Natwest/RBS 2.85% esaver

dalbum

There is clearly some confusion about when the bonus of 1.85% starts to be earned on the NatWest e-Saver account. For an account opened and funded, say, on October 5th, there is little doubt that an interest rate of 1% applies from Oct 5th.
What is less clear is whether the bonus of 1.85% starts to be earned from October 5th, November 15th (NatWest website Common Questions) or even November 30th (P40 of NatWest Important Information booklet).
Having phoned NatWest to inquire, I have not found anyone sufficiently trained in the product to know the answer.
As this product now figures prominently on the MoneySavingExpert.com, I feel that Martin should try to get to the bottom of this so that his readers will not make an ill-informed investment.
I intend to try and clarify the situation by including a covering letter with my signed application form.

alanq

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%.

Apart from the error in the net interest rate it would have been a neat trick to open an account on 22nd September when it wasn't launched until the 29th!

Searcher2

Sceptic001 wrote: »

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?

Yes - it says that (please open with £1) but it doesn't ask for the cheque at this point. I'm going to put a cheque in anyway. Cheers!

SG_Guy

I opened the account successfully on Friday evening but still no sign of it in my online banking accounts. Has anyone had a similar experience? Is it a case of waiting until Monday because their systems don't update over the weekend?

ctdctd

SG_Guy wrote: »

I opened the account successfully on Friday evening but still no sign of it in my online banking accounts. Has anyone had a similar experience? Is it a case of waiting until Monday because their systems don't update over the weekend?

Yep, keep waiting.
I opened mine after close of business on the 29th and it didn't show up until Oct 1st so yours may not appear before Tuesday morning with the weekend being non-working days.

HTH

ChiefGrasscutter

As I'm an existing customer of NatWest with an old esaver account, now with zero in it....
For this new account:
Do I apply from within (ie logged into) the online system?
or apply direct via the web site and I presume asked to enter the details of any existing accounts with NatWest?

Rollinghome

ChiefGrasscutter wrote: »

As I'm an existing customer of NatWest with an old esaver account, now with zero in it....
For this new account:
Do I apply from within (ie logged into) the online system?
or apply direct via the web site and I presume asked to enter the details of any existing accounts with NatWest?

You can do either. If you apply from the general website they'll ask if you have an on-line account with them and, if so, ask you to login as part of the process. Takes 2 minutes.

psychic_teabag

Rollinghome wrote: »

There seems to be a £10k BACS limit on all RBS group accounts, including Natwest, RBS, and Ulster Bank, and including current accounts....

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.

Hmm - didn't work for me - other half did a 9k transfer from a joint account, and then I tried a transfer which was rejected because it would have exceeded the 10k daily limit for this type of transaction. (And actually, it was a transfer from a different joint account.)

Rollinghome

psychic_teabag wrote: »

Hmm - didn't work for me - other half did a 9k transfer from a joint account, and then I tried a transfer which was rejected because it would have exceeded the 10k daily limit for this type of transaction. (And actually, it was a transfer from a different joint account.)

You'd need separate accounts in each name, not one joint account.

barberbookie

I opened an account on 30th September and was instantly given an account number, and a meassage saying my account had been opened. ( i have not yet received any paperwork though to sign ) It was visable online on the 1st October so i transfered over £1. I am still very confused about the bonus interest though. My understanding at the moment is because i opened my account in September , my bonus interest will only begin to apply ( begin occuring interest ) to my balance from the 15th October , and will then be paid along with the standard 1% at the end of the month , so therefore i need to deposit all my funds on the 15th to qualify the full balance for 2.85% from the 15th October.
This is my understanding but any amount of variables could apply. ( i.e when the account was actually opened by natwest making you wait until 15th November ).
I shall probably now deposit some more smaller funds , and wait to see what interest is actually applied at the end of October. That way i will know for sure , but until then i will not be depositing my savings from the Nationwide.
Very confusing on behalf of the Natwest. I hope someone can shed some more light

Regards

Tony