Natwest/RBS 2.85% esaver

gunjin

SimonM wrote: »

So for me, it isn't resolved at all yet.

Likewise. For me the interest rate scam (which has cost me a material amount as i had a very large sum in the esavings account) was just the start of a catalogue of problems with Natwest (see my earlier post if interested!) for which I am seeking explanations and apologies.

home_alone

I moved in about £50K mid oct and had to wait 6 weeks before getting any bonus. My general opinion of Nat West is that they are the worst bank ever to open an account with (time taken to open first account was 9 weeks, second account was nearly 3 weeks) and the worst bank to take money out (card reader), I hate to think how long it could take to move our cash isas. Almost forgot when I was waiting for my last e savings account to open they (Nat West) told me it would be opened and running in a few days, I then went straight away onto the Nat West site and bingo it was already opened, more duff gen.

calypso_rhapsody

Hope you win through h176 - we know you're right! I consider myself to have been lucky to have read about this loophole before i opened my account so did not fund it until the 15th of the following month - thanks to MSE!!

boobbby

home_alone wrote: »

I moved in about £50K mid oct and had to wait 6 weeks before getting any bonus. My general opinion of Nat West is that they are the worst bank ever to open an account with (time taken to open first account was 9 weeks, second account was nearly 3 weeks) and the worst bank to take money out (card reader), I hate to think how long it could take to move our cash isas. Almost forgot when I was waiting for my last e savings account to open they (Nat West) told me it would be opened and running in a few days, I then went straight away onto the Nat West site and bingo it was already opened, more duff gen.

Once I had completed the transfer form to move my cash ISA to an Eisa and handed the form back into the Natwest bank I was warned by their customer services that it could take up to 30 days to carry out the transfer. As it was only an internal transfer I thought that was abit pesimistic so was pleased to say it only took 24 hours.

SimonM_2

Does anyone know where the quote from Phil Sheehy Head of Savings at NatWest came from in the following articles? Multiple sites seem to have quoted him, which suggests to me that it was probably a press release issued to the trade at the account's launch:

http://www.moneynews.co.uk/9240/natwest-high-interest-savings-account-straightforward-/

Phil Sheehy, head of savings at the company, described how the "straightforward" style of the E-savings account is part of the organisation's Helpful Banking pledge.

He said: "This new offer gives a market-leading rate without the restrictions often associated with a high interest rate."

The NatWest E-savings account offers 2.85 per cent interest for the first 12 months, including a bonus of 1.85 per cent.

After a year, the return drops to one per cent.

Mr Sheehy also pointed out that people can use the NatWest Savings Goal system with the product, in order to help them put aside cash for whichever item they want to save for.

http://www.easier.com/77873-online-savings-account-natwest.html

Phil Sheehy, Head of NatWest Savings said: "As part of our Helpful Banking pledge we are absolutely committed to providing great, straightforward savings accounts for our customers and this new offer gives a market-leading rate without the restrictions often associated with a high interest rate. As an additional benefit, our online banking customers can use the account with our Savings Goal tool, which helps our customers plan for their future savings needs and monitor their progress towards achieving them."

http://blog.which4u.co.uk/financial-service-updates/nationwide-boosts-rates-on-e-saver-account

http://www.moneyfour.com/2010/09/5-star-rated-online-savings-account-from-natwest/

http://interactivetrading.info/?p=498



I'm particularly interested in finding out the source of the annoucement and his comments, such as if it was a press release newswire or on NatWest's website (it doesn't seem to be in their media section). The "As part of our Helpful Banking pledge" "straightforward savings accounts" and mention of "first 12 months" will be very interesting to question if it was indeed issued by the Head of Savings as part of an official announcement, seeing as NatWest appear to be claiming they never said that it was the first 12 months. To me it shows exactly how much NatWest think of their customers and Helpful Banking pledge.

Errata

h176 wrote: »

My case was investigated individually by no less than FOUR different Customer Service Advisors @ Customer Care Team, Manchester, who were all unable to uphold my complaint. That was after two people in the general customer services had already knocked me back.

The fifth Customer Services Advisor realised I wasn't giving in, & so he referred my complaint to the Head of Savings Dept.. It stayed with them & their legal dept. for a few days, & then I received a suprising phone call last Friday afternoon. It was the Head of Savings himself, Mr P--- S

---

(not sure where I stand legally mentioning actual names!), from RBS Retail Products/ Savings, Southwark Street, London. He was very cautious in what he said, was apologetic for the way I had been treated by NatWest, & then in his words 'wanted to cut to the chase & agree a settlement offer with me'. He mentioned £400, I said no, he raised it to £1000, I said no, & that I wanted a settlement offer figure of 10% of the funds I had placed in the account after opening, which I couldn't then withdraw because they hadn't provided me with a card & reader. He then said that wasn't possible & would send his offer in writing.

I have been instructed this morning by telephone to refer any further communication directly to the Head of Savings dept. & not the customer care team.

Phil Sheehy - see post 497.

SimonM_2

Yes I realise he has been quoted in this topic, but I'm looking for the sources of the articles (some of them are referenced in my previous post) where he was quoted talking about the new e-Savings account that launched in September.

Is there anywhere that NatWest posts all of their media releases to, such as prnewswire or some other site that specialises in financial news, without editing them to be a news story in itself?

Blackdog

No doubt Martin Lewis and the moneysavingexpert team are on the distribution list for these type of press releases and could confirm the wording of the original release.

G_M

SimonM wrote: »

Just spoken with NatWest in relation to my complaint, and they still say that they didn't advertise it as "first 12 months" and apparently have screenshots proving they didn't.

All at odds with the screenshot and printout of the signup process which I've got that proves differently, and all of the information posted in this topic at the time and since then from numerous people who all saw the information.

The written response to my complaint (which they've upheld but offerred an insufficient compensation) includes:

"I have investigated.. with the Manager of.... and they confirmed..... The Website has since been changed."

So I have a written admission that the website was changed.

lizkelly

SimonM wrote: »

Yes I realise he has been quoted in this topic, but I'm looking for the sources of the articles (some of them are referenced in my previous post) where he was quoted talking about the new e-Savings account that launched in September.

Is there anywhere that NatWest posts all of their media releases to, such as prnewswire or some other site that specialises in financial news, without editing them to be a news story in itself?

It is very likely that MSE will have some documentation of the original press release for the launch of the e-saver. The impending launch was promoted on this site on approximately 26th September, therefore MSE would definitely have been given advance launch information. At that time I believe the launch date was expected for the 27th, but it was subsequently delayed until the 29th September. I would think that somewhere in Martin's correspondence on the launch, he might find the wording 'the first 12 months.....' Perhaps we could ask MSE for help on this one.