NatWest Regular Saver - When is Interest Paid?

The_Fat_el_Hombre

I opened a NatWest Regular Saver (5%) last year paying in £150 on the 23rd September 2009. I've since paid between £25 and £250 every month and as it has now been a year I was expecting my interest to have been paid, but it hasn't. Has anyone any idea when the interest will be paid out on my account?

bendix

Here's a thought. Try asking the bank.

I have used similar accounts in the past (admittedly with Barclays, not NatWest) and the interest is paid monthly. However, the amounts of interest I earned (6%, I think) were contingent on the same amount being deposited each month. It could be that your different levels of savings each month means you don't qualify for the interest you thought you were getting.

bendix

Chlamydia wrote: »

I opened a NatWest Regular Saver (5%) last year paying in £150 on the 23rd September 2009. I've since paid between £25 and £250 every month and as it has now been a year I was expecting my interest to have been paid, but it hasn't. Has anyone any idea when the interest will be paid out on my account?

On a completely unrelated point, what on earth possessed you to use a sexually transmitted disease as a user name?

MarkFromCornwall

Chlamydia wrote: »

I opened a NatWest Regular Saver (5%) last year paying in £150 on the 23rd September 2009. I've since paid between £25 and £250 every month and as it has now been a year I was expecting my interest to have been paid, but it hasn't. Has anyone any idea when the interest will be paid out on my account?

I'm not sure but I think it will be at the end of the first working day in October, although as that is a Friday I wouldn't be surprised if it doesn't show up until the following Monday.

The_Fat_el_Hombre

bendix wrote: »

Here's a thought. Try asking the bank.

I have used similar accounts in the past (admittedly with Barclays, not NatWest) and the interest is paid monthly. However, the amounts of interest I earned (6%, I think) were contingent on the same amount being deposited each month. It could be that your different levels of savings each month means you don't qualify for the interest you thought you were getting.

Wow! Ask the bank! I never thought of that one thanks very much :T


Thanks MarkFromMullion, that would make sense. Hopefully someone on here who's got one of these accounts and opened it earlier can clarify for sure

Innys

The short answer to your question is "whenever they can be bothered"

They have no clue and won't do anything about it, until you go in there and sort it out. After all, it's in their interest to have your money in an instant access account paying diddly squat interest.

I won't be using these crooks again.

pressuredrop_2

1 October 2009 - 30 September 2010.

As stated previously, your interest will be added early next month.

The_Fat_el_Hombre

pressuredrop wrote: »

1 October 2009 - 30 September 2010.

As stated previously, your interest will be added early next month.

Thanks mate

bendix

From their website:


We calculate interest on a daily basis. This interest is paid into your Instant Access Reserve Account on the first business day after the end of the term* when the account will convert to an Instant Access Reserve Account.
*Depending on the date of account opening, the term of a Regular Saver Account may extend to 12 months plus one partial month. Please see Personal and Private Banking - Terms and Conditions for full details.

withnell

bendix wrote: »

Here's a thought. Try asking the bank.

I asked the bank about mine.

On the 1-Sep they said it would both mature and the interest be paid on 23-Sep

It was actually paid on 1-Sep, but at the close of the day. Luckily I checked on 2-Sep, so I didn't spend 21 days at 0.1%!