Problem in opening Nat West Regular Saver

arsenalboy

The terms of this account require another product, either saving or current account. As I have the e-saver I made an appoinment at my local branch to open one.
I was told by the young lady dealing with me that I had to open a current account even though I had the e-saver. I told her I thought otherwise and asked to see that condition, she produced a leaflet which merely stated "savings or current a/c". As she wouldn't back down I asked to see a manager.
This is the main city centre branch and the guy who came looked effecient but he held the same line, I asked him to explain.
He stated the requirement of the savings or current account was to act as a "safety valve" i.e., if I transferred in more than £250 per month they would have somewhere to put it. However, he stated that as this was a branch based savings account it would not accept transfers direct from another bank. Therefore, I had to open a current account so that a standing order could be set up.
I was flabergasted and told him I would take it further, but before I do am I right or wrong?

MarkFromCornwall

arsenalboy wrote: »

The terms of this account require another product, either saving or current account. As I have the e-saver I made an appoinment at my local branch to open one.
I was told by the young lady dealing with me that I had to open a current account even though I had the e-saver. I told her I thought otherwise and asked to see that condition, she produced a leaflet which merely stated "savings or current a/c". As she wouldn't back down I asked to see a manager.
This is the main city centre branch and the guy who came looked effecient but he held the same line, I asked him to explain.
He stated the requirement of the savings or current account was to act as a "safety valve" i.e., if I transferred in more than £250 per month they would have somewhere to put it. However, he stated that as this was a branch based savings account it would not accept transfers direct from another bank. Therefore, I had to open a current account so that a standing order could be set up.
I was flabergasted and told him I would take it further, but before I do am I right or wrong?

Like you, I opened a Nat West regular saver and the only other account I have with them is the e-saver. I went into a branch to open it and there was no problem. So it seems different branches interpret it differently. Also, payments into my regular saver are from a different bank so the manager is wrong about that. I hope this helps.

withnell

I've got the Reg Saver with both natWest and RBS - I only hold the basic e-savings account with each, and fund the Reg Savers from my Lloyds current a/c

arsenalboy

thanks MarkFromMullion and thanks Withnell, that is what I thought.
I will now write and lodge a complaint and see if they wriggle!

arsenalboy

well they didn't wriggle!!
I wrote to customer services and got a reply back yesterday. They said I was completely correct, that the branch manager wanted to apologise for his error and to compensate me they sent a cheque for £50.
Massive result, because the additional half percent interest on this regular saver over the average investment is only £7.50.
Many thanks Mr Manager for your mistake!!!