What does anyone think of NatWest e-savings?

ExBanker_2

Natwest e savings are an absolute con.. they will only pay you the 2% bonus 1 month after the account is opened.

So if you open one now, you won't get the 6.5% until 31st of November!

And by that time, interest rates will have fallen anyway, so it will be more like 5.5%!

Stay clear.. much better options out there!

oldfella

So if you open one now, you won't get the 6.5% until 31st of November!

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so dont put any money in until 31 Nov ?

dreamypuma

echo wrote: »

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

Have you tried withdrawing any money from your e-savings account yet?

dreamypuma

ExBanker wrote: »

Natwest e savings are an absolute con.. they will only pay you the 2% bonus 1 month after the account is opened.

So if you open one now, you won't get the 6.5% until 31st of November!

And by that time, interest rates will have fallen anyway, so it will be more like 5.5%!

Stay clear.. much better options out there!

I thought that any money put in now would not earn the bonus interest, however from the 1st November (being the second month) this would be paying out with the bonus. So the secret being put your money in as late as possible in the month.

ExBanker_2

No- thats NOT true. You have to read the small print carefully when your dealing with a sneaky company like Natwest. This extract is taken from their website and confirms you don't get paid the bonus rate until the end of the month after your account was opened.

So you will be on pathetic 4.5% until 31st of November :rotfl:And by the 31st of November they will have dropped their rate anyway, so with the bonus it will probably only be 5.5%!

Interest paid monthly.
Note: Internet based account only.

Offer available from and all rates correct as at 19.09.08 and are subject to variation.

Interest is paid monthly to the account. The bonus interest will be applied from the last business day of the month following the month in which your account is opened. It will be paid monthly along with the standard interest payment. The Gross and AER rates are applicable from the start date of the bonus. Offer may be withdrawn at any time.
Last updated on: 19 Sep 2008.

dreamypuma wrote: »

I thought that any money put in now would not earn the bonus interest, however from the 1st November (being the second month) this would be paying out with the bonus. So the secret being put your money in as late as possible in the month.

noh

echo wrote: »

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

You need to request a card reader and card online. Without them you cannot set up external payees using internet banking.
I requested a card and reader. Got the reader fairly quickly but no sign of the card been about 3 weeks now.

Nigel

jamieslucky7

Sneaky !!!!!!s, I didn't see that. Anyway my savings are still in KE/ING so I won't be using the e-savings account for a while anyway.

LesU

oldfella wrote: »

So if you open one now, you won't get the 6.5% until 31st of November!

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so dont put any money in until 31 Nov ?

I hate to be a pedant, but which calendar are you using which has a 31st of November?

ExBanker_2

my mistake- should be 30th of November. End of the month after it was first opened!

jamesd

It's worth having one of these just for the bonus. 2% bonus if base rates drop to 2% could double your instant access return. Not as good as a fixed rate deal for money that doesn't need instant access, though. And maybe not better in the short term, but still a nice tool to set up in case it is useful.