Natwest/RBS 2.85% esaver

miller

A bit off topic - I don't know what made me think of this, but say you made a mistake in your dealings with HMRC, this document explains what penalties you might expect:

http://www.hmrc.gov.uk/about/new-penalties/penalties-leaflet.pdf

G_M

miller wrote: »

A bit off topic - .......

No. VERY off topic...

SimonM_2

Received a letter (30/12/2010) which seems to be the same as the email that a few people have mentioned, detailing the wrong rate being quoted in the Important Information leaflet, but not detailing that the bonus payment info was wrong (they clarify how it is paid in the letter) and also not covering the fact that the AER was quoted incorrectly in the leaflet either.

I wonder how many additional complaints their "correction" will cause? The letter seems to suggest an attitude of "it was right on the website, ignore the Important Information leaflet" which is effectively what I was told on the phone at the time of complaining, but I don't find that acceptable.

neilsedaka

The net interest rate wasn't right on the website, so I have filed a complaint for being sent an incorrect email.

alanq

The Daily Mail recently reported the net interest rate error but sadly has not picked up the rest of the story logged in this thread. The report is also just tagged on to a story about mutuals.

"While on the subject of taxpayer propped-up banks, NatWest is seeking desperately to convince us all that it is the country's 'most helpful' bank with 14 commitments designed to make us go all gooey whenever we think of it. So it's unfortunate that the bank has just had to send out a frantic email to savers with an e-savings account, apologising for an error in the booklet they receive that spells out all the terms and conditions.
The mistake was in stating that the net interest rate was 2.82 per cent when it fact it was a less attractive 2.28 per cent.
NatWest's customer charter doesn't cover this particular issue so may I suggest it adds commitment number 15 to its 14 existing fatuous ones: 'We will aim to ensure all our literature is factually correct and not littered with crucial rate errors."
http://www.dailymail.co.uk/money/article-1341561/JEFF-PRESTRIDGE-Mutuals-tightrope-crunch-looms.html

D1zzy

Anybody get any interest on 30th December? Or do we have to wait 'til 4th Jan ?

SnowMan

D1zzy wrote: »

Anybody get any interest on 30th December? Or do we have to wait 'til 4th Jan ?

Added on 31st December at end of the day I think. So if you have a look now should be there.

G_M

alanq wrote: »

The Daily Mail recently reported the net interest rate error but sadly has not picked up the rest of the story logged in this thread. The report is also just tagged on to a story about mutuals.

"While on the subject of taxpayer propped-up banks, NatWest is seeking desperately to convince us all that it is the country's 'most helpful' bank with 14 commitments designed to make us go all gooey whenever we think of it. So it's unfortunate that the bank has just had to send out a frantic email to savers with an e-savings account, apologising for an error in the booklet they receive that spells out all the terms and conditions.
The mistake was in stating that the net interest rate was 2.82 per cent when it fact it was a less attractive 2.28 per cent.
NatWest's customer charter doesn't cover this particular issue so may I suggest it adds commitment number 15 to its 14 existing fatuous ones: 'We will aim to ensure all our literature is factually correct and not littered with crucial rate errors."
http://www.dailymail.co.uk/money/article-1341561/JEFF-PRESTRIDGE-Mutuals-tightrope-crunch-looms.html

Perhaps BBC's Watchdog would be interested in doing a more in-depth story. I'm sure if enough people contacted them they'd look into it.

Sisyphean_Task

My partner and I both opened a Natwest saver in the belief that the 2.85% interest rate applied straight away. When we didn't get it I complained over the phone and they pointed me to their website that mentioned "from the 15th". I assumed I had missed it somehow.

However after reading this thread and seeing the screenshot we both complained again and this week my partner got a letter from Natwest. They said that although they didn't uphold her complaint they will pay her the extra interest from the start of the account.

Hopefully my extra interest is to follow.

Thanks to all who contributed to the thread :beer:

G_M

Sisyphean_Task wrote: »

My partner and I both opened a Natwest saver in the belief that the 2.85% interest rate applied straight away. When we didn't get it I complained over the phone and they pointed me to their website that mentioned "from the 15th". I assumed I had missed it somehow.

However after reading this thread and seeing the screenshot we both complained again and this week my partner got a letter from Natwest. They said that although they didn't uphold her complaint they will pay her the extra interest from the start of the account.

Hopefully my extra interest is to follow.

Thanks to all who contributed to the thread :beer:

This is currently their standard 1st and 2nd responses. Reject this and insist on compensation for the misleading nature of their website, the trouble you've been put to etc.