:
make an electronic transfer from an existing NatWest account

OR
pay a deposit by cheque from an account you hold with any UK bank

After this first deposit, you can pay money in by electronic transfer from any UK bank account. Looking to save regularly? You can also set up a standing order.


How do I make withdrawals?

Simply make an electronic transfer from your e-Savings account to any other UK bank account.

That is how I read it as well.... and my plan was to transfer the £100 by standing order each month... and withdraw most of it.

So... I went to the site... which verified that my deposit had been received.... then I tried to withdraw some money...

Transfers - only allows transfer between NatWest accounts....
Payments - allows payments to external sources... (ie me) so I tried to set up a payment... this requires that I set up a payee... and setting up a payee requires a card reader...

So, I ordered a card reader.... not sign of this a week later... so I ordered another... it arrived today.... but I have no card.... first thoughts suggested that this might be on the way.... but after going through a number of people on the phone... the suggestion is now that I can only get a card by opening a cheque account...

So, that is now under way.... and I'll be getting a cheque book and loads of other things I have no need for....

I'm beginning to wonder if £50 is enough of a reward for all of this hassle....

Malcolm

Has anyone else (without an existing NatWest account) successfully withdrawn any money... ?

noh

Yes you do need a card and reader to set up new payees on line.
The alternative is to set up the payee by telephone.

http://www.natwest.com/global/security/security-centre/online-banking/online-banking-security/card-reader.ashx

Although the internet banking site does suggest that they will send you a suitable card if you don't already have one. In this respect it is the same as a Tesco Internet account also operated by RBS.

From the Natwest online banking site:-

With a Card-Reader you’ll also be able to:

• Set up new mandates/payees online
• Arrange and amend standing orders on suitable accounts
• Manage personal details, like your mobile phone number
  Card-Readers are easy to use and free.
  If you don’t have a suitable card to use with a Card-Reader, we’ll send you one of those too.
  If you can’t make up your mind now, you’ll be able to order one from within online banking at any time.

And their FAQs state that they will send an internet banking card if you do not have a debit card. It looks like you have been misinformed there is no need to open a current account.

From http://www.natwest.com/global/security/security-centre/online-banking/online-banking-security/card-reader.ashx#tabs=section4
Which bank cards do I use with my Card-Reader?

Your Card-Reader uses the latest chip and PIN technology, so we may need to replace one of your debit cards with a new one that contains the new chip.
Whenever you need to use your card and Card-Reader, you will see which card(s) you can use in the on-screen drop-down box. If more than one card is listed, check that the card you're using in the Card-Reader matches the one you select on the screen.
If you don’t have a debit card, we’ll send you an online banking card to use in your Card-Reader. When used in your Card-Reader with online banking, your card will only identify you.


Nigel

selimap

You can set up a payee (and make a payment) through the telephone banking service if you don't have a card reader with you. Or you could in the past, not tried it recently.

NatWest has many annoying issues, but the telephone banking service is usually (not always!) quick to answer, UK based and efficient for straight forward requests.

I have applied for a second esaver to get improved interest rate. It hasn't appeared on line yet, maybe it will after the weekend (I applied Friday evening). I use esaver to transfer money I don't need very short term from my current account with Natwest without losing the 3-5 days interest that occurs when I transfer to my medium and long term savings accounts. Also, i can instantly refund my current a/c if my spending predictions prove too low!

I can't see why you wouldn't transfer any balance from your old esaver to the new as soon as the new is available, even if bonus doesn't kick in for a while you are no worse off.

Transfers from other accounts esp non Natwest, I would wait for enhanced bonus.

james87

hi I opened a new esaver on 26 September and have just checked my account to see that I have not been paid the bonus rate so perhaps this deal was for new customers after all? did anyone else get the full 6.5% paid in?

MickK_3

Bonus rate not applicable until the last business day of the following month after account opened. Sneeky or what? I opened my account 23rd Sept. bonus rate not applied until 31st Oct. Bit of a con if you moved a sizeable amount in.

jamieslucky7

MickK wrote: »

Bonus rate not applicable until the last business day of the following month after account opened. Sneeky or what? I opened my account 23rd Sept. bonus rate not applied until 31st Oct. Bit of a con if you moved a sizeable amount in.

Not if you read the T&C. I was lucky enouigh to have this pointed out to me before moving money in!

gocat

I have two natwest esaver accounts. Old one and new one which was openened mid november08 so I understand bonus rate wont apply till 31st Dec.
What I dont undertand though is will any money paid into new esaver account be paid any interest or should I just put new money into old account until next week?

ScarletBea

^ it will be paid the normal interest without the bonus, that is, the same interest that you're receiving in the old account.

Palm_Centro

I am waiting as advised earlier in this thread.

david78

I already have an existing e-save account.

I have just opened a second e-save account. How long does it take until this shows up online?