Natwest/RBS 2.85% esaver

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neilsedaka wrote: »

In an attempt to clarify the confusion I conducted this online chat with NatWest a few minutes ago.

If you intend to put in a large wodge of cash on the basis of that conversation I'd definately get confirmation in writing.

I've had two previous NW E-savings accounts with a bonuses. With both the bonus period started from a specified day in the month following opening and lasted for 12 months from that date. They've also had other products that operated in a similar way.

For the 2.1% bonus a while back the wording was "The bonus interest will be applied from the last business day of the month following the month in which your account is opened." See MSE post from that time...

Which was clear enough. Problem now is their wording is so ambiguous (or arguably plain wrong) that even their support staff are confused.

D1zzy wrote: »

I have moved £40000 + by BACS in a single transaction from both LTSB & ING, and was told by ING that there was no limit. So is the 10K BACS limit a Natwest specific rule?

There seems to be a £10k BACS limit on all RBS group accounts, including Natwest, RBS, and Ulster Bank, and including current accounts. The only option I was told is a CHAPS tranfer for a fee and for internet accounts that has to be done by post. Even with a branch based account the local branch will only offer CHAPS for transfers over £10k. This came in when they introduced FP and I'd BACSed much larger amounts before then.

It applies per account holder, not per account, so the limit would be unchanged if you had several E-savings accounts. One option if you've a spouse is to have accounts in both names - which would give you a grand total of £20k transferrable per day.

neilsedaka

Just had a telephone conversation with NatWest on 0800 200400 and was advised that bonus interest is being earned from day one, that is the day that the account is visible online. The person said that they have no means of confirming the conversation in writing but the conversation was being recorded and can be referred to in the future if there is a problem. I suppose that the only way to get it in writing, apart from an online chat, is to write a letter and wait for a reply in the post. Maybe others would like to ask the same question in a chat and by phone today so that we can form a better opinion.

psychic_teabag

Sceptic001 wrote: »

Is that £10k limit per transaction or per day? I know Nationwide have a £10k limit per transaction on their FlexAccount BACS transfers (which is an annoying but surmountable problem) while others limit you to £10k per day (Norwich & Peterborough, I think), which in my view means that the account is not "instant access" at all.

10k per day. For transfers triggered via online banking, at least - not sure if DD's count towards that total. Transactions at the weekend count towards Monday's total I think.

psychic_teabag

akiller wrote: »

Don't suppose anyone knows how to make an account the 'default' with NatWest do they? I have a couple of ISAs from them too and whenever I go to pay my credit card it doesn't default to my current account rather my ISAs (and possibly this savings account now) which is quite annoying if you're not paying too much attention.

Hmm - I don't get a default - it's always comes up as "please select". When setting up a payment, it asks for the default account, but even then I have to specify. Perhaps different web browsers display the form differently ? The accounts are sorted by the names I have given them - perhaps renaming your accounts would help ?

akiller wrote: »

I noticed the savings account has a different sort code to the rest of my NatWest accounts, is there a reason for that? I'm not bothered but it would have made sense to have it located at my local brand (Derbyshire) rather than in Leeds I would have thought.

I have an old esaver account which has the same sort code as my current account. I'm hoping this new one won't have that, since it's a Scottish branch and I don't want my account transferred to santander !

SimonM_2

I've just phoned NatWest to check the rates of some other accounts, and also to clarify the date at which bonus interest will be earnt on this new one.

They have confirmed that for my account that I applied for yesterday (September 30th) their system is showing it as being that date for the opening, and bonus interest will be from October 15th.

It does seem NatWest could have done themselves a lot of favours by making the wording much clearer - what isn't clear still is if you get 11.5 months of bonus interest, or 12 from 15th of the month after the month you opened it - I'd expect to get 12 full months of bonus payment, from Oct 15th 2010 to Oct 14th 2011, paid on the last business day of each month alongside the standard rate for the account.

neilsedaka

SimonM wrote: »

... and bonus interest will be from October 15th ...

Were you able to distinguish between the 15th being the date that bonus interest is added to the account, or is the 15th the date from which bonus interest is earned?

Searcher2

I've just received the application pack - but all I appear to have to do is sign the form they sent me which just contains my details. It doesn't appear to ask for ID or a cheque. I am thinking about enclosing my cheque for £1 but no any id. However, the envelope flap says 'have you enclosed everything?' which lists 'Proof of identification'. Has anyone else received their pack and if so did you get asked for anything other than a signature?

SimonM_2

neilsedaka wrote: »

Were you able to distinguish between the 15th being the date that bonus interest is added to the account, or is the 15th the date from which bonus interest is earned?

It seems it is earned from that date onwards, and it is paid alongside the normal interest, on the last business day of the month (this is the same as their existing e-savings, and e-savings plus accounts)

I don't really understand why it only starts half way through a month though, it all seems a bit un-necessary, but obviously a reason for it somewhere.

SimonM_2

Searcher2 wrote: »

I've just received the application pack - but all I appear to have to do is sign the form they sent me which just contains my details. It doesn't appear to ask for ID or a cheque. I am thinking about enclosing my cheque for £1 but no any id. However, the envelope flap says 'have you enclosed everything?' which lists 'Proof of identification'. Has anyone else received their pack and if so did you get asked for anything other than a signature?

Did you set up an initial deposit from your existing NatWest account? If so, simply sign the form and post it back in the envelope. If they aren't asking for anything else then you shouldn't send anything else.

If you said that you didn't want to make an initial transfer from an existing NatWest account and selected something else (such as a cheque) then I would recommend telephoning NatWest and asking as they would be expecting a cheque and the letter would have requested that you include that.

Don't include anything you haven't been asked for, this has been the same for other online accounts I've applied for with them, the envelope is just generic with the reminder text on it checking you've included things you've been asked for - if not asked for, don't include.

SilentMinority

I received my pack today.

All I was asked for was a signature to confirm my initial deposit (by electronic transfer), on a tear off part of the confirmation letter. So that is all I will be sending back.

The letter is dated 29 September 2010 and included the statement ""Your application has been fully processed and your account opened". I am therefore going to take this as confirmation that the account was opened on the date of the confirmation letter and is not dependant upon the date of the initial payment.

This is date important for the purposes of recognising when the bonus interest will be applied.

As this is the RBS version of the account, the condition "Your bonus interest will be applied from the last business day of the month following the month in which your account is opened" applies. Therefore the bonus interest will not start to be applied until 29/10/10.

So, I will now be waiting until then before make further deposits.