Natwest/RBS 2.85% esaver

Moneyking

1) The net rate has now been updated on the web site under "Rates & Important info" tab as 2.28%. :beer:

2) Also under the "Common questions" tab, it now clearly states the "Bonus Offer and Interest Rate" at the bottom of the page :

How do I qualify for the bonus?
The 12 month introductory bonus offer is available to all customers who open an account from the 29th September 2010.
There are no withdrawal limits so you can access your money whenever you want and start saving from £1.
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.

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.

When is the bonus paid?
Your bonus interest will be paid monthly for 12 consecutive months (along with the standard interest payment) starting on the 15th day of the month after the month in which you open your account.

Errata

Thanks for your posts everyone, I've just opened one and will be shifting my cash into it from my current e account as soon as everything's confirmed by natwest.

D1zzy

DavidAC wrote: »

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.

I assumed that this meant this that interest is calculated daily from when the account was opened but paid on the 15th of the following month and then for the following 11 months -No?

So I opened mine today but understand it won't be visible on line for 48 hours (1st Oct) - so cant put any money in until then. Do I expect the first bonus payment on 15th Oct or 15th Nov,
(when is "opened" , "opened"? )

alanq

Moneyking wrote: »

1) The net rate has now been updated on the web site under "Rates & Important info" tab as 2.28%.

Good news.

Moneyking wrote: »

2) Also under the "Common questions" tab, it now clearly states the "Bonus Offer and Interest Rate" at the bottom of the page :...

As pointed out previously:

The Common Questions section says that electronic transfers are allowed but the Ts&Cs say only that regular payments in are allowed.

There has been no clarification made about bonus interest. It gives no indication that anyone opening an account today will not begin to earn bonus interest until 15th October.

KenC_3

RBS has a similar clause regarding interest except that the bonus is applied from the end of the month following the month in which it was opened.

However, to make matters worse, I had a Live Chat with RBS today asking them to conform the position. Twice the operative told me that bonus interest would be applied from the date of the deposit. When I asked what the statement on the web site meant they could not answer, referred to a manager and then told me that I had been misinformed and my understanding was correct.

I could easily have made a large deposit based upon the information I received and think this is very poor.

barak

neilsedaka wrote: »

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?

I have just seen that too. If 'they' really mean "by regular standing order", then for those who are not already NatWest account holders it is only a regular savings account.

Rollinghome

D1zzy wrote: »

I assumed that this meant this that interest is calculated daily from when the account was opened but paid on the 15th of the following month and then for the following 11 months -No?

So I opened mine today but understand it won't be visible on line for 48 hours (1st Oct) - so cant put any money in until then. Do I expect the first bonus payment on 15th Oct or 15th Nov,
(when is "opened" , "opened"? )

I think you'll find interest is paid on the last working day of the month as my previous e-saver accounts have been.

The bonus rate should be applied from the 15th day of the month in the month following opening - i.e from 15th Oct if you open in Sept or 15th Nov if you open next month, i.e. after tomorrow.

The opening date seems to be when they say the account is open regardless of whether it's been funded. When I completed the application on-line today they ended with the message: "Thank you for choosing Natwest. Your account is now open and ready for use."

The advertised net rate was changed to 2.28% at about 12.30pm today so anyone seeing 2.82% after that was probably reading the page from cache rather than from the server.

D1zzy

Clear as Mud!!
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.
Back to top

When is the bonus paid?

Your bonus interest will be paid monthly for 12 consecutive months (along with the standard interest payment) starting on the 15th day of the month after the month in which you open your account.
Back

Well I read that as the bonus being paid on the 15th of the month - not being calculated from the 15th of the month - but I'm sure you are right -Rollinghome, as its also apparently paid with the standard interest at the end of the month :santa2:

Funkyfreddy

D1zzy wrote: »

Clear as Mud!!
[..]
Well I read that as the bonus being paid on the 15th of the month - not being calculated from the 15th of the month - but I'm sure you are right -Rollinghome, as its also apparently paid with the standard interest at the end of the month :santa2:

On the previous "Bonus" applied to E-Savings accounts (well mine at least) it was added on the last business day of each month - two entries on your Statement, ie:

Interest nn/month Net
Interest Bonus

FF

vmp

Opened one of these today, and got my new account number and sort code at the end of the sign up process.

However, it isn't yet listed under the Accounts section in my Natwest online banking.

If you were already a Natwest customer and signed up, how long did your new account take to appear in your Natwest online banking?