Natwest/RBS 2.85% esaver

xyz123

gunjin wrote: »

I have just had a *challenging* 24 hours trying to deal with the "helpful banking" folk at Natwest. I was going to write it up as a cautionary tale in a separate thread but see that I am clearly not alone. To summarise my problems:

1) Took longer to open than any other savings account i have opened (and I've had a few). Customer support utterly unhelpful.
2) Bonus interest earned up to 6 weeks after account opening = misleading, deliberate rip-off. Customer support: "it is stated in the terms and conditions, you need to look more closely"
3) Nominated current account (with another bank) registered at application but then not tied to the savings account. Customer support: "I don't know why they do that but that is the policy"
4) Moving money out of the account to another bank account requires a card (not given to new customers by default), a card-reader (not given to new customers by default) and pin (not given to new customers by default) which combined with the failure to connect the nominated current account to the savings account means that anyone wanting to take money out has to wait 15 or so days. Customer support: "I don't know why they do that but that is the policy"
5) Even with the ability to transfer money out of Natwest, the daily NOT transaction limit is just £10k.

My predicament is that I need to pay some hefty bills by the end of Dec. The solution suggested to me by the esavings support line is that I go to a branch, present them with ID and they can CHAPS the money out of Natwest. I followed their advice and then spent two and a half hours A) trying to convincing them that they were able to send money out of Natwest and trying to prove my identity. I failed with the first one (and have had to open a current account with them through which my savings account monies can be transferred!!) and almost failed with the second despite having (and I kid you not) a passport, driving licence, HMRC bill, local council bill, an existing Natwest account and assorted credit/debit cards. It was my first experience of high street banking for over a decade and was one that will ensure I will never touch a high street bank again in my life.

I can only conclude that this Natwest esavings account is nothing but a dangerous trap and one to be avoided by anyone seeking a standard online savings account.

sorry to hear your problems. i have never ever had any problems with natwest and have been with them for years. This is however not to say that they are without fauly.

but there is a lesson for you...dont put so much money into the account till you have full facility to withdraw it...

boobbby

Absolutely right.. the most unhelpful banking I have ever come across. My mother is 90 and I have POA to help her get the most interest from her Natwest accounts. After checking her accounts on the internet I notice that Natwest like many other banks is giving her virtually no interest on any of her saving accounts. She wanted to stay with natwest as they had been her bank for over 60 years so I thought I would open a new EISA. Although they promised to send details of the account to my self they didnt and send the forms to Lincoln where she lives. I live in Oxford and eventually received the forms from her. I then had to go to the the nearest Natwest bank again with my POA forms to register this new account so I could add and view it on the Internet. I am now trying to move her old small ISA in Natwest which pays virtually no interest to the new Eisa but again they have sent the forms to her to sign (luckily I have family in the area and they will return the forms to me) If you want helpful banking then NEVER use Natwest. When I visit the branch which is some distance from me they seem to delight in only asking for one item at a time .. I take the forms.. return with POA.. return with passport ..etc

rb10

A good post, gunjin. You are not alone in your difficulties with Natwest!

Just one thing, though, and that's in reply to this bit:

gunjin wrote: »

It was my first experience of high street banking for over a decade and was one that will ensure I will never touch a high street bank again in my life.

Don't tar all the high street banks with the same brush as Natwest! On the whole (with the exception of Santander), they are much better than Natwest.

SimonM_2

gunjin wrote: »

2) Bonus interest earned up to 6 weeks after account opening = misleading, deliberate rip-off. Customer support: "it is stated in the terms and conditions, you need to look more closely"

Of which differed in the printed materials sent to customers, and the website details were unclear and updated between the launch of the account and the offer ending.

h176

I see on the AOL money news section & The Daily Mail (p28) today (Wednesday) that the NatWest TV advert highlighting how the company opens branches on a Saturday has been banned by the Advertising Standards Agency for being misleading.

It claims: "It's why, when you told us to open on Saturdays, we did", misleadingly implying that ALL NatWest branches open on Saturdays, which is NOT the case.

If an advertiser refuses to comply with the ASA, then the ASA can refer the advertiser to the OFFICE OF FAIR TRADING.

NatWest obviously withdrew the e-saver bonus advert on the 20/21 October 2010, but I'm wondering whether it's worth contacting the Office Of Fair Trading anyway about the NatWest e-saver misleading advert?!.....

h176

Received my Final Response letter today, from Mr P--- S

---

, Head of Savings @ NatWest.

Consists of the usual standard layout. The important paragraph reads as follows;

"My decision and rationale

After my investigation, I accept that the information on our website may have been misunderstood and you have therefore received a lesser interest rate than you expected. Although the bonus offer has now expired, during the period that it was available the website was reviewed and the information detailing when the bonus commences and how it is paid was amended to make it more prominent.

In these circumstances and also taking into consideration the time it has taken to resolve this complaint, the need for you to write a number of letters and any inconvenience you may have suffered, as a gesture of goodwill we wish to make you an ex-gratia offer in settlement of this matter. My calculations, which are enclosed, show the amount that would have been credited to your account if the bonus had started immediately is £83.58. However as you believe the lost interest is circa £120 my offer comprises £120 in interest and an additional amount taking the offer to £1,000 in settlement of this matter."

Any views?!....

miller

The usual ungracious in defeat stuff.

For misunderstood read wrong
For amended read corrected

Is the £1,000 a typo!! Or £120 * 12 rounded down as if you are not going to receive any bonus interest in the future?

h176

Thought I might be asked that!! I repeat;

"£1,000 (one thousand pounds) in settlement of this matter"

So for those who are thinking about accepting an offer of £20/£30, think long & hard!

I shall sleep on it!.....

SnowMan

h176 wrote: »

Received my Final Response letter today, from Mr P--- S

---

, Head of Savings @ NatWest.

Consists of the usual standard layout. The important paragraph reads as follows;

"My decision and rationale

After my investigation, I accept that the information on our website may have been misunderstood and you have therefore received a lesser interest rate than you expected. Although the bonus offer has now expired, during the period that it was available the website was reviewed and the information detailing when the bonus commences and how it is paid was amended to make it more prominent.

In these circumstances and also taking into consideration the time it has taken to resolve this complaint, the need for you to write a number of letters and any inconvenience you may have suffered, as a gesture of goodwill we wish to make you an ex-gratia offer in settlement of this matter. My calculations, which are enclosed, show the amount that would have been credited to your account if the bonus had started immediately is £83.58. However as you believe the lost interest is circa £120 my offer comprises £120 in interest and an additional amount taking the offer to £1,000 in settlement of this matter."

Any views?!....

I think miller has correctly done the translation of the language of natwestish. Is it so hard for them just to admit "we advertised the bonus as being for the first 12 months and by not correcting that error promptly we accept got it wrong and apologise". You wonder who they are trying to kid with that wording.

Are they really offering £1000? If so I would say crikey and simple decision to accept, I'm not sure there is anything to be gained by doing anything else. I guess you are a bit annoyed by their wording but I would say it is time to let it go now.

Well done for sticking in there and getting a result :T

SnowMan

h176 wrote: »

Thought I might be asked that!! I repeat;

"£1,000 (one thousand pounds) in settlement of this matter"

So for those who are thinking about accepting an offer of £20/£30, think long & hard!

I shall sleep on it!.....

I think you will sleep well :rotfl::rotfl::rotfl:

They are obviously not keen for the Ombudsman to see some of the correspondence and earlier denials.