What does anyone think of NatWest e-savings?

jamieslucky7

http://www.natwest.com/personal/savings/g1/instant-access/e-savings.ashx

I have a current account with NatWest meaning it's easy for me to transfew funds either way instantly. I realise there is a 12 month bonus, but I don't mind moving to a new account after the bonus period is up.

I take it this account with the bonus offers the same as any other 6.5% AER account?

Wibble

Have you considered an Egg savings account? They're currently paying 6.3% fixed for a year. That is a little lower than the NatWest one, and a couple of others, but the Egg account is fixed at 6.3% and interest rates are going to fall sharply.

The Bank of England knocked 0.5% off the base rate a few days ago and it's likely that a lot more will be coming off in the next few months to try to avoid this recession, so the good thing about the Egg account (which is an instant access account - your money's not tied in) is that when others are reducing their rates Egg won't be.

E.g. the NatWest eSave account gives a 2.09% bonus and so is currently 6.5%AER, but if they then drop rates your interest rate will drop with it.

Though as the Bank of England did cut rates a couple of days ago it could be that the Egg offer disappears soon so if you want it then you better be quick. That said, as banks want/need our money so badly at the moment they may hold back from cutting rates too quickly.

nilrem_2

jamieslucky7 wrote: »

http://www.natwest.com/personal/savings/g1/instant-access/e-savings.ashx

I have a current account with NatWest meaning it's easy for me to transfew funds either way instantly. I realise there is a 12 month bonus, but I don't mind moving to a new account after the bonus period is up.

I take it this account with the bonus offers the same as any other 6.5% AER account?

Personally I like Natwest esavings I have had one for several years but I also have a NatWest current account which means I can do instant transfer, when they introduced the bonus recently I applied for and have just have opened a second esaver account and plan to transfer my savings in the lower interest accout to the one with the bonus.

FWIW they must be quite busy opening these as it took over a week to get it open and I am an existing customer, I have heard people moan about NatWest but I have had my account with them for over 40 years and always found them ok.

jamieslucky7

Thanks, Wibble, I didn't know about the Egg account. I think I'll open one now tbh. If for some reason the interest rates make a dramatic turn around, I can always take my money out and use a different instant access account.

Thanks for the advice

jetfighter

Thanks for posting about the Egg savings account. I have an Egg Money card so the application process was very easy for me - my application has just been accepted! Fab. I've been looking for a no notice / no penalties fixed rate savings account with a decent interest rate.

miele_2

[/quote] FWIW they must be quite busy opening these as it took over a week to get it open and I am an existing customer .[/quote]


It's been over a week and I'm still waitng for them to credit my initial payment into my new esavings acc! Oh well, hope it goes through soon! (was even a cheque from my natwest current acc!)

BTW thatnks for the info about the egg savings acc, will look into it now!

YorkshireBoy

BTW thatnks for the info about the egg savings acc, will look into it now!

It's been withdrawn very recently, and replaced with a 6.55% paying variable rate version (including a 1.8% variable bonus for the first 12 months).

miele_2

Yey! My Natwest esavings acc is finally up and running! It took over 2 weeks though from the day I applied.

PS, thanks YorkshireBoy for the above info!

lulu999

Be careful and read the small print concerning when the bonus rate applies : "This bonus period starts on the last business day of the month after you opened the account – and runs for the next 12 months". (Wouldn't want you to have £50,000 @ 4.30% for 30 days!)
Only found this out myself from another thread on the forum!

dreamypuma

My E-Saveings account was opened at the end of last week. This week I have finally got on-line, but I was disappointed, that they hadn't automatically sent me a Card Reader and Internet banking card. Without this online banking with this account is limited (I don't have any other accounts with Natwest)

I have requested a card reader, and understand that it is possible to setup payees over the phone. However it would have been nice of Natwest to have advised of the limitations on application, and have offered an option to request the reader at this point.

Last week I tried a trial £1 transfer from my Halifax Current account to Natwest. This was sent through Faster Transfer, which was amazing, particularly as the the transacetion was carried out of standard office hours.

Was disapointed yesterday when I tried a £100 transfer which went by BACS no option to send by FT. I assume that this was more a Halfax issue though.

Until I receive my reader I'm not sending any more money to the account

echo

card reader and internet banking card??????? my account's been set up for weeks and i don't have either of them-all i got was the usual bumpf and paperwork