Natwest/RBS 2.85% esaver

Milarky

emeraldbugle wrote: »

£10,000 FP limit. They are the best!

Not actually the best anymore. Lloyds and HSBC (First Direct) are not limited to a 'daily amount' and I have successfully sent more than £10,000 (more than one payment) as faster payments through them in a single day.

Also be aware of the 6.30pm 'cut off' at Natwest/RBS (also Tesco) for both paying-in and paying-out. All credits to the account need to be made before 6.30pm on a WORKING day in order to earn interest that day. Conversely, any payments from the account may after 6.30pm are treated as being in the account for an extra WORKING day (even where they are actually sent and arrive instantly at the other bank) Natwest's (etc) statements can actually 'change date' afterwards to reflect this cut off time.

I've just opened mine and have an account number but it's not showing yet. I've been told '48 hours' by Natwest. Attempt to fund with £1 (Opening £1 should have been taken from my current account but hasn't yet) from Lloyds was unsuccessful (i.e. bounced by FPS as unrecognised)

Milarky

alanq wrote: »

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.

[STRIKE]I think the issue is the 'loss' of nearly a month's interest until their monthly cycle can catch up if the application is made at the start of the new month (October) - which is on Friday.[/STRIKE]

Sorry, I too misunderstood the implication of the OP - which is that the bonus period 'runs' from 15th to 15th (although I'm guessing gets paid at the same time as ordinary monthly interest - at the end of each month) regardless of which day of the month the account is opened. Thus an account opened today or tomorrow (in September) is only earning 1% until 15th October and then earns an extra 1.85% until 14th October 2011. BUT an account opened on Friday 1st October will earn its bonus 15th November 2010 - 15th November 2011. Hence the advice about not funding the account until your bonus period actually starts...

lulu999

emeraldbugle wrote: »

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.

Like yourself, I remember this 'feature' from last time.
Last time, I even phoned their call centre beforehand for clarification who then gave me incorrect information, and said I would accrue the bonus rate from the current month.
Turned out not to be so. I took them to the Financial Ombudsman for lying to me, and won.

You have to wonder if releasing a new account on the 29th of a month with conditions such as, 'month after month opened', isn't designed to catch people out.

Beware.

housesitter

I have two E savings currently. One of them is from a long time ago when the rates were amazingly high back in 2007 or something.
The second was from the previous rate boost deal.
No problem having two accounts at that time.

I've just opened another one to take this new rate boost deal.
The FAQ on their site suggests multiple account is not a problem - it wasn't previously either.

I'll be closing one of the others now and might take a second of these bonus accounts to keep money seperate for different things. No harm in doing that.

Searcher2

Thanks for this. The application seemed very straightforward. When my A&L esaver type account bonus interest ran out I opened a new Santander account through the A&L site just for ease. That was about 18th August. To date I still do not have internet access to the new account (which has all of my savings in it). There seem to have been problems at every stage and Santander have not replied to my 2 email complaints.

I look forward to leaving Santander for good - I just hope I can get the money out somehow!

Moneyking

Searcher2 wrote: »

I look forward to leaving Santander for good - I just hope I can get the money out somehow!

I made a formal complaint against Santander on just this issue, I got my money back now and closed the account, took months and hours on the phone, never again...:eek:

Just trying to pick the best current account provider at the moment, looked at First Direct, but people on there own site are saying bad things about them, "Just like any other bank now...", so I'm serious looking at moving to Natwest or Barclays at the moment.

emeraldbugle

alanq wrote: »

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.

Natwest have confirmed that the bonus is not 'earned/paid' until the 15th of the month following month of opening.

Extract from chat with natwest.

: Hello there. Sorry for the delay. You earn the 1.00% interest rate from day 1, but from the 15th of the following month you'd start earning the 2.85% rate.
: So if you really were going to maximise your interest you can open the account with £1, then wait until the 15th the following month then put the money in the account and get 2.85% for 12 months.

alanq

You never get a 2nd chance to make a 1st impression!

So Natwest launches an account with generous terms and the potential to attract lots of new customers not only for that product. A few hours on and already we have discovered that they have advertised an incorrect net interest rate and misleadingly advertised the bonus terms. (Not accidentally it seems if that happened previously). I doesn't inspire confidence in them as a bank to do business with does it? I wonder what other surprises await.

I'll think long and hard whether to add to the £1 I have already deposited.

Stompa

housesitter wrote: »

I have two E savings currently. One of them is from a long time ago when the rates were amazingly high back in 2007 or something.
The second was from the previous rate boost deal.
No problem having two accounts at that time.

Interesting, so would it be permissible to have two of the currently advertised accounts (opened at different times)?

emeraldbugle wrote: »

Extract from chat with natwest.

: Hello there. Sorry for the delay. You earn the 1.00% interest rate from day 1, but from the 15th of the following month you'd start earning the 2.85% rate.
: So if you really were going to maximise your interest you can open the account with £1, then wait until the 15th the following month then put the money in the account and get 2.85% for 12 months.

So does the 12 months run from account opening, or the 15th of the following month?

emeraldbugle

Stompa wrote: »

So does the 12 months run from account opening, or the 15th of the following month?

From the 15th of the month following month of opening.