Natwest/RBS 2.85% esaver

cv65user

ah right . got ya!
so it would be 2.24% for halifax net

thanks , it was just that my halifax one has penalty for withdrawing and i was wondering if it was worth the percent. obviously not 2.24 % - 2.28 % = 0.04%!

lol

rb10

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

But how can you be 100% sure that this is true? Natwest staff are giving conflicting information out about this - I had an email from them today which says

Dear Mr XXXX

Thank you for your email.

I can confirm that the bonus rate applies when you first funded the account.

Thank you.
YYYY
Customer Relations

This is backed up by their website, which states that you ...

Includes a bonus of 1.85% Gross for the first 12 months

Starting the month after the opening month is not the first twelve months, but a later 12 month period.

Innys

You know what? I don't think I'll bother with this account.

Given the confusion to date and NatWest's uncanny ability to make mistakes in their favour, it's simply not worth the aggro. I'll keep my money in the equivalent AA account instead

barak

Innys wrote: »

You know what? I don't think I'll bother with this account.

Given the confusion to date and NatWest's uncanny ability to make mistakes in their favour, it's simply not worth the aggro. I'll keep my money in the equivalent AA account instead

I sympathise with you Innys - but this account would be useful to me and I think I may go ahead in the belief that the quote from MSE Alana really does describe the true position. It's pretty much the conclusion I had eventually come to in spite of the hopelessly confusing details from NatWest.

I thought financial institutions were required to describe their products correctly and in plain English.

psychic_teabag

GlasWolf wrote: »

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

The paperwork that comes with the welcome pack says bonus is for accounts opened from 22nd Sept to 31st December. Not sure I'd completely rely on that, though.

alanq

Accounts opened between those dates will earn bonuses but, it seems, not from their opening dates because the paperwork also says that "the Gross and AER rates are applicable from the start date of the bonus"

ScarletBea

Errata wrote: »

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

I've had this account before and this is it.
It's not *that* confusing, for goodness sake.

Open account on month 1.
Earns 1% from day of opening, interest credited on account on last day of month, from month 1.
Earns bonus of 1.89% from day 15 of month 2, interest bonus credited on account on last day of month, from month 2.
You'll see 2 lines for interest in this account, one for normal rate and another for the bonus.

SnowMan

The Nat West advertising on this one IS clearly misleading.

The issue is not whether someone like myself who has had a previous version of this account and reads every word of every section of the terms can guess how it works, it is whether it is generally clear and not misleading. MSE Alana's clarification is great and clear but most people opening this account aren't going to see that.

If you go to the Nat West website it actually says on the main tab "Includes a bonus of 1.85% Gross for the first 12 months". That is simply factually incorrect it is not for the FIRST 12 months. Even in the rates and important information there is no mention of the delay in start of the bonus. You have to go to the common questions section to get the first clue that there is a delay in the bonus and then it is still unclear because it talks about when the bonus is "paid" not "accrued".

Add to that that their helpline and on-line chat is misleading some people clearly.

I have reported the Nat West advert to the FSA at

http://www.fsa.gov.uk/pages/Doing/Regulated/Promo/Report/form.shtml

and would suggest anyone who thinks similarly does the same

Speculator

I've also just reported them to the FSA.

frames1_uk

just got my application pack, but after reading the bumf, it seems that you can only electronically pay in funds, if you have another Natwest account (which I don't) How else would you pay in funds? By cheque - every time?