Natwest e-Savings: Replace & Extend Offer?

cottager

On the rates tab for the Natwest e-Savings account
http://www.natwest.com/personal/savings/g1/instant-access/e-savings.ashx#tabs=section4
a rate is given in the 3rd table down for 'Replace & Extend Offer' with a bonus of 1.4% (from 1st October).

What is this?
I can find no other reference to it on the site for an explanation, and when I rang they couldn't tell me either, bar saying it was a rate for some people from 1 Oct (which is pretty self-evident anyway!). They couldn't explain how you got it or who was eligible. It's not mentioned here either:
http://www.natwest.com/personal/savings/g1/instant-access/e-savings/bonus-rate.ashx

I wondered if it could be for people who opened the e-Savings + bonus at the back end of last year who will be coming to the end of the bonus period over the next couple of months? As this approaches could Natwest be writing to offer the option of continuing the account with a further bonus, albeit lower?

I haven't had a letter or anything, but then I squeaked in right at the end of last year's offer so would be one of the last in line anyway -- if indeed that's what it is.

MarkFromCornwall

cottager wrote: »

I wondered if it could be for people who opened the e-Savings + bonus at the back end of last year who will be coming to the end of the bonus period over the next couple of months? As this approaches could Natwest be writing to offer the option of continuing the account with a further bonus, albeit lower?

QUOTE]
Yes, you guessed right. I was in this position and received the 'extension with a lower rate' offer, but I didn't take it up because I can get a better rate elsewhere (Egg, Investec, Citibank). Shame, because I like their online banking and their Faster Payments are better than most.

Mark

D1zzy

It seemed to be offered in Sept to random esavers, It started 1st October so in my case (esaver ending 30th Nov) - it meant losing 2 months interest at 3.24% so I didn't take it up-especially as there were better rates around at the time (EGG 3.25%)
http://forums.moneysavingexpert.com/showthread.html?t=1933771&highlight=natwest+offer

Kavanne

It's for selected customers who were written to in September 09

cottager

Ah, I wondered how the 'Replace' part fitted into the theory: now I understand. Well, evidently we weren't 'select' enough anyway, and didn't get the letter!

With our current accounts being at Natwest it's been great having the e-Savings in-house for easily moving funds around, so it's a pity -- I think we might have considered taking it up as a very convenient fallback option for another year, but then (as others have done) moved the bulk to higher interest.

(Thanks for the thread link D1zzy: only been back on MSE recently so didn't see it at the time -- did a couple of searches as I thought it must have cropped up before, but it didn't come up from the terms I used.)

Thanks to all for explaining this.