Natwest/RBS 2.85% esaver

psychic_teabag

Stompa wrote: »

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

Perhaps opening one account today and opening (but not funding) a second one on Friday means you effectively extend the bonus period for 13 months - just need to transfer the money across after a year. And while the offer remains, can keep closing and reopening the "spare" account on the 1st of each month to keep extending the end of the bonus period ?

System

alanq wrote: »

I doesn't inspire confidence in them [NatWest] as a bank to do business with does it? I wonder what other surprises await.

My experience with NatWest was so far good. There is always a story to tell but my stories with other banks are worst. Unfortunately mistakes happen but at least their customer service was able to answer and clarify on the questions.

alanq

andre5 wrote: »

I'm not THE moneysavingsexpert myself but there seems to be a typo on the e-Savings NatWest page: http://www.natwest.com/personal/savings/g1/instant-access/e-savings.ashx#tabs=section4

It says:
Balance - AER(variable) - Gross Rate - Net Rate
£1+ - 2.89% - 2.85% - 2.82%

[STRIKE]I see that the net interest rate has been removed from the website. [/STRIKE]
Update: My mistake I was looking at the top of the page. Not changed at 14:00.

emeraldbugle wrote: »

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

If the bonus interest does not start being earned until the 15th of the month after the account was opened then it cannot be paid on the 15th of the month after the account was opened.

neilsedaka

From the e-Savings terms and conditions ...

19.9 Deposits after the initial deposit can only be made by electronic
transfer from a NatWest account in your name (or, if you hold
the account jointly, from a NatWest joint account in the same
names or from the personal NatWest account of a party to the
account) or by regular standing order from any UK bank account.

Does that mean that it is not possible to fund directly to the e-Savings account by faster payments from a non-NatWest account?

Stompa

psychic_teabag wrote: »

Perhaps opening one account today and opening (but not funding) a second one on Friday means you effectively extend the bonus period for 13 months - just need to transfer the money across after a year. And while the offer remains, can keep closing and reopening the "spare" account on the 1st of each month to keep extending the end of the bonus period ?

Possibly. My motivation was that I don't need one for a couple of months, so ideally would wait until then before opening, but on the other hand I wouldn't want to miss out because the account got pulled before then. So opening one now, just in case, might be a good idea.

alanq

neilsedaka wrote: »

Does that mean that it is not possible to fund directly to the e-Savings account by faster payments from a non-NatWest account?

I don't know but if that is the case then all that is required is to open a Step (aka Cash) account with £1. (You don't have to take a debit card or other banking facilities and you will be able to operate it with the same online banking card/card reader that you will need for your e-Savings in any case.) Faster payments to a Step account DO work so one could FP to a Step account then transfer to e-Savings. Hopefully this work-around is not necessary.

Common Questions
"After this first deposit, you can pay money in by electronic transfer from any UK bank account. Looking to save regularly? You can also set up a standing order."
http://www.natwest.com/personal/savings/g1/instant-access/e-savings.ashx#15

emeraldbugle

alanq wrote: »

[/SIZE]

If the bonus interest does not start being earned until the 15th of the month after the account was opened then it cannot be paid on the 15th of the month after the account was opened.

I agree the website says 'When is the bonus paid'. It is misleading as they should say 'When does the bonus start from'.

It also says
When is interest paid?

We calculate interest on the daily cleared balance in your account. We pay your interest on the last working day of every month.

alanq

andre5 wrote: »

I called NatWest customer service and they confirmed that it might be a typo but that a customer would get the advertised 2.82% Net rate if they opened an account when it was advertised like that.

There seems to be plenty of wriggle room there.

1) The bonus rate is fixed but doesn't kick in until 15th October. The basic interest rate is variable. The website no longer advertises a net rate. At best I think one could expect 1 day at a higher rate of interest.

2) I applied to open one of these accounts while a higher net rate was advertised but I suspect the account will not actually be opened until I sign and return the paperwork. Therefore I may not have been deemed to have opened the account until then.

I am therefore bracing myself for the bad news that my £1 will only earn at a rate of 1% today.

DavidAC

The net rate is still advertised under Rates & Important info and is still 2.82%.

You could try holding them to the AER. If you opened today the AER would be lower than the 2.89% stated because the bonus would not start until 15th October. But above the rate it states "for customers who opened an account from 29th September 2010".

Very confusing.

alanq

Thanks for pointing that out. When I reported that the Net rate had been removed I was looking at the top of the page where Gross and AER are listed but not Net. I had not looked further down.