Natwest/RBS 2.85% esaver

h176

From my experience, it was 100% clear that NatWest Customer Services, Customer Care Team, Customer Relations Unit, Marketing Dept., & all other departments had been instructed NOT TO ADMIT that the website was amended between the 15th and the 18th October 2010, by their Head Of Savings.

Through persistence, I finally reached the 'Head Of Savings Dept', who finally admitted that the 'website was reviewed and the information detailing when the bonus commences and how it is paid was amended to make it more prominent', and then offered an 'ex-gratia gesture of goodwill' offer.

However, the Head of Savings still refuses to provide a copy of the original website advert, and has still not credited my account with their 'goodwill offer'.

As the complaints dept's would not admit to the website being revised, I suggest you go straight to 'the top';

Mr Phil Sheehy,
Head of Savings,
RBS/NatWest Retail Products, Savings,
Level 2, Bankside 2,
90-100 Southwark Street,
LONDON,
SE1 0SW

Telephone: 020 3361 0190

SnowMan

I thought that people had to be 'fit and proper' to work in the financial services industry.

By my own definition I would say Mr Sheehy is not a 'fit and proper' person. The bonus was advertised on the natwest website for some considerable time as being for the first 12 months etc and Mr Sheehy must know that.

I would agree writing to My Sheehy is the way forward.

I don't know if natwest have cottoned onto this thread but if they have please note this issue is not going away until Mr Sheehy is open and honest and admits to the mistake. Until that happens I am afraid he is a discredited individual of a discredited organisation.

I am still awaiting a response from the FSA but will keep you informed.

Sisyphean_Task

Got my letter from Natwest today that adds the bonus interest from when the account was opened.

One thing they don't mention is if by paying the bonus interest from when the account was opened - if the bonus period definitely ends 12 months from account opening instead of from the 15th of the month after the account was opened. Hopefully interest rates will have risen higher well before the anniversary and my money will be out before then.

locky123

Can anyone help explain the interest amounts on my Natwest account, as the bonus sum for 31/12 has doubled. I dont really understand.

19/10 Opened with 50K
29/10 Gross 13.70 Bonus 0.00
30/11 Gross 43.85 Bonus 38.02
31/12 Gross 42.55 Bonus 78.71

If I want to close or move money out is it best to wait til after 15th of month?

Thanks

KenC_3

locky123 wrote: »

Can anyone help explain the interest amounts on my Natwest account, as the bonus sum for 31/12 has doubled. I dont really understand.

19/10 Opened with 50K
29/10 Gross 13.70 Bonus 0.00
30/11 Gross 43.85 Bonus 38.02
31/12 Gross 42.55 Bonus 78.71

If I want to close or move money out is it best to wait til after 15th of month?

Thanks

The bonus only kicked in on 15th November, being 15th of the month after account was opened.

SnowMan

locky123 wrote: »

Can anyone help explain the interest amounts on my Natwest account, as the bonus sum for 31/12 has doubled. I dont really understand.

19/10 Opened with 50K
29/10 Gross 13.70 Bonus 0.00
30/11 Gross 43.85 Bonus 38.02
31/12 Gross 42.55 Bonus 78.71

If I want to close or move money out is it best to wait til after 15th of month?

Thanks

Those figures confirm that the bonus was applied from 15/11/2010. Despite what it said on the Natwest website they apply the bonus from the 15th after the account was opened. So you were earning 1% AER until 15/11/2010 and 2.89% AER after that.

The bonus for December is double of that for November as November is only for half a month from the 15th whereas December is for the full month.

If you were expecting your bonus to be applied from when you opened the account (i.e. 19/10) based on the Natwest website (that wrongly said it was for the first 12 months) then you should complain to natwest.

You would have received an extra £69 gross interest if the bonus had applied from the very beginning.

You can withdraw money on any day (not just the 15th) without loss of interest as the interest and bonus is calculated on a daily basis.

locky123

SnowMan wrote: »

If you were expecting your bonus to be applied from when you opened the account (i.e. 19/10) based on the Natwest website (that wrongly said it was for the first 12 months) then you should complain to natwest.

Many thanks for confirming the interest rates, which I assumed were from when my account was opened.

So is everyone complaining to the following contact?

Mr Phil Sheehy,
Head of Savings,
RBS/NatWest Retail Products, Savings,
Level 2, Bankside 2,
90-100 Southwark Street,
LONDON,
SE1 0SW

Has a common letter of complaint been drafted?

SnowMan

locky123 wrote: »

Many thanks for confirming the interest rates, which I assumed were from when my account was opened.

So is everyone complaining to the following contact?

Mr Phil Sheehy,
Head of Savings,
RBS/NatWest Retail Products, Savings,
Level 2, Bankside 2,
90-100 Southwark Street,
LONDON,
SE1 0SW

Has a common letter of complaint been drafted?

You can use something based on the template in this earlier post if you like.

I would send it to Phil Sheehy if I were you as you suggest rather than the link in that earlier post.

castle96

NW e-savings account is 1%. How long before the e-saver drops,, and will we find out ? Do you really have to look each day ?! You wouldn't know otherwise !

h176

Yes, the NW e-savings a/c standard rate of interest of 1% is variable, & could therefore drop. Presumably NW would email us with any rate changes.

However, judging by the lie within their last email about the website displaying the correct net % rate from the start, I wouldn't beleive anything they say!......

I finally received my £1000 goodwill settlement figure into my a/c this morning.

Hoping you are all still pushing for compensation/goodwill, as well as bonus interest from day of account opening!