Natwest/RBS 2.85% esaver

Robin_TBW

They're dated the 3rd but backdated. They all came through today. I checked at 01:00 this morning and it hadn't gone through by that point.

charlieboycat

My interest calculations are correct - albeit the December bonus was credited on 3rd Jan when it should have been credited on 2nd. Interest (basic and bonus) is calculated up to and including the day before it is [supposed to be] credited. Basic interest is credited on the last working day of the month (inclusive of interest up to and including the previous calendar day). Notwithstanding the initial blurb and T&C, it appears that bonus interest is in practice supposed to be credited on the first working day of the month (inclusive of interest up to and including the previous calendar day). Thus:

November basic (credited 30th November) - covers 31st October to 29th November inclusive = 30 days.

November bonus (credited 3rd December) - covers 1st November to 2nd December inclusive = 32 days.

December basic (credited 31st December) - covers 30th November to 30th December inclusive = 31 days.

December bonus (supposed to be credited 2nd January) - covers 3rd December to 1st January inclusive = 30 days.

So the December basic has one days more interest than the November basic, whereas the December bonus has two days less than the November bonus.

Interest is never visible online until the day after the credit date - but for calculating the next months interest it is treated as having been credited on the date shown. The compounding therefore normally works correctly.

However, with the December bonus being credited on 3rd Jan instead of 2nd Jan, it would seem that we will be deprived of one day's interest (ie. for 2nd January) on the amount of that bonus. But since that amounts to less than 1p per £100 of bonus I don't propose to worry about it.

Charlieboy

innovate

charlieboycat wrote: »

But since that amounts to less than 1p per £100 of bonus I don't propose to worry about it.

Given that NatWest, like any other bank, charge you for any overdrafts, however small, I expect them to pay all interest, however small, to savers. No room for thieves here.

charlieboycat

innovate wrote: »

Given that NatWest, like any other bank, charge you for any overdrafts, however small, I expect them to pay all interest, however small, to savers. No room for thieves here.

The gross interest for the month has to be rounded to an exact number of pence - in NatWest's case to the nearest whole number, so it may be rounded up or it may be rounded down. Ditto the tax deducted - which may also be rounded up or down. The differences thus created could amount to almost a whole penny in the net - and may well therefore be greater than the fraction of a penny difference in the gross we are talking about here for someone with over £100,000 in the account .

typistretired

Just checked for my end of month interest payments and the net interest has gone in but no sign of the bonus payment. Natwest must be stockpiling this interest for a few days for their profit.

typistretired

Checked natwest account today bonus interest now gone in. Statement says added 2nd April but it was not there just before midnight yesterday.

cathh70

Has anyone had strange interest goings on this month?

Last month interest 2.45, bonus 5.14.
Only transactions were 450 added to balance on 28 Mar, withdrawn 50 on 3 Apr.
This month interest 3.16, bonus 5.04.
Why has the standard interest gone up so much, and the bonus interest reduced even though there was more in the account????

eviekins

I was thinking the same when I checked my interest payments yesterday!
£42 And £26.28 this month
and
£40.23 and 18.81 last month?
There's hardly any difference between the £42 and £40 payments, but a big difference between the £26 and £18. Surely this isn't right? Shouldn't both the interest and bonus interest have increased month on month by the same percentage?
If any clever clogs out there know why this could be please enlighten me

typistretired

Just checked my account online and yes despite the net interest being higher this month, the esaver bonus is lower than last month. I have contacted them by their secure email telling to please correct my interest payments. I have also told them to give their reply in writing so I have hard evidence.

psychic_teabag

Hmm. Mine also looks odd. Is it 1% basic rate + 1.85% bonus ? So the bonus should be 1.85 times the basic interest.

Looking back, for me the ratio is usually more than 1.8, but this month it's less than 1.5. My balance does fluctuate a bit, so it's not trivial to calcuate exactly what it should be.