RBS 5% Regular Saver From 27/7

premierfella

36.6 seems clear enough to me (at least on this point).

Interest is received on 12 consecutive monthly deposits at the standard rate.
Any additional monies attract the nominal rate.

Nothing there overrides interest being calculated daily on the cleared balance of the account. The only thing that becomes clearer when interest is received is that it was not possible to earn the fixed standard interest rate on more than 12 monthly deposits if depositing the full £250 per month.

The only thing I can see that will change the amount of interest received is a complaint to RBS.

Dagobert

premierfella wrote: »

The only thing I can see that will change the amount of interest received is a complaint to RBS.

In progress.

mandy6979

I've been saving £250 a month in 2 separate regular saver accounts with RBS (£500 a month) with the promise of 5% interest after 12 months. The first payment came off on 1st September and the 12th payment came off on 1st August, however, today they've taken off another payment making this the 13th one and no interest has been added.
Has anyone else been saving in this type of account?
As long as no more than £250 was deposited in each account during the calendar month, the interest is to be paid at 5% after the 12 months are up. Think i'll have to phone my local branch to ask.

Kavanne

What date did you open your account?

rotate

Must check the start date for these threads before I get excited!!

mandy6979

Sorry, i forgot to say that the first payment came off on 1st September 2009 and the term has now finished. The interest finally went into the 2 accounts overnight last night.

adindas

Could you please share your info ?
Where do I get info about RSA with 5% interest with RBS ?
Is it still open for application ?

Thank you
ADINDAS

mandy6979 wrote: »

I've been saving £250 a month in 2 separate regular saver accounts with RBS (£500 a month) with the promise of 5% interest after 12 months. The first payment came off on 1st September and the 12th payment came off on 1st August, however, today they've taken off another payment making this the 13th one and no interest has been added.
Has anyone else been saving in this type of account?
As long as no more than £250 was deposited in each account during the calendar month, the interest is to be paid at 5% after the 12 months are up. Think i'll have to phone my local branch to ask.

Dagobert

After having filed a complaint about my interest payment, I received the following calculations in reply:

in effect they are treating the first payment as the additional payment and consequently the first £250 atract the nominal rate throughout the year! Not only that: but on 11 days of the year £250 do not receive any interest at all.


Their Calculations

period #days @ 5% balance
28/07/09 - 02/08/09 6 £250
03/08/09 - 31/08/09 29 £250
01/09/09 - 30/09/09 30 £500
01/10/09 - 01/11/09 32 £750
02/11/09 - 30/11/09 29 £1000
01/12/09 - 03/01/10 34 £1250
04/01/10 - 31/01/10 28 £1500
01/02/10 - 28/02/10 28 £1750
01/03/10 - 31/03/10 31 £2000
01/04/10 - 03/05/10 33 £2250
04/05/10 - 31/05/10 28 £2500
01/06/10 - 04/07/10 34 £2750
05/07/10 - 31/07/10 27 £3000

In the table above, the first date column is the date the payment was made.

period #days @ 0.2% balance
03/08/09 - 31/10/09 90 £250
02/11/09 - 31/12/09 60 £250
04/01/10 - 30/04/10 117 £250
04/05/10 - 30/06/10 58 £250
05/07/10 - 31/07/10 27 £250

Note, in the second table, NO interest is given whenever the payment date is not the 1st of the month!


T&Cs

36.3 The term ... commences on the date of account opening, runs for a full 12 month period from the start of the following month and ends on the last business day in that 12th month period (the "Term").

36.6 You are required to make 12 consecutive monthly deposits ... throughout the Term, which will attract the standard rate of interest. Any additional deposits will attract interest at a nominal rate.

36.11 If you fail to pay ... in any month ... (b) we will pay you a nominal rate of interest on the balance from the date you open your account ...

36.13 If you pay more than £250 ... in a month, then you will receive interest on the excess at a nominal rate.



My Comments

36.13 does not apply as all payments were received in a different calendar month. Although not explicitly stated what they mean by "month", in 36.3 it means calendar month; therefore I presume "month" means "calendar month" in this document.

36.6: I made 12 £250 deposits in 12 consecutive calendar months. Then I made an additional 13th deposit.

How can they possibly treat any other payment than the 13th as the additional payment? I can't see what paragraph of the T&Cs the calculations could possibly be based on.

36.6 and 36.11 are contradictory as the Term is always over 12 months: If you make 12 payments starting in the month of opening you fail condition 36.11. If you make 13 monthly payments, you fail condition 36.6. Both conditions can only be fulfilled if you start paying in the month following account opening.

adindas

5% APR is the best we could get for RSA as far as I am aware
Is it still open for new application for this RBS 5% RSA ?
Where could I get info on the internet?

Thank you for sharing your knowledge

ADINDAS

Baldur

adindas wrote: »

5% APR is the best we could get for RSA as far as I am aware
Is it still open for new application for this RBS 5% RSA ?
Where could I get info on the internet?

The best currently available regular savings accounts are shown on the main site - http://www.moneysavingexpert.com/savings/best-regular-savings-accounts