Natwest/RBS 2.85% esaver

D1zzy

SimonM wrote: »

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.

Press releases here
http://www.natwest.com/global/media.ashx

but can't see anything relating to the savings account

cv65user

can anyone confirm the interest earnt with 26,000. i opened account mid sept. and put in 26,000 on 15 nov.
and i got the following:
30 Nov 2010 Interest £8.70
30 Nov 2010 Interest £16.10
=24.8 INT
so i am now earning the appropiate 2.85%?

by my calc:
2.85% of 26,000 = £741 per annum / 365days = £2.03 INT per day
so 2.03 * (15 nov- 30 nov=14 days) = 28.42

so its about right?

SnowMan

cv65user wrote: »

can anyone confirm the interest earnt with 26,000. i opened account mid sept. and put in 26,000 on 15 nov.
and i got the following:
30 Nov 2010 Interest £8.70
30 Nov 2010 Interest £16.10
=24.8 INT
so i am now earning the appropiate 2.85%?

by my calc:
2.85% of 26,000 = £741 per annum / 365days = £2.03 INT per day
so 2.03 * (15 nov- 30 nov=14 days) = 28.42

so its about right?

Yep it's right.

My calculations which are based on applying the 2.89% AER rather than trying to exactly mimic the natwest calculation, give net interest at 30/11/2010 of £24.35 (split £8.50 of standard interest and £15.85 bonus interest)

G_M

cv65user wrote: »

can anyone confirm the interest earnt with 26,000. i opened account mid sept. and put in 26,000 on 15 nov.
and i got the following:
30 Nov 2010 Interest £8.70
30 Nov 2010 Interest £16.10
=24.8 INT
so i am now earning the appropiate 2.85%?

by my calc:
2.85% of 26,000 = £741 per annum / 365days = £2.03 INT per day
so 2.03 * (15 nov- 30 nov=14 days) = 28.42

so its about right?

Yes but you forgot to deduct tax.

D1zzy

Just got this from them - so looks like you've all forced them to admit the error of their ways at last

Shortly after you opened your e-Savings account recently, we sent you a booklet entitled 'Important Information'. This contained the terms and conditions applying to your account including details of the interest rates. Unfortunately the booklet incorrectly quoted your net interest rate (applicable during the time the bonus interest rate applies) as 2.82% when this should have read 2.28%. (The net rate is the interest rate that you are paid after the deduction of income tax and this includes both your bonus rate and underlying interest rate). The net rate applicable to your account was quoted correctly on our website. This is what you would have seen before you applied to open your account.

Your gross rate of interest of 2.85% was quoted correctly within the booklet.

We'd like to apologise for any inconvenience this may have caused you and to reassure you that the interest you've received to date is correct. We'd also like to take the opportunity to give you some further clarification about your bonus and when it's paid.

Your bonus runs for 12 months

Your bonus would have started to accrue from the 15th day of the month following the month in which your account was opened. It is paid monthly for a full 12-month period. This means you will receive a bonus interest rate of 1.85% (gross) on top of the standard interest rate of 1% (gross), for 12 months.

agrinnall

I've just had the following email from NatWest admitting that they showed the net interest incorrectly and stating that the bonus to bring the gross rate up to 2.85% is paid for 12 months from the 15th of the month after opening the account.

Shortly after you opened your e-Savings account recently, we sent you a booklet entitled 'Important Information'. This contained the terms and conditions applying to your account including details of the interest rates. Unfortunately the booklet incorrectly quoted your net interest rate (applicable during the time the bonus interest rate applies) as 2.82% when this should have read 2.28%. (The net rate is the interest rate that you are paid after the deduction of income tax and this includes both your bonus rate and underlying interest rate). The net rate applicable to your account was quoted correctly on our website. This is what you would have seen before you applied to open your account.

Your gross rate of interest of 2.85% was quoted correctly within the booklet.

We'd like to apologise for any inconvenience this may have caused you and to reassure you that the interest you've received to date is correct. We'd also like to take the opportunity to give you some further clarification about your bonus and when it's paid.

Your bonus runs for 12 months

Your bonus would have started to accrue from the 15th day of the month following the month in which your account was opened. It is paid monthly for a full 12-month period. This means you will receive a bonus interest rate of 1.85% (gross) on top of the standard interest rate of 1% (gross), for 12 months.

nilrem_2

Yes I too have just had the email, it's the first time I have ever had an email that is really from Natwest, they are usually phishing ones!

Devonjem

My position is as follows:

1. Natwest have 3 times refused to uphold my complaint about interest for the first 12 months.

2. They have however offered (and paid without me accepting the offer) compensation for inconvenience in the same amount as the lost interest.

3. I have said the matter will be referred to the Ombudsman along with a complaint about not getting 2.82% as set out in the booklet.

4. I am claiming the lost contractual interest,, interest at 2.82% and compensation.

5. Their reasoning is ridiculous - they say the common questions page was sufficient notice. They have refused to comment at all on the Rates & Important Info page and the Features and Benefits page as those pages existed at the end of September.

6. i too have received the Sheehy email which to me is simply trying to avert claims, but will only result in a flood of them.

h176

I've just received the e-mail aswell. They admit to the 'important info. booklet' error regarding the 2.82% / 2.28% net interest rate.
Interesting how it's taken them nearly 3 months to send this information......

However, no mention whatsoever about them revising the actual advert between the 15th & the 18th October, regarding when the bonus starts earning!.....

NatWest, if you're reading this, maybe you'd like to admit to everyone that you 'reviewed and amended' the advert, as you have done with myself?......

I've sent an e-mail to their 'Product Performance Manager' in the Savings & Investment Dept, demanding a copy of the original e-savings advert, that I've been asking for for the last 2 months, which stated that the bonus started earning on account opening, paid on 15th of month after month in which account opened. I'll then decide whether to accept their goodwill offer of £1000, or take it on to the Financial Ombudsman.

SnowMan

Have got the email also so looking increasingly likely it has been sent to everyone who opened a bonus account.

Well done to h176, SimonM, lizkelly, devonjem and all the others who have helped such as rollinghome who have got them at least to start to own up to their mistakes :beer:

They still haven't admitted to advertising the bonus as being for the FIRST 12 months but at least they are starting to admit their errors.

Hopefully some of those who weren't aware of the delay in the bonus will start googling, come across this thread, and realise that they have a cast iron case for asking for the bonus interest to be paid from day 1 (plus costs of inconvenience in having to get them to resolve things) or will take matters up with natwest of their own accord.

For those who are struggling to get natwest to pay inconvenience payments hang in there or take it to the ombudsman.

And if you are reading natwest if you ever think of trying to deceive customers again and then lie to cover it up we will be on your case again. And don't think this incident is over yet until you admit to the bonus being advertised for the first 12 months. Natwest we are your worst nightmare