Natwest/RBS 2.85% esaver

gmang

This is a shambles. I just got off the phone with them and they said it was 15th-15th (from 15th of the following month) for bonus interest.

If it works the same as the old esaver, when you get your interest on your statement at the end of the month it will list two payments - "interest" and "bonus" applied as two separate transactions on the account. I suggest leaving a bit more than £1 in so that you'll get some interest, maybe £10. Then at the end of the month if it says "bonus" and "interest" then you have been getting the bonus rate (for the prior two weeks). That way you miss two weeks of bonus rate but at least you are sure you are getting it.

Don't forget - the last month will only get bonus rate for the first 15 days but applied at the end. This was the same as previously, I got stung by this and had to phone them when my 12th "bonus" payment was half of what I was expecting.

The only reason I can see for this nonsense is so that Natwest make money by people moving in their savings without realising they might not be getting the rate they expect for a month and a half! I applied on the 30th September but despite being a present customer they have sent out the pack to be signed so I don't know if the "next" month will be October or November. As it is only 0.09% better than my AA savings I will be just leaving it there until I am certain.

Sceptic001

alanq wrote: »

I can do without all this. They'll not get more than the opening £1 from me until 1st December that way (I hope) I know what rate I'll be getting.

I tend to agree, alanq. Maybe i will resurrect my application to open a Santander 2.75% account (out of the frying pan...:mad:)

Searcher2

SimonM wrote: »

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.

No - I don't have an existing NatWest account. I said I would open the account with £1... but from what I can see in the pack they sent they are asking for nothing except a signature....not even a cheque. It's only the envelope which asks if I've enclosed proof of id.

Sceptic001

Searcher2 wrote: »

No - I don't have an existing NatWest account. I said I would open the account with £1... but from what I can see in the pack they sent they are asking for nothing except a signature....not even a cheque. It's only the envelope which asks if I've enclosed proof of id.

Me too, but my application pack letter does ask for ID (step 4) and my £1 cheque (step 5).

barak

In spite of today receiving my application pack and letter thanking me for "choosing to open a E-SAVINGS account with us", I think I'm losing interest. [Of course, no pun intended ]

Rollinghome

neilsedaka wrote: »

Page 40 of the Terms and Conditions booklet dated 22 September 2010 that arrived in the post today says "Including bonus rate of 1.85% Gross for customers who open an account from 22 September to 31 December 2010". The Net rate is stated as 2.82%.

It also gives the AER as 2.88% which contradicts the 2.89% given on the website.

Someone at Natwest Towers needs to be promoted sideways and be put in charge of the tea trolley.

neilsedaka

I am an existing NatWest customer and applied for four accounts on 29th September. The two that were in a sole name were visible online on 30th September. The two that were in joint names are not visible online yet even though in one case both applicants are existing NatWest customers. In all four cases I elected that the initial deposit of £1 would be made by transfer from an existing NatWest account.

Today I received four packs in the post, all dated 29th September. The two packs that are in sole names say "Your application has been fully processed and your account opened". The second page has a tear off slip asking for a signature to authorise the transfer of the initial deposit of £1. The two packs that are in joint names imply that the accounts are not open yet, make no mention of the initial deposit, include a copy of the applicant's details, and ask for the signatures of both parties.

Searcher2

Sceptic001 wrote: »

Me too, but my application pack letter does ask for ID (step 4) and my £1 cheque (step 5).

My Step 4 simply says "Return your paperwork in the enclosed pre-paid envelope as soon as possible (in the interests of security, please do not enclose cash)"

Step 3 is just "Check and sign the enclosed documents."

Very strange. No request for cheque or id on mine.

home_alone

Searcher2 wrote: »

My Step 4 simply says "Return your paperwork in the enclosed pre-paid envelope as soon as possible (in the interests of security, please do not enclose cash)"

Step 3 is just "Check and sign the enclosed documents."

Very strange. No request for cheque or id on mine.

I had problems with my joint application (both names turning out the same) and was talked through another online app by natwest and was told to forget the £1x2

Sceptic001

Searcher2 wrote: »

My Step 4 simply says "Return your paperwork in the enclosed pre-paid envelope as soon as possible (in the interests of security, please do not enclose cash)"

Step 3 is just "Check and sign the enclosed documents."

Very strange. No request for cheque or id on mine.

Maybe they have verified your ID electronically. Does it say on the form you have to return under Savings Details "Please credit the account with an initial deposit of £1" ? If not, maybe you entered zero when applying online?