Natwest/RBS 2.85% esaver

D1zzy

CosmicTen wrote: »

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.

When you get yr bonus interest it appears as a separate transaction - so 2 interest payments are credited

CosmicTen

D1zzy wrote: »

When you get yr bonus interest it appears as a separate transaction - so 2 interest payments are credited

That may be the case but I've only had one interest payment which works out as the low 1% of what ever it is (all as expected of course). I opened the account mid oct, put a few grand in and on 29th Oct had the first interest payment.

My reckoning is that (in my case) the bonus interest calculations will start 15th Nov for me, for which it will be paid at the end of November.

I think NatWest have been 'fairly' clear about this but I do think they are tactics and I also think this whole first month thing is out of order but if people don't like it, just go elsewhere. It's also easy access so just dump it when something better comes along

chaotic_j

Applied for account 19/10/2010, sent form and cheque 23/10/2010, opened 26/10/2010 with £1 (from cheque).

Received customer number in letter dated 28/10/2010, received activation code 04/11/2010 in letter dated 02/11/2010 and registered for online banking 04/11/2010.

Ordered card reader 04/11/2010.

My question is: how do I use card reader when I have no card? Is this something that I need to phone up to order, or will I get one automatically?

Any idea how long it will take? Also to receive associated card PIN number etc?

As stated previously: what a pallaver!

afwone

chaotic_j wrote: »

My question is: how do I use card reader when I have no card? Is this something that I need to phone up to order, or will I get one automatically?

Any idea how long it will take? Also to receive associated card PIN number etc?

As stated previously: what a pallaver!

In my case they sent a card and a PIN when I requested the card reader. To move money out you will need all three unless you are a NatWest Customer already. No withdrawals over the phone 'as it is an online only account'. It took more than two weeks after requesting the card reader for me to receive everything.

junkmail42

housesitter wrote: »

Applied on 29th.
Checked my two accounts in the quick view and both got two lots of interest.
Checking the statement view it shows:

29 Oct 2010 INT 29OCT NET
29 Oct 2010 INT BONUS

Applied 29th of when, October?, and you've received bonus interest immediately?

If so, this contradicts what everybody else here has been told, and experienced I believe.

D1zzy

junkmail42 wrote: »

Applied 29th of when, October?, and you've received bonus interest immediately?

If so, this contradicts what everybody else here has been told, and experienced I believe.

Probably 29th Sept - bonus then accrues from 15th Oct and is paid 29th Oct

srbuck

At the start of October I invested a very large sum of money from my late wife's life assurance in Nat West's online e-saver account. It was recommended to me, as they said they pay a bonus of 1.85% for the first year.

However, I have just found out that I have to wait nearly 6 weeks for the higher rate to kick in, and until then they are only paying me a measly 1%. On this sum of money, that makes a big difference to me.

I feel I have been totally conned. I have never heard of such underhand terms and conditions before. No doubt they will tell me that this information was available, but it obviously was not clear, as I did not notice it anywhere when signing up. There should have been a warning in big red letters that they only pay 1% for the first month and a half.

I would actually have been better off, therefore, staying with my previous bank. I'm totally gutted, devastated, upset and appalled by the bank's actions, which will cost me hundreds and hundreds of pounds in lost interest and of course make bigger profits for them.

Is there anything I can do, please?

srbuck

PS Just been told by Sairah on the Birmingham Retail helpdesk that my bonus will be paid on 15 November and backdated to 6 Oct when I opened the account, since it is paybable from the date that the account was opened. I'll believe it when i see it...

barak

Does GUINNESS WORLD RECORDS [as I believe it's now called] have a category for "launching the most error riddled, confusing and generally misunderstood savings account"?

I've opened one of these with £10, but I shall be doing everything I can to find alternatives to making any further deposits, as I have a simple rule of avoiding financial products with Terms & Conditions that I couldn't confidently explain to somebody else!

Rollinghome

srbuck wrote: »

Is there anything I can do, please?

If you relied on the information on their website which was highly misleading and in part inaccurate (see earlier posts) then complain and if the outcome doesn't satisfy you escalate to the financial ombudsman.

Edit: ... as I see you have.