Nat West e.savings - A Good Deal

Savings_Dave

I will warn people - you have to have a lot of patience when opening this account up...it took nearly a month to set up with the various bits of post - 1 confirmation letter, 1 welcome pack, 1 internet banking letter, 1 online banking card, 1 card reader, 1 PIN letter...god knows how much all this admin costs them :rolleyes:

I will note that you have to have a online card and card reader to set up payees (to send your money to another account if you need it)...its like a little security calculator which gives you authorisation numbers... You can pay money in by BACS/APACS transfer from another account once you have the obvious info...don't wait for the card reader etc

By the time the bonus interest starts the account should be fully set up :rotfl:

Icesaver

ian-d wrote: »

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

No probs:beer:

ScarletBea

nilrem wrote: »

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!

Me too.
I opened it online on sunday evening and today it was already available in my online banking, so already transferred some money there.

Petal_3

Hi there

I opened the NW esaver a/c with bonus in readiness for the receipt of my KE CHAPS transfer (when it finally arrived!). I already had an account and online banking with NWest - my account was opened immediately and showed on my online banking same day. Transfers between NWest accounts is instant. Also, I opened the account and funded it in October - I got my first interest at the end of October.

~x~

ScarletBea

Petal wrote: »

Also, I opened the account and funded it in October - I got my first interest at the end of October.

Yes, you get interest in the month you open the account, but you'll notice that it still uses the 'normal' rate: from November you'll get more interest because that's when the bonus kicks in

earlgrey_3

Don't be in too much of a hurry moving big money in. Remember the 12 month bonus period doesn't start until the last business day of the month after you opened the account.

home_alone

I am in the process of opening the e account its slow, my main whinge is that I can not set up a direct debit (another bank) at the same time, I am using this as another overspill account for my icesave (when it comes) so I want everything set up before it arrives, it seems you have to contact someone by phone when the account goes live.

gary

ScarletBea

earlgrey wrote: »

Don't be in too much of a hurry moving big money in. Remember the 12 month bonus period doesn't start until the last business day of the month after you opened the account.

Yes, but remember that they say "last day of the month" because that's when the interest is paid: you'll be getting the bonus rate during the entirety of that month (the one after you've opened the account).
So basically I've opened now, so for November I'll be having the regular rate (same as my old eSavings account), but from December 1st it will already be earning interest at 6%.

ian-d

YorkshireBoy wrote: »

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%.

Ah well spotted, I blame gocat, he brought the thread back to life

Was worth a mention anyway though, there is a definite difference in rate now!

blackswan2

RBS/Natwest are reducing their mortgages in line with the BoE reduction, so expect their cariable savings rates to come down too.