Natwest/RBS 2.85% esaver

G_M

castle96 wrote: »

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

You'll get 2.89 if you time your transfer-in right.

You'll get 2.62 if you time it wrong.

Or you'll get something in between if you time the transfer in between!!

castle96

pl explain, re "right" and "wrong".....?

GlasWolf

Open on 1st of month and transfer savings in immediately: 6 weeks at 1% before bonus starts (on the 15th of following month) --> 2.62%.
Transfer savings on 15th of month after opening: 2.89%.

Errata

rb10 wrote: »

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.



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.

Isn't this the point? Natwest offered and will pay the bonus rate for a year !

rb10

Errata wrote: »

Isn't this the point? Natwest offered and will pay the bonus rate for a year !

I'd say that the point is that despite the fact that the full 2.89% rate is possible to achieve, you have to read the website thoroughly, ignoring parts of it and making assumptions about other parts.

They state that everyone will get 2.89% AER 'for the first 12 months'. This is not true.

JustKeepSwimming_2

pochisoldi wrote: »

Natwest, Smile, and Nationwide card readers are identical apart from branding. So if you've got the card and a PIN, use whatever reader comes to hand.

As an aside, a Barclays card reader looks different to the others, but again it works, and to be honest, if you have "fat fingers", or just want a card reader with bigger keys, this is the one for you.

Thanks for that as I did wonder if I could use my existing card reader. Maybe someone should tell NatWest that they are interchangable as they told me I couldn't use my existing card reader! Not that I believe a word NatWest say anymore....

D1zzy

rb10 wrote: »

I'd say that the point is that despite the fact that the full 2.89% rate is possible to achieve, you have to read the website thoroughly, ignoring parts of it and making assumptions about other parts.

They state that everyone will get 2.89% AER 'for the first 12 months'. This is not true.

Agreed and its worth noting that...

• Acc opened say OCT 2010
• Bonus accrues from 15th Nov 2010{don't put significant money in until then} to 14th Nov 2011
• Last Bonus paid 30th Nov 2011
• No bonus earned between 15th and 30th Nov 2011 - so either formally close the account on the 15th or at least move out the main balance!
• Careful also not to close on the aniversary of the account opening and miss out on the last months bonus

Potentially NW win at both ends if you put in funds too soon and leave them there too long. (upto 8 weeks with no bonus)

typistretired

I opened on 12th October 2010 with £1 not putting any further money in until 15th November 2010 by faster payment. However if anyone is thinking of opening an account it is too late as I have just been on their site and this rate closed on 20th October 2010 you will only get 1% if you open now

G_M

typistretired wrote: »

...if anyone is thinking of opening an account it is too late as I have just been on their site and this rate closed on 20th October 2010 you will only get 1% if you open now

see post 268...

kiis102

G_M wrote: »

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....

I've closed it today thank god. Took a month to open the stupid account (still didn't put money in or have access to online banking) and took 3mins to close.

I'm not fussed about a few days of lost interest. I've had 3 different savings accounts over the past few years. I usually whack all my money in and leave it till the rate expires then take it back out