RBS 5% Regular Saver From 27/7

Twister84

Not heard anything, but I'm sure we'll be getting more info next week

brookerbabyisababy

Have you got any more information on this account?

Dagobert

I opened this account on 28th July 2009 and expected it to mature on its first anniversary on 28th July 2010 as per the T&Cs.

Interest was not paid until 2nd August. I wonder what interest rate the account attracted since the 28th?

I should have received £92* ** gross interest but only received £82.

Check your interest payments!


* I made 13 £250 payments on the 1st of every month.
** for the period from 28/7/09 - 28/7/10

premierfella

Surely the gross interest couldn't be as high as £92 on this particular 12 month regular saver (if as I assume it is the same as the NatWest version) because the bank included in the terms and conditions terms which meant, for example, opening the account with a deposit on the 28th July, any 2nd payment credited before 29th August would be treated as an overpayment which would receive nominal interest for the term?

Dagobert

The T&Cs I received state that the monthly payments are per calendar month. None of the RBS I received conditions stipulate that there needs to be a month between payments.

At 5%, 13 payments on every first should accrue £92.05.

My 5% Halifax r/s opened and funded on the same days (£500 pm) received £183.95.

pressuredrop_2

I thought I remembered reading that the first payment would only count from the first of the following month.

I opened both NatWest and RBS RS's and on both accounts I made the first payment on the first of the following month.

premierfella

Fair enough Dagobert. I am just surprised that the terms and conditions were not the same as the T&Cs I received for the NatWest account given that the accounts were (I think) launched at the same time (I still have the NatWest T&Cs).

Dagobert

premierfella, maybe I am being dumb and am overlooking something on the T&Cs. (I was handed a print-out at the branch, no fancy brochure, just a bullet point list.)

Lets compare. Can you quote relevant bits from your T&Cs?

premierfella

Sure. The glossy A5 NatWest leaflet I have is titled "How does a Regular Saver Account work?" and has a date of July 2009.

On the second page of 2 it has a table which appears intended to clarify the (IMO) over-complicated nature of the account deposit rules. There are four different date range examples in the table but the one for early-openers (such as myself) is:
Date of account opening: 25 July to 31 July 2009 (inclusive)
Start date of term: 3 August 2009
Date of 1st deposit: From date of account opening to 28 August 2009
Date of 2nd deposit: From 29 August to 30 September 2009
End of term: 30 July 2010.

There is a note directly above this table which is also worth quoting here (bold text is also bold on the leaflet):
"A deposit can be a single payment of up to £250 or consist of a series of smaller payments up to the value of £250 (e.g. 3 payments of £75 = £225) payable during each monthly deposit period. Please note that if you do wish to make a series of deposits during each monthly deposit period, if you make a payment in excess of £250, you will receive interest on the excess amount at a nominal rate".

Is it possible you were given a photocopy only of the first page? This does include the following:

How much can I pay into my account each month?
- The minimum you can pay in each calendar month is £25 and the maximum is £250.

I assume that this is the reason for them including in the table on the reverse side the start date of term for accounts opened in July as 3 August rather than July?

As I say the terms were unnecessarily complicated IMO.

Dagobert

This is completely different from the sheet I was given. What I got was an A4 print-out of an document clearly intended for staff, not customers. It's a text document, not a photocopy of a brochure.