We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Natwest e-saver 6% help please
Options

mumma2one
Posts: 131 Forumite
Hi,
I currently have a Barclays day-to-day savings account but after problems with them on my current and savings account I am looking to switch to Natwest.
Now I am rubbish with percentages and so on (I only opened my last savings account with Barclays as it was quick and easy - didn't shop around), could someone guide me as to what the 6% AER means... does it mean I get 6% interest each month or 6% spread over the year?
Could someone give me an example of what monthly interest I should get if I was to put £1000 into a Natwest e-saver account please?
Thanks!
I currently have a Barclays day-to-day savings account but after problems with them on my current and savings account I am looking to switch to Natwest.
Now I am rubbish with percentages and so on (I only opened my last savings account with Barclays as it was quick and easy - didn't shop around), could someone guide me as to what the 6% AER means... does it mean I get 6% interest each month or 6% spread over the year?
Could someone give me an example of what monthly interest I should get if I was to put £1000 into a Natwest e-saver account please?
Thanks!
0
Comments
-
...could someone guide me as to what the 6% AER means... does it mean I get 6% interest each month or 6% spread over the year?Could someone give me an example of what monthly interest I should get if I was to put £1000 into a Natwest e-saver account please?
£1000 x 5.84% / 365 x 31 = £4.96 gross (£3.97 net of tax)
However, the bonus doesn't kick in until the last banking day of the month following month of opening, meaning the initial gross p.a. rate is a lowly 3.74%.0 -
Bear in mind that, apart from the bonus, the rate is variable and as YB says the bonus rate isn't applicable until the end of the following month.
So open the account today and bonus rate starts on 31 December and by that time they may have decided to cut the underlying rate, currently 3.8%. Therefore possible never to get the 6% advertised. Best way is to keep cash somewhere with a better rate until the bonus period starts.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards