What does anyone think of NatWest e-savings?

Savings_Dave

I opened one of these on 15th October and its been painfully slow - I did it online then got a form from them which I signed and posted, then I get a letter just yesterday saying its now open (with sort code etc) and this morning I got another letter telling me how to use the online/phone banking -I already know this NatWest - just send me the damn code!

Next week I'll be able to access it online for the first time and then can finally order a card reader which takes 3 weeks - thank goodness the bonus period starts a month and a bit after opening the account - it takes that long just to set it up! :rotfl:

I think its best to just use this to build up little amounts, perhaps for another lump sum for a fixed rate deal - I'm not putting anything into it until end of November mind.

Icesaver

Savings_Dave wrote: »

:rotfl:

I think its best to just use this to build up little amounts, perhaps for another lump sum for a fixed rate deal - I'm not putting anything into it until end of November mind.

Similar experience I had my letter today saying account now open taken about 2.5 weeks to set up.

I'm a little confused re the bonus interest though. Are you saying that the bonus is only paid on amounts deposited in the month after opening the account? My understanding was the bonus period starts in the month after the account is opened then runs for 12 months but would be for the balance already in the account, or am I wrong in this assumption and it's only new money deposited after the first month has passed? :rolleyes: I can wait until November before depositing more than my pound that I opened the account with, if this is indeed the case

andy_armitage

I am going with b/midshires i will just have to pay the interest back in at the end of the month at least with them you get the best rate they have straight away

Icesaver

andy_armitage wrote: »

I am going with b/midshires i will just have to pay the interest back in at the end of the month at least with them you get the best rate they have straight away

I've opened an account with them too. Did so Monday evening, got the account number in the post today pretty quick of them. Just have to send the cheque to complete the opening.

I'm planning on spreading my Icesave compensation about! I opened the Nat West account as I had intended moving my Icesave ISA to Nat West if possible, but might now put in Northern Rock fixed rate. All depends what conditions there are surrounding Icesave Isa's

oldfella

Similar experience I had my letter today saying account now open taken about 2.5 weeks to set up.

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seems a coincidence, I opened mine last week and also got my letter today. Probably the plan is to make sure the account opens in early Nov, and the bonus therefore doesnt become active until Jan 2009 - hoping we dont know this and put our money in immediately.

wagdog

oldfella wrote: »

Probably the plan is to make sure the account opens in early Nov, and the bonus therefore doesnt become active until Jan 2009 - hoping we dont know this and put our money in immediately.

By then the base rate would have dropped considerably. I wouldn't be surpised if it's around 3% in January.

If the Japan scenario is anything to go by, all this interest rate chasing is insignificant in the long run as all savings accounts will gravitate to near zero percent over the foreseeable future.

brookerbabyisababy

I have heard the rate on this account will be reduced tomorrow in line with the base rate?

jamieslucky7

brookerbabyisababy wrote: »

I have heard the rate on this account will be reduced tomorrow in line with the base rate?

Do you have a source?

brookerbabyisababy

http://www.timesonline.co.uk/tol/money/savings/article5061888.ece

lolly5648

Can someone explain how Natwest work out the monthly interest rate please.

I opened the account on 24 September with £1000, then £750 on 7/10 and £10000 on 29/10. I only received £6.38 interest, is this correct as it seems a bit low.

I don't know how to do the calculation.

Thanks