Natwest / Icesave ISA

ElusiveLucy

Well I have had some success today - the first batch of money I transferred into my NW cash ISA via online banking has arrived in the account. It isn't showing as a cleared transaction, but at least I can see it there now! Phew!

Next hurdle to hope it all goes in OK and see if I can gget any back-dated interest...... ho hum!

sceptic99

Willow, have slightly contradictory understanding of the bonus issue....as I understand it, the bonus interest (1.76%) is applied to the sum being transferred from the date of the form being received by NW to the day the money is in the account, and that it is a backdated amount.

The whole interest (bonus + base) is then for 12 months from the day the money is in the account. So, as you say, thats why the bonus could be longer than 12 months.

A memeber of NW staff has confirmed this.

The way you describe it, only people with existing NW ISAs who happen to be transferring in ISAs from elsewhere would get that extra little bit of the bonus?


Phone numbers:
the most useful I found is the Customer Relations Number 0800 015 4212

TattyBear

I've been credited with about £45 in backdated interest. Am not happy, as if Natwest had promptly put the cheque through clearing, I'd have got about 22 days of 4.23% on £39K which is about £100.:mad:

willo65

sceptic99 wrote: »

Willow, have slightly contradictory understanding of the bonus issue....as I understand it, the bonus interest (1.76%) is applied to the sum being transferred from the date of the form being received by NW to the day the money is in the account, and that it is a backdated amount.

The whole interest (bonus + base) is then for 12 months from the day the money is in the account. So, as you say, thats why the bonus could be longer than 12 months.

A memeber of NW staff has confirmed this.

The way you describe it, only people with existing NW ISAs who happen to be transferring in ISAs from elsewhere would get that extra little bit of the bonus?


Phone numbers:
the most useful I found is the Customer Relations Number 0800 015 4212

When the actual T&C's where available what it says is the bonus is applied to the ISA from the date the form is received and interest is paid on cleared funds (If you already have funds in or if you haven't yet subscribed your ISA allowance this year you could pay it in as cash at anytime from handing in the form and you would get bonus on this), there was a lot of confusion in the branch about this issue. tattybear I would say you get a better deal than most because many branches refused any backdated interest on the grounds that they can't pay interest on money they don't have (until the cheque from transferring bank is cleared)

LGG_2

still waiting on my back dated intrest that they owe me from having my money in the wrong account for 26 days. had a letter today confirming the money has now gone into the right account.abit late its been in there well over a week already

ElusiveLucy

ElusiveLucy wrote: »

Well I have had some success today - the first batch of money I transferred into my NW cash ISA via online banking has arrived in the account. It isn't showing as a cleared transaction, but at least I can see it there now! Phew!

Next hurdle to hope it all goes in OK and see if I can gget any back-dated interest...... ho hum!

ARGHHH!!!! They've backed it out. I want to scream!!!!! :eek: That means the payments that went yesterday and again today will also get bounced and the money is in no-man's land at the moment.


All I want to do its get my money in an interest earning ISA account, surely it can't be that difficult???? Seems it is if you choose Nat West!!!!

Jo77

Oh dear this is not looking good. I have just opening my account and plan to take Icesave ISA certificate and cheque with me. Am seriously wondering whether I should go elsewhere now..

TattyBear

Jo77 wrote: »

Oh dear this is not looking good. I have just opening my account and plan to take Icesave ISA certificate and cheque with me. Am seriously wondering whether I should go elsewhere now..

I would if I were you. I wouldn't trust these monkeys with a bunch of bananas. :mad:

I've phoned the customer complaint people again and moaned about the amount of back dated interest I've received. Only got 26 days of 1.7% on my balance instead of 26 days at 4.23%. I find the £45 Natwest have given me insulting, considering I had over £39K sitting in my current account earning nothing for 26 days because my cheque and application disappeared up some Natwest Monkey's jacksy.

sceptic99

tattybear....what is the 26 day gap? is it between the cheque being cleared from the account to the deposit in the isa?

if its roughly 1.7%, could it be the bonus bit of interest they give from receipt of form to money being in isa?

sallysaver

Jo77 wrote: »

Oh dear this is not looking good. I have just opening my account and plan to take Icesave ISA certificate and cheque with me. Am seriously wondering whether I should go elsewhere now..

Hi,
I can only second Tatty Bear's advice. I am still waiting for a telephone call which was promised on the 14th. In my opinion, they are absolutely hopeless, useful, inefficient etc., (I'm being very polite here!) both at branch level and at the call centre. On the 14th I was told that the LOST cheque was now in the ISA A/C. Yesterday, when the statement arrived, it showed a NIL balance. Allowing for postal delays, something else seems to have happened. You would be crazy to go near them. Sally