Anyone else finding the application for the Natwest e-ISA confusing?

digivate

I'm not currently an existing Natwest customer, but I've applied online for their e-ISA as it has the best interest rate that also allows transfers in from existing ISAs.

I personally found the online application a little bit confusing and poorly exexcuted. First, you have to complete details for your ISA application and then you follow that by filling in pretty much the same details for an additional savings account. Both ask you how much you want to pay as a regular amount, and it almost apeared that this was mandatory rather than an option.

Anyway, I completed the online form and a couple of days later some paper application forms arrived in the post in two separate evelopes, both containing 3 additional and identical information pamphlets so a complete waste of paper. The e-ISA application and covering letter state that you must enter the sort code and account number of your nominated account, so that overpayments into your ISA can be transferred out, but seeing as you are applying for the e-Saver at the same time you don't know what the account number and sort code are going to be.

You are also asked to nominate the account into which you want the interest to go - I want my interest to go into the ISA (for which I'm applying so don't have an account number yet) ... isn't that the whole point of ISAs?

Both applications (e-ISA and e-Saver) ask you to send the initial deposit by cheque, but don't make it explicatly clear who the cheque should be made payable to. I know that it should probably be my name, as the money needs to go into my acount once they've been created, but in my previous banking experience I've been told to put the name of the bank followed by my name or my name followed by an account number ... I just think it would have helped for the covering letter to say "make cheques payable to yourself".

I was also slightly disapointed that the online and paper application process did not include a section where you can apply to transfer in your existing ISAs. Apparently you have to wait until the new ISA account has been opened before you can apply to make the transfer, by filling out a form online which you then have to print out and post back to Natwest ... it just drags the process out needlessly. Why not just include the transfer application with the account opening application as both my previous ISA have done?

All in all I'm a little dispointed that Natwest couldn't make the process a little slicker. It's marginally better than Abbey with whom I took out an ISA last year - there application process was awful and customer service abysmal - but I've had other accounts where the application process was far more streamlined.

I hope that online banking, when the accounts have been opened and I get access, is more intuative than the application process itself.

bagsacash

Yep - I've experienced all that, and I've still not been able to open my account online, the letters keep coming but they don't contain the details I need.

Its as if they don't want people to actually get to the stage where they put money into their accounts

The Natwest system is broken by design, it appears.

digivate

bagsacash wrote: »

Yep - I've experienced all that, and I've still not been able to open my account online, the letters keep coming but they don't contain the details I need.

Its as if they don't want people to actually get to the stage where they put money into their accounts

The Natwest system is broken by design, it appears.

Yeah, that's what's giong through my mind. They offer you a great rate for twelve months (probably fixed from the day you initially apply rather than the day that your initial deposit clears) but then appear to make the process of getting money into the account as slow as possible so that you don't get the full advantages for the entire twelve month period.

I'll be transferring in from an Abbey ISA so hopefully that should go smoothly (though given my experience of Abbey, I won't hold my breath) ... I understand that Natwest and Abbey are both involved in a new electronic ISA transfer system that should cut the amount of time transfers take.

bagsacash

I've actually applied for the e-isa five times, had five info packs, even sent a cheque for £1 with one application.

Anyhow, I decided to give em a call the other day, the woman asked for my name and address and said "sorry your details are not on the system", so I give her the reference number, and she said "hold the line I need to speek to my supervisor" when she returned she said "if you go to your local branch they can open the account for you". I did go to my branch and they opened the savings account for me, but you cant open the e-isa online unless you have registered for online banking. And before you can register on line you need several bits of info from natwest that come by post. But in the mean time they will send you things you don't require.

:rotfl:

Inactive

Is it any wonder the banks are in the mess they are in?;)

willo65

On app form put your nominated account as "E-savings" and Account for interest as "This account" and that should be fine.

gemmalouanna

Just started the application for Natwest e-ISA but sounds like some of you are finding it hard work so I will keep my fingers crossed.

Can you open the ISA with just transfer from another ISA or do I need to add funds as it asks how much and freqency of deposit - only I was hoping to transfer into Natwest and open another ISA for this years allowance.

Thanks

Le73Uq86Uv

I made an account yesterday and it went active today and I just put money in using online banking transfer.

No problems at all.

gemmalouanna

Le73Uq86Uv wrote: »

I made an account yesterday and it went active today and I just put money in using online banking transfer.

No problems at all.

Do you mean transfer of an existing ISA or 'new' funds?

Le73Uq86Uv

Deleted post

Annpan

I did this today and found it very confusing. I rang them twice and they confused me even more. I then chatted to an online helper who clarified some of it and then I still managed to not fill in the bit where you apply for an associated account from which to run your e ISA. I rang them again and they said my e ISA had gone through and that when the paperwork arrives I can take it to the bank and open an ordinary account from which to service the e ISA. What a faff! Never had this before - Icesave was so simple!!!!!!!