Nat West e.savings - A Good Deal

blackswan2

they took two weeks to open mine, still haven't had any paperwork, but the cheque was cashed on Nov 4th, if that means no bonus rate until the end of the year then I am walking elsewhere.

earlgrey_3

Most efficient way is to open the account but only move serious money in 6/7 weeks time when the bonus period starts - provided the rate still looks competitive. Definitely worth having if you already have a current account with them as you can instantly move cash between current and deposit accounts.

gocat

gocat wrote: »

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:

Took 11 days :rolleyes:

SGE1

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.

That's weird - I opened an e-savings account ages ago (before the bonus offer), and then rang them up when the bonus kicked in to ask them if they could give it to me too (I have all my current accounts with them); they said they couldn't do that, but what I could do was open a brand new e-savings account, and then close the other one.

Which is what I did!

SGE1

ScarletBea wrote: »

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%.

That's incorrect. From their website:

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

They calculate interest daily, but the bonus will be applied from the last business day, ie, it won't be applied for the whole month.

Waggers

SGE1 wrote: »

That's weird - I opened an e-savings account ages ago (before the bonus offer), and then rang them up when the bonus kicked in to ask them if they could give it to me too (I have all my current accounts with them); they said they couldn't do that, but what I could do was open a brand new e-savings account, and then close the other one.

Which is what I did!

Just out of interest, how did you manage to get your old account closed? I have a couple of old ones with NW which I would like to close but the branch were very reluctant to do so and despite eventually agreeing to close them they still appear active. I suspect it was something to do with targets.

SGE1

You have to write in to them, to ask to close it, which is what I did. Then one day, about 10 days later, the old e-savings disappeared. Which I assume means they closed it (though of course they never bothered to write back to me to confirm everything was ok)

They can always ignore a verbal request - they have no records of it. But if you do it in writing (you aren't supposed to be able to do it in branch anyway, as it's an internet only account), that should do the trick.

Is it easy to close my e-Savings account?
Yes – although obviously we hope you’ll choose to keep your account open. To close your account, simply write to: FREEPOST RRAB-CXSB-RAGL, NatWest Bank, West Yorkshire, Retail CSC, 1 Victoria Place, Holbeck, LS11 5AN.

home_alone

After nearly 5 weeks waiting to open an E saver account I finally told Nat West to tear up my deposit they are a pain in the A***.

gary

anotherkaz

I've just started the process so I'll see how it goes. Strange that this account was never mentioned to us in the bank this morning when we asked for an account that would give us interest - we were directed to the advantage gold account

Malachi_Constant

Due to NatWest's complicated wording for when the bonus period starts, some posts are erroneously assuming it a month too early.
Deep in NatWest's the website is:-
The 12 month bonus interest period starts on the last business day of the month – in the month after your account was opened.
and clearer still:-
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 bonus on the daily cleared balance between these dates.