What does anyone think of NatWest e-savings?

oldfella

I agree - nothing to loose by opening them - I also have a fix Egg at 6.3% and a fix BOS at 6.5% also waiting for rates elsewhere to start dropping

Rogerb_2

noh wrote: »

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

Same for me, the card reader took about 10 days, but the card has only just arrived and took over 3 weeks. Awaiting the PIN now.

You can also open a First Reserve savings account online with £1, which has an ATM card usable in the reader too. Awful interest rate, but useful to transfer your money into within NatWest, and use a cash machine to get it out.

Tabsy_2

ExBanker wrote: »

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%!

Maybe I'm missing something but so will most other non-fixed saving accounts with other banks, so it doesn't really matter where your money is :rolleyes:

miele_2

ExBanker wrote: »

.....

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%!

Oh nooo!!! Can't believe I misread this section! How bizarre!?!

Oh well, better start moving my money back to my previous account.

Thanks for making this clear lulu999 & exbanker!!

lulu999

My interpretation was slightly different to Exbankers (I think).
Just rang NatWest for confirmation of when the rate becomes applicable and was told it starts from the month end immediately after opening date.
For example, if opened on 28th Oct, bonus would be applicable from 31st Oct not 30th Nov. (assuming the call centre understood what I was asking!)
Their written details should have been clearer.

noh

lulu999 wrote: »

My interpretation was slightly different to Exbankers (I think).
Just rang NatWest for confirmation of when the rate becomes applicable and was told it starts from the month end immediately after opening date.
For example, if opened on 28th Oct, bonus would be applicable from 31st Oct not 30th Nov. (assuming the call centre understood what I was asking!)
Their written details should have been clearer.

The CS rep doesn't understand the product. Here is an extract from the FAQs

Select the common questions tab here:-
http://www.natwest.com/personal/savings/g1/instant-access/e-savings.ashx#11

"When does the bonus period start?

The 12 month bonus interest period starts on the last business day of the month – in the month after your account was opened. The Gross and AER rates apply from the start date of the bonus.
For example, if you open your account on 19 September 2008, the 12 month bonus period will start from 31 October 2008, and will end on 30 October 2009 (inclusive). We’ll calculate the 2.09% bonus on the daily cleared balance between these dates."

Nigel

YorkshireBoy

lulu999 wrote: »

Their written details should have been clearer.

I can't see how...

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

...could be interpreted by you, or the call centre operative, any other way?


EDIT: I see from Nigel's post they even elaborate further with a specific example to illustrate it.

lulu999

Noh & Yorkshireboy,

You're absolutely right, I had only been looking at the 'Bonus offer' tab and hadn't dug deeper on the 'Common questions' tab, which is different and clearer.
I'm going to have a word with them today about this.

Lulu

andy_armitage

Oh no I have just applied for one of these and didn't know about this...it just annoys me so much why can't they just pay it from day one! I don't know what to do now is there anyone offering a better account than this? I have just got the forms back from Birminghan & Midshires but I am wary of them as I believe they are owned by HBOS, is that true and if so how safe are the B & M? I also want monthly interest B&M do monthly but they pay it into your linked accout!!! Is there a good account out there that pays decent interest monthly straight into your savings account? am i just asking too much!

juicyjude

I would like to ask the same question. It is such a nightmare all this I also need monthly interest. Would it not be nice if we could just go into a bank, deposit money with 100% guarantee, and fixed interest with no catches.And someone to set things up for us without spending days on the pc answering questions and searching for deals. Hmmmmmmm, how simple things would be