Transfer to natwest e-ISA

p00hsticks

tbr wrote: »

Have I just got it wrong or are they telling me porkies?

I hope / think that they're just telling you porkies. However, note that if you're trying to calcuate the interest yourself for a single month, you should be using the gross interest rate of 3.45% rather than the AER of 3.51% (which is the return you'd expect to get over a year when the monthly interest is added into the balance each month). Corresponding figure is 3.2% if you had under £10,000 in - in each case assuming the account was opened before 14th (?) May. If you opened it afterwords, the gross rates are 2.47% for balances over £10k, and 2.23% for under £10k.

I've just tried to check mine and got a figure that seemed a bit less than I'd expect at 3.45%, but much closer to that than what it would be if they'd dropped the rate to 2.47% on 14th May. It was a complicated month for me though, with several items going in at different times and the balance being under and over £10k at differnt times, so I think I'll give them the benefit of the doubt for one more month, when I won't have anything going in, and then query it if I still think the calculations coming out under

tbr

Thanks for the reply. Just to clarify, are you saying that I should be on 3.45%? How should I go about addressing this. Is there anything I can quote to the bank to back up my case. When I queried they just said it was a variable rate and as I had no hard facts to back up my ascertion that I should still be on the old rate I had to back down.

dazeruk

tbr wrote: »

Thanks for the reply. Just to clarify, are you saying that I should be on 3.45%? How should I go about addressing this. Is there anything I can quote to the bank to back up my case. When I queried they just said it was a variable rate and as I had no hard facts to back up my ascertion that I should still be on the old rate I had to back down.

Who gets what rates is clearly stated on this page

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

tbr

Who gets what rates is clearly stated on this page. (Couldn't work the quote bit!)

Interest rates for customers who opened an e-ISA account on or before 14 May 2009

Thanks, I'll this quote to further my case. It certainly seems to say that I should still be on 3.45%

tbr

Just off the phone to Natwest and they're going to investigate whether my interest rate should be changed and get back to me within 2 working days. Will post when I get some more info.

Thanks p00hsticks and dazeruk for your help.

bagsacash

They told me they would get back to me in two working day - like hell did they get back to me.

musehead

dazeruk wrote: »

Was the transfer done by cheque? That seems to be interest at 3.51% from the 14th May. Mine was done by BACS, money hit the account on the 21st and earnt interest from the 22nd.

It looks like BACS transfers earn interest from the day after the money hits the account, and cheque deposits 3 days (I presume for clearing).

Yes it was by cheque so that probably explains it - cheers!

tbr

bagsacash wrote: »

They told me they would get back to me in two working day - like hell did they get back to me.

Well.........I got a reply today from Natwest and it was by LETTER!

It turns out that the discrepency in my interest payment was not because my interest rate had changed but because my initial deposit was by cheque. (Why a transfer from one bank to another has to be by cheque is beyond me!) This meant that while my money arrived on the Friday 1st May it did not clear for interest purposes until Wednesday 6th May. The figures now all add up.

Now while i appreciate the speed of reply, why couldn't the first person that I talked to have worked it out instead of giving me an answer that was convenient for them but wrong!

kingmonkey

Coz they dont care. They are low paid unprofessional workers working for a faceless organisation.

Kavanne

bagsacash wrote: »

They told me they would get back to me in two working day - like hell did they get back to me.

it can take up to 5 working days, my colleague may have been mistaken. If it has been 2 days i would call up and ask for an update. Any customer service employee should be able to locate your complaint and see if there's been an update by a member of staff since you reported it

it might be they sent a letter and it's on its way