Natwest/RBS 2.85% esaver

G_M

Thanks Alana,
Can we quote your source?

As I am in on-going discussion with three (yes, 3!) different depts all of which say different things, it would be good to be able to quote this to them with an authoratitive source?

PM me if you prefer.

dalbum

MSE_Alana wrote: »

Hi folks,

I've just been notified of the confusion with the bonus rate and here is the response from Natwest:

"Bonus interest starts accruing from the 15th, the month after the account was opened. It is then applied to the account at the end of that month - I.e. Accounts opened in October will start accruing from 15th November. Bonus interest will be applied at the end of Nov."

I hope that clears it up.

MSE Alana

Alana

From my experience, it depends on who you speak to at NatWest. I, and many other people on this thread, have received different answers each time we contact NatWest!

On one page of their website it says '...Includes a bonus of 1.85% Gross for the first 12 months...' and then another it mentions that it will be paid monthly 'starting on the 15th day of the month after the month in which you open your account'.
The only way we will get a definitive answer if they amend their ambiguous wording in their website. Not sure how to achieve that though.

Rollinghome

Errata wrote: »

Right - is this it? Account opened on 30 Seoptember. Bonus starts being earned on 15th October but won't be credited to the account until the end of November along with bonus for all of November?

Nearly. If opened in September I think the bonus interest rate will be earned from 15th of October and all interest including the bonus will be credited to your account at the end of that month but won't be shown on your account until a few days afterwards.

Another 'interesting feature' of NW accounts is that when you transfer money out it will, depending on the time and day, insist that the transfer can't be made until a future date but then do an FP payment immediately. Just another NW initiative to keep customers guessing.

Errata

MSE_Alana wrote: »

Hi folks,

I've just been notified of the confusion with the bonus rate and here is the response from Natwest:

"Bonus interest starts accruing from the 15th, the month after the account was opened. It is then applied to the account at the end of that month - I.e. Accounts opened in October will start accruing from 15th November. Bonus interest will be applied at the end of Nov."

I hope that clears it up.

MSE Alana

Which means: account opened on 30 Sept will generate bonus interest rate from 15 Oct which will appear on account at end of Oct.

GlasWolf

twig1 wrote: »

Still confused. Does this mean the bonus rate will not be paid on your deposit for the 1st month?
When does the 12 months for the bonus rate start?

If Alana's post is correct then the bonus rate will take effect on the 15th of the month after you open the account. This means that yes, the rate will be 1% for the first 2 to 6 weeks before the bonus kicks in.

I opened one account on 29/9 and another on 1/10; I'll transfer my savings into the first a/c on 15/10 when the bonus takes effect, then move it to the second on 15/11 to get an extra month's bonus in a years' time. If the offer is still ongoing on 1/11 then I'll open another one!

I am wondering whether they'll reduce the 1% to a nominal rate in 12 months, leaving us with effectively just the bonus rate for a month or two at the end. Given the chicanery of the T&Cs I wouldn't be in the least bit surprised.

Rollinghome

GlasWolf wrote: »

I am wondering whether they'll reduce the 1% to a nominal rate in 12 months, leaving us with effectively just the bonus rate for a month or two at the end. Given the chicanery of the T&Cs I wouldn't be in the least bit surprised.

e-Savings has been a longstanding NW deposit account so unless they decide to scrap it completely I'd be surprised if they let it fall below what they consider is a "competitive rate" for that type of bank deposit account. That hasn't happened with previous bonus offers.

Similarly, unless they end all new e-Savings accounts I'd be surprised if they withdraw the offer and decide not to pay a bonus on all accounts opened before 31 Dec as they currently say. The only reason to do that would be if they totally misjudged the takeup but it seems quite well pitched. The payback for them is that a lot of the new money will stay after the bonus ends and possibly a few new current accounts opened.

GlasWolf

Good point about the 1%, but I'll probably open accounts for November and December anyway just in case they withdraw the bonus offer.

cv65user

i just opened mine on 04/10/2010:

so between 04/10/2010 till 15/11/2010 it will be 1%

then 16/11/2010 it will be at 2.89% interest so i will be paid interest on the balance between 16/11/2010 to 30/11/2010 (end of month)?

note - still the 1% is good if your a natwest current plus account customer because the current plus account interest rate is currently at 0.08%?

cv65user

just a quick question between natwest and halifax

natwest e saver =
gross @ 2.85 %
net @ 2.28 %

halifax web saver extra=
gross @ 2.80 % (i am a halifax current acc customer so i get 2.8% otherwise 2.60%)
net @ ?%

so what is my halifax web save extra net interest as i am a tax payer? is it just minus -20 %? but natwest gross - net difference is = 0.57 %?

Baldur

cv65user wrote: »

....natwest gross - net difference is = 0.57 %?

Which is 20% of 2.85%.