NatWest esavings

savetilibleed

I have the info (form, bumpf etc) to apply for an esavings account so I get then apply for an e-ISA. I expected to have to provide ID as I don't bank with NatWest, but they don't ask for it. That's great of course as long as they don't decide they need it later just to delay things. Also they don't say who to make the initial £1 deposit cheque out to, or even if to include it now. I asssume they would want it now?

Also the checklist says "What we need you to do" - "Complete any additional informationthat we may require (including your sortcode and account number if possible), check, sign and return."

Well all I could see to do was opt in or out of phone, post, or email communications and to sign and date the form then return.

Any

I suppose you will have to provide ID once you apply for ISA. For savings I don't think it is necessary to have ID to open as the government doesn't really care who pays the tax as long as someone is paying it probably:-))

When I opened my NatWest e-savings it asked me how I want to do the transfer of the initial £1, but even though I have accounts connected to it it didn't offer me to tranfer it for me!

savetilibleed

I think you must be right, well with them anyway. I phoned this morning and they confirmed I didn't need to provide ID "as it was a basic savings account".

I had to ask as well if they actually wanted the initial £1 opening cheque now as the info only mentioned the method but not if now! Yes I did have to send it now and payable to myself. On the "what we need you to do" bit it said supply account number and sort code if possible I forgot to ask about. There was nowhere to supply that, but of course it would be on the cheque. I also wrote it in a suitable white blank area of the form as well.

They couldn't tell me about ID requirements for e-ISA and I'd need to phone.

Oh well I can send it now and wait 7-10 days apparently.

felix96

I have just applied for the e-savings so that I can open e-ISA. Same queries as you guys. Did you also see inthe small print that they only protect up to £35000 not £50000 that the Government says. Is this true of all Nat West accounts? Anyone know?

savetilibleed

That is in the thinner yellow "Welcome" booklet, wasn't it? That info is dated July 2008, before the scheme was upped to £50,000. In the back outside cover of the mauve "Our commitment to you" booklet it says about the FSCS £50,000 compensation scheme.

Aren't all financial institutions in the FSCS scheme and therefore covered to £50,000? Still a bit remiss of them to issue out of date info.

Any

Yes, all the companies in the FSCS are protected for the same amount..

Can't believe they gave you old booklet... I never thought that NatWest are particularly good, but this is unbeliavable!!

And be carefull and watch the rate.. They tend to drop the rate once they have enough customers caught in the fishing net...

chocaholic85

I'm in the same position, online it said I'd need to provide ID but the forms don't mention it! Glad I'm not the only one who was confused by this.

bagsacash

I have been trying to open a natwest e-isa for about a month now, and I just managed to open the savings account that is needed to open the e-isa. Natwest want ID, and in my branch they were very thorough about it too. I had my sort code and account number on opening the saings acccount, and they just sent a letter, today, with some customer number and I have to wait several days for the activation code, only then, I think, will I have online access and be able to open an e-isa online. Fingers crossed!

Its all very Tesco and an extremely annoying procudure. Its no suprise natwest, company (RBS) is owned 70% by the government.

savetilibleed

Any wrote: »

And be carefull and watch the rate.. They tend to drop the rate once they have enough customers caught in the fishing net...

Yeh I'm wondering if that'll happen. Partly why I wanted, and still want really, to go for the LTSB FR ISA, but not for the whole transfer amount. I already have that hanging on a hook waiting.

noh

bagsacash wrote: »

......
Its all very Tesco and an extremely annoying procudure. ..

Not suprising as it is the same back office at Natwest/RBS that currently run the Tesco account. The procedures for opening and running the accounts are the same.

home_alone

It took me about 10 weeks to open a Nat West E saving account from start to finish, it was a nightmare.

gary