Nat West e.savings - A Good Deal

nilrem_2

omnirife wrote: »

I have one of these but I opened it before the offer, months ago. I checked the T&Cs and it isn't open to existing customers. What a let down. I'm going to Birmingham Midshires instead.

Just do what I have done, open a second account with the bonus then transfer from the non bonus account, I now have 2 esavers one with bonus and one without!

nilrem_2

Somerset wrote: »

I'm not too sure what the consensus is about Nat West's strength is though.

There is no way that the Government would let RBS fail, even if the worst happened it would be taken over by the state or something, if HMG are going to bail out customers in a bank from Iceland they will certainly not allow savers in a UK bank lose out.

Somerset

BobbyBlade wrote: »

I've just checked through their faqs and:-
You can have more than 1 e-savings account.
So just open up a new one and transfer the money in to get the bonus interest rate.

That's the way I read it ( and confirmed with CS ) so was slightly disappointed when I saw omn's post that it wasn't available to existing customers. Glad it's been cleared up.

downs523

how long does it take to open. i sent my application with signatures of me and partner about 12 days ago

gocat

This looks good. Been with nat west for ages and didnt think i would be able to open a new esaver account. just opened one so will see how long it takes them then transfer what little I have from old esaver to new one:beer:

Icesaver

downs523 wrote: »

how long does it take to open. i sent my application with signatures of me and partner about 12 days ago

I've never banked with Nat West before, but on seeing the 7.32% on transferred ISA#'s I was tempted. However to transfer to ISA you had to have e-saver or current account I therefore opened an e-saverr in readiness as I don't want to move my current A/C

The whole proccess took about 3 weeks. I then discovered that once my account was open I could only actually pay money into it! In order to transfer out I had to set up a payee (i.e my own current Account) but to do this you need to order a card reader and card. These took another week to arrive. So in all it took about a month to get the account in a state where it was ready for action.

On the other hand a Bradford and Bingley, again a bank I've not had an account with took about a week to open.


PS since opening this NW account rate has dropped from 6.5 to 6 and also the ISA transfer offer is now up to 6.6% and there are reports here where ppl have tried opening an ISA in readiness for Icesave ISA and NW saying that such transfers don't qualify for the bonus rate :mad:


But as Nilrem says NW looks pretty safe on the bail out front

ian-d

Out of interest, why go for this deal when Bradford & Bingley are offering a slightly higher rate with bonus, and possibly open accounts quicker, and arguable have a stronger backer?

Asking a question more than making a point, as I'm trying to decide on a new nest for my money too!

Icesaver

ian-d wrote: »

Out of interest, why go for this deal when Bradford & Bingley are offering a slightly higher rate with bonus, and possibly open accounts quicker, and arguable have a stronger backer?

Asking a question more than making a point, as I'm trying to decide on a new nest for my money too!

My main reason was I was interested in the ISA transfer and this account was a requirement.

I also opened a B&B to spread my Icesave dosh about a bit when it comes back, though I'll have nowhere near the limits in these two accounts.

Also need a few accounts for when I get the big lottery/Pools/Premium bond win!!!!!:D:j

ian-d

Icesaver wrote: »

My main reason was I was interested in the ISA transfer and this account was a requirement.

I also opened a B&B to spread my Icesave dosh about a bit when it comes back, though I'll have nowhere near the limits in these two accounts.

Also need a few accounts for when I get the big lottery/Pools/Premium bond win!!!!!:D:j

Sorry, my query was more directed at the previous posts, we posted at the same time so I didn't see yours first

YorkshireBoy

ian-d wrote: »

Sorry, my query was more directed at the previous posts

Firstly, all but one of the posts were made when the NatWest rate was 6.50% vs the old B&B rate of 6.51%.

Secondly, I believe you can pull money into B&B by DD from just one nominated account. The NatWest account has the standard 6 digit sort code/8 digit acount number combination, making it more flexible for funding from multiple sources.

There may be other reasons?