NatWest regular saver

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I started my Natwest regular saver in August 2009 the 12th payment went into it on the 10th July 2010.
I received a letter from them in the middle of July saying the account was about to mature.
I am not sure at what date the interest should be added.
I thought it should be on the 10th August,however the bank tells me it will be the 1st September.
Has anyone else got the same A/c and what dates have/will their interest be added?

pressuredrop_2

Regular Saver term September 1 2009 - August 31 2010. Interest added September 1 2010.

As I recall the Ts & Cs.

Innys

These clowns have no clue.

If your letter is anything like mine from the Nat West Head of UK Savings, it states that on the anniversary of the account opening the money will move to an Instant Access Account.

According to the branch staff the "anniversary" is 1 September, no matter when you opened the account (!). I went and had an argument with the branch staff a couple of weeks ago and they paid my money over. If I hadn't, my balance would have earnt 0.2% until the end of this month.

Depends if you can be bothered to do the same, I guess.

emma396

my interest has still not been added, i've paid in 14 lots of £250 now......

Careful_ly

Opened 5% regular saver 1.9.09 expected it to mature on 1.9.10, checked online on 1st and 2nd no interest added.
Rang to query and was told interest is added on 1.10.10, told them that was incorrect and its been passed back as a query, but they wont get back to me till at least Monday (5th).

Has anyone else been paid interest on their accounts in September?

Careful_ly

Update (and bump)

Called into branch to ask about maturity, she said that there has been confusion on these accounts. They have been informed that interest is credited on the 1st of the month following the first payment.
So account funded 10th September 09 wont mature till 1st October 10. As long as I'm still getting 5% I don't mind too much.

It still seems odd though, why send a maturity letter in July ?

Lizzie23

The fun part is getting your money out again once the account has matured. When we went into the branch last week - and also got told it wouldn't mature until the 01/09 - we were told they could only pay out in cash. They couldn't do a cheque, and they would have to charge us to do a transfer of funds into our main bank account.
I tried to move the money online: no luck there either. To set up a new payment to another bank you have to have a cardreader, which they will send you. I don't recall getting any debit/credit cards from them when opening the account. Did anyone else?? So without a card, how is the cardreader supposed to work?? This is customer bank security gone mad.

MarkFromCornwall

Lizzie23 wrote: »

To set up a new payment to another bank you have to have a cardreader, which they will send you. I don't recall getting any debit/credit cards from them when opening the account. Did anyone else?? So without a card, how is the cardreader supposed to work?? This is customer bank security gone mad.

It's not a debit card. It's a special card used only for setting up online payments. It's very good if you use their online banking, but not much help in your situation.

OneADay

I started a natwest regular saver on 22nd October 09 (first payment).
I have made 11 more payments up to 1st Sep 2010.

I got a letter telling me it matures on 1st Nov 2010, so I am not sure if I should be putting in a 13th payment for October 2010 ?

I went to a branch last month to ask and been told No I don't need to make a 13th payment but I don't think the lady understood what the t&c of this account are. If no payment is made in a calendar month, then its deemed to be nominal interest rate from beginning to end of account.

So my question - should I put in a 13th payment now?

Careful_ly

OneADay wrote: »

I started a natwest regular saver on 22nd October 09 (first payment).
I have made 11 more payments up to 1st Sep 2010.

I got a letter telling me it matures on 1st Nov 2010, so I am not sure if I should be putting in a 13th payment for October 2010 ?

I went to a branch last month to ask and been told No I don't need to make a 13th payment but I don't think the lady understood what the t&c of this account are. If no payment is made in a calendar month, then its deemed to be nominal interest rate from beginning to end of account.

So my question - should I put in a 13th payment now?

There is no need to fund in October, mine matured on 1st October. The interest wasn't there in the morning when I checked, I think it may have gone in overnight on the 1st.

premierfella

OneADay wrote: »

I started a natwest regular saver on 22nd October 09 (first payment).
I have made 11 more payments up to 1st Sep 2010.

I got a letter telling me it matures on 1st Nov 2010, so I am not sure if I should be putting in a 13th payment for October 2010 ?

I went to a branch last month to ask and been told No I don't need to make a 13th payment but I don't think the lady understood what the t&c of this account are. If no payment is made in a calendar month, then its deemed to be nominal interest rate from beginning to end of account.

So my question - should I put in a 13th payment now?

I'll add to the advice in the previous. The reason is because NatWest (according to my paperwork) were expecting you to do this (based on their "start date of term" of 2/11/09 for accounts opened on or after 2/10/09):
- 1st credit between account opening and 30/11/09
- 2nd credit between 1/12/09 and 31/12/09....
- 12th credit between 1/10/10 and 29/10/10.
So (depending on the amount you have been crediting each month) it is possible that NatWest has been treating a second credit in November 09 as an excess payment earning nominal interest.