Natwest/RBS 2.85% esaver

musehead

Mine is odd too, the bonus is only 1.6 times the base interest

SnowMan

musehead wrote: »

Mine is odd too, the bonus is only 1.6 times the base interest

The reason is probably to do with Nat West paying the bonus interest and normal interest on different dates.

The AER is 2.82% made up of 1.82% of bonus and 1% of normal interest.

The bonus was paid on 2nd April and 1st May so 29 days apart.

The normal interest was paid on 28th March and 30th April so 33 days apart.

So you would expect the ratio of bonus interest to normal interest to be 29/33 x 1.82 = 1.60.

My ratio is actually 1.88 this month (compared with your 1.6) but that is because I had next to nothing in the account at the beginning of April but put in a large sum during April, so roughly speaking in contrast to most others I have more days bonus interest than days of normal interest.

lolly5648

Last month my bonus was over double the basic amount, this month it works out about 1.4%. What is going on?

typistretired

Surely the both interest payments should cover the same period!!!!

typistretired

Just checked my Natwest esaver online and no interest has been paid yet for June. Has anyone had their interest paid?

joerugby

typistretired wrote: »

Just checked my Natwest esaver online and no interest has been paid yet for June. Has anyone had their interest paid?

Not yet ................

typistretired

Spoke to one of Natwest online chat advisors who checked with management and came back and stated that they had changed the date when interest was paid to close of day on the 1st working day. I told him I had not been informed of this and Natwest informed me in May by email that all updates would in future be sent by email. Anyone know about this? Wonder when the bonus payment will then be paid

typistretired

Just checked my Natwest esaver and the net and bonus interest is now showing as paid on 1st July (didn't show yesterday). In the statement the interest is showing before some transactions I made yesterday morning. If anyone who works for Natwest is on this forum perhaps they can answer what is going on!

SnowMan

typistretired wrote: »

Just checked my Natwest esaver and the net and bonus interest is now showing as paid on 1st July (didn't show yesterday). In the statement the interest is showing before some transactions I made yesterday morning. If anyone who works for Natwest is on this forum perhaps they can answer what is going on!

I think it is preferable that they are now paying the interest and bonus interest on the same day.

Technically (I am not interested enough to trawl back to check) I think they should be paying interest on the last working day of the month. They of course should do what they say on their literature, but that they don't is just Nat West for you.

Certainly I haven't received any communication either to say they were making this change to the payment date.

typistretired

Received a phone call from Natwest customer service they stated that a letter was sent out in March informing of changes to terms and conditions and one of the changes was that interest would be paid end of business on first working day starting from 1st July. They are going to send me out another letter with the conditions