Natwest/RBS 2.85% esaver

verntern

Wow! Natwest, unecessarily confusing terms and conditions. I applied, got accepted, deposited £0 and now will forget them. Bung your money into the AA at 2.8%. Great online facilities (courtesy of Birmingham Midshires) or the Post Office at 2.9% (poor and slow online facilities but now your savings protected under FSA)

alanq

The AA has only been paying 2.6% for new accounts since 1st November.

noh

verntern wrote: »

Wow! Natwest, unecessarily confusing terms and conditions. I applied, got accepted, deposited £0 and now will forget them. Bung your money into the AA at 2.8%. Great online facilities (courtesy of Birmingham Midshires) or the Post Office at 2.9% (poor and slow online facilities but now your savings protected under FSA)

No faster payments out with the AA.

rb10

srbuck wrote: »

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?

Yes - you have been badly treated.

Although the information was (kind of) there, it was vague and misleading.

Make a complaint: https://www.natwest.com/secure/global/contact_us/complaints_procedure.htm

And don't take 'no' for an answer!

cv65user

after all that wait with a couple of days to go till 15 / 11 /2010 for me to transfer 20k plus .

nationwide has jut released 2.99 % online , 1 free withdrawl , with subsequent interest lost withdrawls

http://www.nationwide.co.uk/savings/mysaveonlineplus/landing-page.asp?cmpid=Aggregators_80

so should i stick to natwest 2.85 or go 2.99 nationwide?
nb i have existing accounts with both providers so no sweat for me to sign up

is nationwide covered under the 50k govt fund if it goes bust?

Baldur

cv65user wrote: »

...so should i stick to natwest 2.85 or go 2.99 nationwide?
nb i have existing accounts with both providers so no sweat for me to sign up

is nationwide covered under the 50k govt fund if it goes bust?

Your choice - it would mean around £20 extra interest on a full year on £20k, so hardly worth bothering - especially with the withdrawal limitations on the Nationwide account and the lack of two-way Faster Payments, unlike the Natwest account.

The FSCS isn't a Government fund - all UK banks & building societies are covered by it,

nilrem_2

srbuck wrote: »

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.

In fairness to Natwest they do state on the info that the bonus interest will not be paid immediately

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.

Like many others you may not like their conditions but in fairness it does always pay to read and research as much as one can about any account before investing, indeed this thread alone is awash with posters pointing out the pitfalls of this account.

As an existing Natwest accounts holder of many years I like these esaver accounts as one can move cash quickly to and from a NW current account, but of course others find the account much less convenient.

As far as banking goes I don't think NatWest are any better or worse than other financial institutions they are all commercial organisations out to make a profit and at times all impose terms and conditions that many of us complain about but I think you are being a little harsh to imply that Natwest "conned you".

rb10

nilrem wrote: »

In fairness to Natwest they do state on the info that the bonus interest will not be paid immediately
Like many others you may not like their conditions but in fairness it does always pay to read and research as much as one can about any account before investing, indeed this thread alone is awash with posters pointing out the pitfalls of this account.

As an existing Natwest accounts holder of many years I like these esaver accounts as one can move cash quickly to and from a NW current account, but of course others find the account much less convenient.

As far as banking goes I don't think NatWest are any better or worse than other financial institutions they are all commercial organisations out to make a profit and at times all impose terms and conditions that many of us complain about but I think you are being a little harsh to imply that Natwest "conned you".

No.

When the account was first released, and for several weeks afterwards, the website did not give this level of information.

Have a read through the first pages of this thread, and you will see where people have commented on what the Natwest website initially said - which was completely contradictory to the true conditions.

It does always pay to read thorough any information given. But if the information there is incorrect or misleading, then that's all you have to go on. If the website states that you will get a bonus for the first twelve months, then you assume that to be correct. Potential Natwest customers should not have to read speculation from a third-party website (i.e. here) to find out the correct information.

Natwest have treated their customers badly here (like with their previous e-savings account). srbuck, I hope that after you complain they will pay you the full rate of interest from day 1.

cv65user

Baldur wrote: »

Your choice - it would mean around £20 extra interest on a full year on £20k, so hardly worth bothering - especially with the withdrawal limitations on the Nationwide account and the lack of two-way Faster Payments, unlike the Natwest account.

The FSCS isn't a Government fund - all UK banks & building societies are covered by it,

extra £20 is extra £20 i guess

Baldur

cv65user wrote: »

extra £20 is extra £20 i guess

Well.... it's actually £16, if you're a basic rate taxpayer.