Natwest/RBS 2.85% esaver

nokia1100

Update: my account has appeared today in Natwest online banking. Not before time!

meggsy

nilrem wrote: »

I just can't understand this TBH, I have had 2 esaver accounts with NW for 2 years and have just opened a 3rd (better interest) and it is no hassle at all!

FWIW although they sent me a card reader years ago to use with my current account I have yet to be asked to use it!

If you make any changes to your account you should need the card reader, ie., if you change your password or PIN etc., at least it does for me

I didn't have any hassle either, my account was opened and visible the day after applying and I transferred money into it straight away before the letter arrived, they didn't bother depositing the opening £1.

miller

Assuming some type of Authentication Card/PIN will be sent with the Card Reader for those with only this account (despite it not being mentioned).

SimonM_2

I had a call from NatWest about this the other day - apparently they have had quite a few people contact them about inconsistencies with this account, and they are looking at ammending the leaflet to correct it, it wasn't clear if this is so future ones sent out are correct or if they will be re-issued to all customers.

I was also offered a one off payment straight in to my account for the difference they reckon I'd lose out on with interest due to the incorrect rates being quoted, but I haven't accepted this as I don't feel it solves the problem, and also it only took in to account the small amount already deposited, which is now considerably more, and could be even more again within a matter of a few moments, so I feel it can't in any way really cover what I may have saved in there over the next year.

Has anyone had an answer to how the AER is calculated on this account seeing as the bonus isn't running from day 1 to day 365 of the year?

housesitter

SnowMan wrote: »

They say from 15th after account is OPENED which I think is the date they treat the account as being opened and not the date the account is applied for so still need to watch out where it takes Nat West into a new month to open the account.

Actually that's not quite right from what they say:

The bonus interest starts on the 15th of the month following the month in which the account is opened.

Which suggests if I were to open an account on the 1st of November, I'd not see the bonus rate till December the 15th.
So bear in mind the long gap till you transfer funds in if getting a higher rate than the basic else where.

Baldur

housesitter wrote: »

Actually that's not quite right from what they say:



Which suggests if I were to open an account on the 1st of November, I'd not see the bonus rate till December the 15th.
So bear in mind the long gap till you transfer funds in if getting a higher rate than the basic else where.

I read SnowMan's post as warning, quite correctly in view of the tardiness of Natwest in opening these accounts, that if you applied late in November and the account wasn't actually opened until 1st December or later, the bonus wouldn't be applied until 15th January.

CosmicTen

I'm an existing customer with one existing savings account by the same name. Applied for the new one yesterday, it showed up today in my online account. Just transferred in my lump sum which was fine. Not really bothered about the wait for the bonus as the account the money was in was even lower than the Natwest account without the bonus!

The statutory £1 hasn't gone in, I think I have to wait for that letter to appear and send it back signed.

I suspect the confusion and mistakes come when it's a new account.

JustKeepSwimming_2

I too had the letter about opting out of online banking (although confused as to how you can opt out when this account is solely an internet based account :huh: ).

After signing up for e-statements on the 11/10 I received a paper statement yesterday which I guess may have been ordered by them before I asked for e-statements - has everyone else been sent an opening statement by post?

I requested a card reader on 15/10 - told it will take around 15 working days :eek: to get to me so I won't be transferring any additional money in. Not even sure I trust them with my initial £1.

I opened a savings account with the AA on the same day as this one - the AA account has been up & running for almost 2 weeks & I've transferred money in & out. No need for any 'phone calls etc.

Why does it have to be so hard for NatWest?

(I swore in 1993 I'd never bank with them again when they lost my university grant cheque {remember grants?} & it took them 7 weeks to find it! Nice to see they've improved with time :rotfl:)

alanq

The NatWest's 2.89% AER (kind-of, eventually) has now been topped by the Post Office Online Saver 2.90% AER. Given all the issues faced the NatWest account seems even less attractive.

If the move to create a BoI UK subsidiary is approved, from 1 November the PO account will be covered by FSCS.
http://www.which.co.uk/news/2010/09/post-office-savings-set-to-enjoy-fscs-cover--227301/

psychic_teabag

A larger part of the NatWest one is fixed bonus. I opened a PO account last week @2.75% - bonus is fixed 1.25% and the underlying variable rate has just gone up to 1.65% (so I should get the new rate :-) But since the P.O has a larger variable part, it can presumably fall turther once the P.O. has got their money..? And once N.W. account is established, access to money should be rather easier than to P.O.

Still, gives people somewhere to stash their money while waiting for NW paperwork / bonus.