Natwest/RBS 2.85% esaver

junkmail42

alan1946 wrote: »

Interest accrued will be shown on 15/11/2010

Welcome Alan!

I suspect what they meant was, you will start earning the bonus interest from the 15th November. Is this what you meant? It may even be 15th December if your funds didn't arrive 'til 1st November, that may be your opening date?

Is that a NatWest Current account? If not, you may want to ensure you have all the stuff to get money out before depositing any money you may need. You need all sorts of stuff which takes time to get - Activation code, Card Reader, Card, PIN no, cuddly toy, etc, etc.............

bad_karma_2

Put 50k in this account on the first of the month and it will earn 1% interest until the 15th day of the following month - over 6 weeks !!!. Then you will be entitled to the bonus of 1.85% and that will be paid from the 15th of that month together with the flat rate 1% at the end of the month. Can someone expalin to me how that can equate to a rate of 2.85% per annun. The online help people could not explain and after visiting my branch manager i was none the wiser. I think NW are being ambiguous in the least with this account and when it comes to the interest,if the end of month falls on a weekend they'll keep 2 or 3 days interest and pay it you the next month. What kind of computer system is that ?? I've moved the lot to Saga where i know whats what.

alanq

There was an explanation on the NatWest website amongst the other information (some true, some false and some misleading) that the quoted AER was calculated starting from when the bonus began to be earned. Assuming the variable rate remains unchanged the account will pay 2.89% AER over the course of a year - just that the year does not begin from the date most people would expect.

G_M

My complaint regarding misleading information about the advertised interest rate has been 'upheld'. I have been awarded (a small) compensation. I have rejected the offer and await a better one.

However this shows that NW acknowledge they made errors with the way the headline rate has been used.

SimonM_2

G_M wrote: »

My complaint regarding misleading information about the advertised interest rate has been 'upheld'. I have been awarded (a small) compensation. I have rejected the offer and await a better one.

However this shows that NW acknowledge they made errors with the way the headline rate has been used.

My complaint has also been 'upheld', and an offer has been made to "compensate", but at the moment I have not accepted this as I do not feel that it either resolves the issues (there are several, including issuing updated paperwork to explain that mistakes were made, to all customers), nor truly reflects the amount I will be saving over the year. I'm waiting to hear back from NatWest.

Devonjem

I applied for this account on 29 September. Despite being an existing Natwest customer with an existing esaver account, my account was not opened until 6 October. Also, at the time I applied, I did not see any key facts on the Natwest site about bonus interest running from 15 November. So I have two issues with Natwest - the first is they should have opened my account on 29 or 30 Sept, and second the bonus interest date issue was not made sufficiently clear at the time the offer was first put on the website.

I am now waiting for their reply.

afwone

I follow these posts with interest. A delay between opening an account and receiving the bonus rate of interest does smack of dodgy practice given the headline rate of interest advertised.

I have contacted NatWest twice to ask about this, and been assured (I think) by the person on the phone or online that the full rate of interest is earned from day 1. Neither time has the person answering my questions inspired confidence, and the doubt remains in my mind...

noh

afwone wrote: »

I follow these posts with interest. A delay between opening an account and receiving the bonus rate of interest does smack of dodgy practice given the headline rate of interest advertised.

I have contacted NatWest twice to ask about this, and been assured (I think) by the person on the phone or online that the full rate of interest is earned from day 1. Neither time has the person answering my questions inspired confidence, and the doubt remains in my mind...

Then they don't know their own product.

From http://www.natwest.com/personal/savings/g6/rates.ashx#eSavings

"Including 1.85% bonus Limited period offer for customers who applied for an e-Savings account between 29 September 2010 and 20 October 2010.
The bonus interest is earned from the 15th of the month following the month in which the account was opened. It is paid monthly along with the standard interest payment. "

afwone

noh wrote: »

Then they don't know their own product.

From http://www.natwest.com/personal/savings/g6/rates.ashx#eSavings

"Including 1.85% bonus Limited period offer for customers who applied for an e-Savings account between 29 September 2010 and 20 October 2010.
The bonus interest is earned from the 15th of the month following the month in which the account was opened. It is paid monthly along with the standard interest payment. "

Thanks. I did read this, but to my mind the statement can be interpreted in two ways. It all depends on what they mean by the term 'earned'. Either that the bonus is applied only to the funds in the account after the 15th of the month following, or that it is simply paid on that date (having been applied from day 1).

The staff I have spoken to have, like me, assumed the second interpretation, though I must say they have not seemed too bothered by the distinction.

CosmicTen

I've had my first interest payment and have worked it out as the lower rate, so the full rate is definitely not paid from day one.