Natwest/RBS 2.85% esaver

nilrem_2

RetiredInThailand wrote: »

On previous bonus eSaver accounts I have held there were always two entries showing interest, one at the basic rate and one for the bonus rate.

In this case it appears that they have paid the basic 0.80% and no bonus interest. Although on my previous esaver account (ended Feb 2012) they did towards the end amalgamate the payments for some people.

They do not seem to have a 100% reliable system do they?

toolmaker54

I have no idea what Natwest are doing now, I opened the account with £2500 on the 23rd October received something called the E-SAV BON of 0.10 on the 1st Nov so I then added to the account on the 2nd Nov making the balance £6608 and on the 30th Nov had 29 NOV NET interest of £4.17 are the net and the E-SAV bonus paid seperately

nilrem_2

toolmaker54 wrote: »

I have no idea what Natwest are doing now, I opened the account with £2500 on the 23rd October received something called the E-SAV BON of 0.10 on the 1st Nov so I then added to the account on the 2nd Nov making the balance £6608 and on the 30th Nov had 29 NOV NET interest of £4.17 are the net and the E-SAV bonus paid seperately

The £4.17 is probably the 0.80% standard interest the bonus will hopefully arrive in the next day or so!

Generally they pay it as two amounts but they have sometimes paid it as one sum.

(If you look back in the thread you will find most of the answers)

Adzha

I've had the same, only the standard 0.8% being paid on 30th November.

However, it looks from Ideas Bank as though the bonus will be paid on Tuesday - I will wait and see!

Hope this helps.

RetiredInThailand

If I go into my NatWest online banking, select "statements", then "view bank statements", then select my new eSaver, then select the tab called "interest rates" I am informed that the interest being applied to my new eSaver account is 1.82% AER gross (1.45% net).

This is neither the the base amount of a regular eSaver (1% gross), nor the full amount of the bonus (1.85%). Besides which the bonus should be applied on top of the base rate anyway, to give the advertised 2.85%.

This seems like a complete shambles.

RetiredInThailand

It gets worse. If I look in exactly the same place at the statement relating to my old eSaver which has no bonus, there is no "interest rates" tab at all.

Wyndham

I was also paid 1% and not the bonus, so I've rung them. Seemingly they do have a problem, and I will get an addtional interest payment tomorrow. We'll see....

ccbrowning

I really don't understand how they have problems with it. One would think that interest rates would just be two little variables on an account so it would work just fine every month. <cynic>Of course, if it is all confusing, it's much easier to not pay interest to a lot of people and have them never know. </cynic>

carrottsforlunch

Also no bonus. come on Natwest got money coming from Birmingham midshires due to there pathetic interest rate cut on my esaver coming your way

G_M

ccbrowning wrote: »

I really don't understand how they have problems with it. One would think that interest rates would just be two little variables on an account so it would work just fine every month. <cynic>Of course, if it is all confusing, it's much easier to not pay interest to a lot of people and have them never know. </cynic>

Natwest has recently started using unpaid interns to go through all the e-savings accounts and work out what interest is owed on each one exch month.

As they have to calculate interest earned on a daily basis, on both the base rate AND the bonus rate, and then tot it up for the month, there are inevitably a few slips......