Natwest/RBS 2.85% esaver

KTF

Use the sort code and account number to BACS/FP it in.

neilsedaka

The bumph is misleading. Paying in funds from another bank via faster payments does work.

dalbum

It appears that finally NatWest have clarified the situation on their website:
When is the bonus paid?

You’ll start earning interest on the 15th day of the month after the month in which you open your account. Your bonus interest will be paid on the last working day of every month for 12 months (along with the standard interest payment).


Interestingly the RBS Direct Saver now also states:


You’ll start earning interest on the 15th day of the month after the month in which you open your account. Your bonus interest will be paid annually along with the standard interest payment.

Previously it had appeared that RBS's bonus would start on the last business day of the month after the month in which the account was opened.

D1zzy

"You’ll start earning interest on the 15th day of the month after the month in which you open your account. Your bonus interest will be paid on the last working day of every month for 12 months (along with the standard interest payment)."

So this account actually runs for 13months - the month you open it (no bonus interest) and then 12 months after that
- If the opening month is month 1 the last bonus interest payment will be at the end of month 13 ?

SnowMan

dalbum wrote: »

It appears that finally NatWest have clarified the situation on their website:

Good spot.

However the information is still hidden away in the 16th of the questions in the common questions section and there is no mention in the "features and benefits" and "rates and important information". Something that important should not be hidden away there.

It still advertises it in the main info using the word FIRST as "Includes a bonus of 1.85% Gross for the first 12 months". So the clarification completely contradicts that more prominently displayed information, albeit that I think we can safely assume that the reality is that Nat West will start the accrual of bonus from the 15th of the next month.

psychic_teabag

D1zzy wrote: »

"You’ll start earning interest on the 15th day of the month after the month in which you open your account. Your bonus interest will be paid on the last working day of every month for 12 months (along with the standard interest payment)."

So this account actually runs for 13months - the month you open it (no bonus interest) and then 12 months after that
- If the opening month is month 1 the last bonus interest payment will be at the end of month 13 ?

Hmm... I explicitly confirmed with an online advisor that there would be 13 bonus payments. The first at the end of the second month, with 15 days of bonus, and the last at the end of the 14th month, with the last 15 days of the bonus period.. Otherwise the bonus period would only be 11.5 months rather than 12 months.

I hope they mean you start earning the bonus interest on the 15th day, rather than just that you start earning interest...

D1zzy

psychic_teabag wrote: »

Hmm... I explicitly confirmed with an online advisor that there would be 13 bonus payments. The first at the end of the second month, with 15 days of bonus, and the last at the end of the 14th month, with the last 15 days of the bonus period.. Otherwise the bonus period would only be 11.5 months rather than 12 months.

I hope they mean you start earning the bonus interest on the 15th day, rather than just that you start earning interest...

Makes sense - just a b***y comlicated way of doing things.
Optimal time for balance withdrawal then is 15th of month 14 leaving just interest to be credited at the end of month 14

Ok - the AER on this is 2.89% (normal account -2.85% -monthly interest for 12 months - interest compounded gives you 2.89% overall)

Probably being very dense here but, over which 12 of the 14 months is the AER calculated, on this account - If say you opened account on 01/10/10>

Sceptic001

Here's an oddity. I sent my application, a cheque for £1 and ID (original HMRC tax coding selected from their list). My ID has been rejected because they say it does not show my full name (actually it does) and has not been certified.

Leaving aside their error re: my name (which is hopefully easily resolved), has anyone here ever been asked for a certified original? I thought the point of certifying is to certify that a copy is a genuine copy of an original. Indeed, the notes that came with the letter list various acceptable forms of ID, asking that copies of driving licence/passport are certified in Branch, but makes no mention of certifying original documents.

frames1_uk

I have just signed the application and put in a cheque for £1. I can't see anywhere that they want any ID?

oldfella

Probably being very dense here but, over which 12 of the 14 months is the AER calculated, on this account - If say you opened account on 01/10/10>

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15 nov 2010 - 14 nov 2011