Natwest/RBS 2.85% esaver

miller

castle96 wrote: »

"you have decided not to request online banking"

This is a typo. Everyone has received the wrong information regarding that.

miller

JustKeepSwimming wrote: »

"Because they have to be put in a box & sent in the post"

I know who I would like to put in a box, an organisation which peddles inaccurate literature, is slow to correct it or simply doesn't bother and one member of staff who knows more about sarcasm than about the products.

peterx

Have got my activation number today.So fed up with Santander,alliance leicester,bradford bingley etc.
Have tried to open a online saver with santander but they have competely lost id documents i sent them and customer services are useless. So i have moved moved my cash isas from alliance leicester to Barnsley building society and closed all my accounts with santander group. I will forget nat west for savings and have gone for Northern rock e-saver 3 which i opened this morning. Can not be bothered chasing and wasting time on these useless banks for a extra half percent.

chaotic_j

Just spoke to NatWest in an online chat as I was worried I may only get approximately 1/3rd the interest I thought I'd be getting.

Apparently when you get the paperwork if you applied originally online before 20th October then you will get the 1.85% bonus.

If you look near the top of the included letter or paper application form there is an application number, the first 8 digits correlate to the date that you originally applied on.

i.e. 20101019 would be 19/10/2010 which is when I applied... phew just got in there.. lol :T

Cash-Strapped.T32

chaotic_j wrote: »

Apparently when you get the paperwork if you applied originally online before 20th October then you will get the 1.85% bonus.

If you look near the top of the included letter or paper application form there is an application number, the first 8 digits correlate to the date that you originally applied on.

i.e. 20101019 would be 19/10/2010 which is when I applied... phew just got in there.. lol :T

Nice bit of info there. 20100929 - Damn I must have applied earlier than I had imagined, it was only a few days ago in my head..

Anyway, a letter arrived today; Natwest have informed me that despite the fact I declined internet banking, it was applied to my account anyway (how helpful! ).

kiis102

I shall be closing my Natwest crap on Monday, the Post Office are offering 2.90% for their online saver rt now which is much better.

G_M

kiis102 wrote: »

I shall be closing my Natwest crap on Monday, the Post Office are offering 2.90% for their online saver rt now which is much better.

What - you went throught the application process and now you're closing it.... for 0.01% higher interest?

NatWest offers efficient Faster Payments both in and out. I don't beleive the PO does, so you'll lose 3 days interest transferring money....

SimonM_2

rb10 wrote: »

The British Bankers' Association doesn't agree that what they are doing here is fair ... below are some quotes from this page on their website. The point of the AER is that the banks do the work of making comparisons between accounts simple and transparent, and it's not left to us to work out when the bonus period is and how this affects our interest rate.

...snipped...

Has anyone been able to work out what the actual AER would be for this account? Looking on this forum at the E-savings topic from this time back in 2008, when the very same sort of thing came up (and NatWest are clearly no better than they were back then, with the very same complaints and confusion, and moans about card readers being required from new customers who wern't aware of this), it gives a calculation for the AER on that account.

Modifying this to suit the current E-Savings account rates, I reckon the AER on the E-savings quoted as being 2.89%AER is actually only 2.62% AER if you open your account on the 1st of October and had to wait until 15th of November to start earning the bonus rate of interest on top of the standard rate. I believe it would be 2.77% AER if you opened it on the last day of the month and got bonus interest paid from the 15th day of the following month.

So how can they claim 2.89% AER which is impossible to reach due to the fact the bonus isn't paid for the whole year, when they should be quoting 2.62% AER - now use that figure to compare with other providers...

rb10

SimonM wrote: »

Looking on this forum at the E-savings topic from this time back in 2008, when the very same sort of thing came up (and NatWest are clearly no better than they were back then, with the very same complaints and confusion, and moans about card readers being required from new customers who wern't aware of this), it gives a calculation for the AER on that account.

Yes, Natwest had a large number of e-Savings accounts opened at this time in 2008, and a lot of people had difficulties opening them.

Then, when those accounts matured this time last year, a lot of people had difficulties getting the advertised bonus on the account. Natwest just didn't pay it! In the end, I got mine twice, but only after a lot of complaining.

SimonM wrote: »

Modifying this to suit the current E-Savings account rates, I reckon the AER on the E-savings quoted as being 2.89%AER is actually only 2.62% AER if you open your account on the 1st of October and had to wait until 15th of November to start earning the bonus rate of interest on top of the standard rate. I believe it would be 2.77% AER if you opened it on the last day of the month and got bonus interest paid from the 15th day of the following month.

So how can they claim 2.89% AER which is impossible to reach due to the fact the bonus isn't paid for the whole year, when they should be quoting 2.62% AER - now use that figure to compare with other providers...

I agree with your calculations for what the AER should be if opened on the first or last day of October 2010; it's significantly lower than the advertised rate.

The rate of 2.89% is possible to achieve - open the account in October, then fund it on 15th November. You will receive 2.89% AER from 15/11/10 to 15/11/11. (But this shouldn't be advertised as an AER because it doesn't actually hold for a year from today, which is what the AER should be for).

I really do not think that it is fair for them to advertise it as 2.89% when (unless you know how interest works and can get around it), the advertised rate is impossible to achieve.

But then this is Natwest all over ... in my experience they can never do anything right ... see all the problems that people have with them, both with e-Savings accounts and current accounts.

castle96

so IS it 2.62 or 2.89 ??? Dont want to transfer from A&L 2.75 if so...