Natwest/RBS 2.85% esaver

Moneyking

Seems to be online now...


2.89% AER, 2.85% Gross (variable) – when you open a new account. Includes a bonus of 1.85% Gross for the first 12 months, added to the standard rate of 1.00% AER/Gross (variable)
No penalties – make as many withdrawals as you like
Open an account with just £1 – and manage your savings online

Monthly interest– paid directly into your account
No need for an existing NatWest account– although if you have one, it's quick and easy to move money between e-Savings and your other NatWest accounts

I thinking of moving my current account from A&L (Sandtandar) to Natwest, as my Tesco savings account is so good and Natwest use the same banking system.
Good to see monthy interest, unlike A&L where you have to wait till 1st Oct for your Interest or 3 weeks to close the account and then have to wait for a cheque... I hate Sandtandar.

Time for me to apply for a Natwest e-Savings account and see how good there customer service is compared with Sandtandar...:D

Stompa

It's tempting, but I don't actually need an account until December. Does anybody know whether NatWest typically pull these accounts after a short while, or is the offer likely to remain (at the same rate) for some time? If the former, then it may be worthwhile opening one now.

Moneyking

Just noticed on the terms; Important information if you're considering opening an account in Scotland.:


If you are interested in taking out a new product or service with NatWest, please be aware that The Royal Bank of Scotland Group has agreed, subject to regulatory approval and other conditions, to sell its NatWest branches in Scotland to Santander. The sale is part of the state aid agreement reached with the European Commission.
This means that any account you open at a NatWest branch in Scotland, and certain associated products and services, will eventually transfer to Santander. The sale could take around 12-18 months to complete.

I hope Natwest in England are not been bought by Santander !:mad:

emeraldbugle

rihsahs wrote: »

Hi,I have a current e-savings account opened with natwest for years and am getting really bad intrest. Can I apply for this new 2.85% deal? Thanks

The website says yes.

REMEMBER DO NOT FUND MORE THAN £1 YET

When is the bonus paid?

Your bonus interest will be paid monthly for 12 consecutive months (along with the standard interest payment) starting on the 15th day of the month after the month in which you open your account.

I remember this account from last time, there was a catch. If you open today then the 15th Oct could be fine to deposit funds, but open it on Friday and best wait till 15th Nov.

exel1966

adindas wrote: »

I am aware that this si variable rate. But Is there any introductory bonus interest rate that the interest will drop significantly after 1 year.
we are not not considering moving my saving just for 0.05% difference.

ADINDAS

It's not just the 0.05% you should take into account, it's the ease and speed in which you can transfer funds, which if you do regularly makes this an account you should have as accounts paying better rates with FP's both ways are rare.

BTW does anyone know what the actual FP daily limits usually are with NW and what their online banking is like ?

emeraldbugle

exel1966 wrote: »

BTW does anyone know what the actual FP daily limits usually are with NW and what their online banking is like ?

£10,000 FP limit. They are the best!

alanq

emeraldbugle wrote: »

When is the bonus paid?

Your bonus interest will be paid monthly for 12 consecutive months (along with the standard interest payment) starting on the 15th day of the month after the month in which you open your account.

I remember this account from last time, there was a catch. If you open today then the 15th Oct could be fine to deposit funds, but open it on Friday and best wait till 15th Nov.

I don't see a catch. Bonus interest is paid on 15th not earned on the 15th. Funds will earn bonus interest each day they are deposited.

Many accounts with bonuses only pay a bonus if the account is still open 12 months later.

alanq

Moneyking wrote: »

I hope Natwest in England are not been bought by Santander

No but RBS branches that are branded RBS in England and Wales are being bought by Santander.

http://www.moneysavingexpert.com/news/banking/2010/09/rbs-and-natwest-customers-in-santander-switch-alert

Moneyking

I don't see a catch. Bonus interest is paid on 15th not earned on the 15th.

I also don't see a catch :

"Monthly interest paid directly into your account"
"Interest calculated daily and paid monthly"

Key benefits
The e-savings account is an Internet based account.
You cannot make any transactions or account enquiries at NatWest branches.

I just open an e-Savings, looks a lot better than the days of opening a account with Tesco, took over 7 weeks to get that up and running, I'm impressed with Natwest !

Thanks alanq for confirming that Natwest England not been bought by Santander!


Note. During the Application completion of the e-Savers, you can also "Open a Current Account" !

"The convenient way to manage your day-to-day finances. Each account offers Banking from a branch, by phone and on-line. Choose from a range of accounts to suit your individual Banking needs."

Very tempting, because I hate Santander so much at the moment (ex. A&L customer), it only takes one click...

System

I'm not THE moneysavingsexpert myself but there seems to be a typo on the e-Savings NatWest page: http://www.natwest.com/personal/savings/g1/instant-access/e-savings.ashx#tabs=section4

It says:
Balance - AER(variable) - Gross Rate - Net Rate
£1+ - 2.89% - 2.85% - [STRIKE]2.82%[/STRIKE]

But in my book, the Net rate should be 20% lower then the Gross rate because it is after tax. This would be 2.28%.

I called NatWest customer service and they confirmed that it might be a typo but that a customer would get the advertised 2.82% Net rate if they opened an account when it was advertised like that.

I don't know how they will do or check that because they would need to raise the Gross rate to get to the raise Net rate. I was, however, assured that the system would exactly know when the account was opened. I opened one and we shall have a look what rate I get.

Let me know if you have any thoughts or if I misunderstood something.