Opening of another Natwest account to get ISA

hstudent

What is the process for getting a Natwest eISA if you don't currently have a Natwest Account? Natwest say you need to have a current account with them or instant access savings account to open the eISA.

I do want the Natwest eISA but don't particuraly want another Natwest Account so which is best for opening, depositing £1 in and forgetting about it?

Also do I have to apply for another Natwest Account before applying for the eISA or can I do them both at once?

I will also want to transfer my existing ISAs to them but understand that this can only be done when the eISA has been opened, so I'm not that worried about it now.

willo65

The fastest way would be to go into your local branch and open an instant access savings acount "First reserve" being the most basic. If you have correct ID etc you should get an account number straight away or the day after, you can then do the E-Isa application on line and send this off. I think you could also send the transfer form with the account opening form and you should be set.

hstudent

willo65 wrote: »

The fastest way would be to go into your local branch and open an instant access savings acount "First reserve" being the most basic. If you have correct ID etc you should get an account number straight away or the day after, you can then do the E-Isa application on line and send this off. I think you could also send the transfer form with the account opening form and you should be set.

Just noticed on their site it says:

If you don't already bank with us you will also need to have an instant access savings or current account with us. We need this to receive any deposits which may accidentally exceed the annual ISA allowance of £3,600. You can apply for this at the same time as the e-ISA.

Were you aware of this, or are you aware that the way you suggested works out better?

willo65

http://forums.moneysavingexpert.com/showthread.html?t=1615983

there is a huge thread on people having problems doing them both at the same time so I would figure it's faster to open 1 account in branch and then do E-Isa app - even faster if you open savings account then when you get debit card apply for online banking which should give instant access and then do E-ISA app - I believe you then don't need any forms for E-ISA and it opens immediately. Hope this helps

davidlizard

We were advised to open a First Reserve account in out local branch as the nominated account for our E-ISA application.

It took them the best part of a month to open this account, by which time our original E-ISA applications had expired, and they expected us to apply again.

The general incompetence reminds me of exactly why I stoppped banking with them a few years back.

So for the sake of a few tenths of a percent, we have given up and gone elsewhere.

willo65

davidlizard wrote: »

We were advised to open a First Reserve account in out local branch as the nominated account for our E-ISA application.

It took them the best part of a month to open this account, by which time our original E-ISA applications had expired, and they expected us to apply again.

The general incompetence reminds me of exactly why I stoppped banking with them a few years back.

So for the sake of a few tenths of a percent, we have given up and gone elsewhere.

did you start the application online? Sounds really odd unless something was wrong with credit scoring etc and for a savings account I would suspect it to be something seriously wrong.

davidlizard

I contacted them on the phone, and was advised to complete the E-ISA application on line, then open up an account in branch. As we were new customers, we would have to provide documentation for ID checks, and they said that would be the best way to go about doing this.

No way was I going to send our passports off when we are on holiday later this month!

The staff in the branch could not give us the account number of the account we opened, but told us that all the details would be in the letter that would arrive in the next few days - the problem was that this letter took nearly 4 weeks to arrive. We contacted them by phone again during this period, but were told without an account number there was little that could be done until we received this letter.