Transfer to natwest e-ISA

Baldur

masonic wrote: »

The rate's only been dropped for new accounts, apparently.

Yes, only for accounts opened after 14th May - http://www.natwest.com/personal/savings/g2/isas/e-isa.ashx#section2

EdGasket

masonic wrote: »

The rate's only been dropped for new accounts, apparently.

I can't believe that; there was no guarantee of maintaining the old rate. Where did you see or hear that?

dazeruk

EdGasket wrote: »

I can't believe that; there was no guarantee of maintaining the old rate. Where did you see or hear that?

Not so hard to find

http://www.natwest.com/personal/savings/g2/isas/e-isa.ashx#tabs=section2

EdGasket

I wonder if it means when first applied for, when they assign an account number, or when the ISA transfer has actually taken place and there is a non-zero balance in the account? If its the latter, a lot of people will lose out. I am OK anyway as my money went in on the 12th May. I should think the writings on the wall though; I can't see them holding the rate up for existing customers - that really would be a first !

masonic

EdGasket wrote: »

I wonder if it means when first applied for, when they assign an account number, or when the ISA transfer has actually taken place and there is a non-zero balance in the account? If its the latter, a lot of people will lose out. I am OK anyway as my money went in on the 12th May. I should think the writings on the wall though; I can't see them holding the rate up for existing customers - that really would be a first !

The wording on the letter they send you when they open your account is:- "Your application has been fully processed and your account opened". If the date on that letter is before 15th May, then you should qualify for the higher rate.

dazeruk

masonic wrote: »

The wording on the letter they send you when they open your account is:- "Your application has been fully processed and your account opened". If the date on that letter is before 15th May, then you should qualify for the higher rate.

Hopefully.

I opened my e-ISA in April in preparation for a transfer late May. Glad I did a bit of planning on this and didn't wait till the last minute.

barny_100

p00hsticks wrote: »

I thought that the whole point of it being an 'E-' ISA was that it was all done online? I suspect that like willo65 says, what you've got is just the year end tax statement that I think they might have to give you on paper - it just looks a bit odd because you'd only just opened your account.

Still doesn't make any sense thought does it? I opened the account in this tax year and we are less than 2 months into it. No big deal just a waste of paper!

oily_rag

Whoa, take a step back people, take a good hard look at yourselves. !!!!!! is going on when the banks have us running around for an extra 1% tax free variable rate which by definition could be lowered at any moment??? Considering the sums involved and the possible returns is it really worth the stress?

Just look at the 'phew, just made it in' or 'pleased I got the higher rate' type of comments. So what did you gain apart from an inflated ego? An extra £100 or £200 a year? (...and that's assuming the rates are held at present levels!)

The banks are playing us for idiots and I'm as guilty of falling for their trap as anyone, but no more. Take my advice and forget about ISAs and put your money elsewhere. Maybe you'll be £100 worse off but you're sure to be a damn sight less stressed.

7sefton

oily_rag wrote: »

Whoa, take a step back people, take a good hard look at yourselves. !!!!!! is going on when the banks have us running around for an extra 1% tax free variable rate which by definition could be lowered at any moment??? Considering the sums involved and the possible returns is it really worth the stress?

Just look at the 'phew, just made it in' or 'pleased I got the higher rate' type of comments. So what did you gain apart from an inflated ego? An extra £100 or £200 a year? (...and that's assuming the rates are held at present levels!)

The banks are playing us for idiots and I'm as guilty of falling for their trap as anyone, but no more. Take my advice and forget about ISAs and put your money elsewhere. Maybe you'll be £100 worse off but you're sure to be a damn sight less stressed.

Not sure if you are trying to be deliberately provocative for some sad reason, but it's quite arrogant to say 'just £100'... that could be/is a lot of money to some people, and certainly better in my pocket than in the coffers of RBS.

oily_rag

7sefton wrote: »

Not sure if you are trying to be deliberately provocative for some sad reason, but it's quite arrogant to say 'just £100'... that could be/is a lot of money to some people, and certainly better in my pocket than in the coffers of RBS.

Why slavishly chase these rates which they could drop at a whim? Sorry if my comment has hit a little too close to home but I thought it necessary. I think maybe you are one of those who should go take a cold shower and re-evaluate. You're obviously seriously stressed and losing all sense of reason. Point proven.