Natwest/RBS 2.85% esaver

alanq

If you want to stick with NatWest it seems that there is First Reserve. (Quarterly interest not monthly). Only advertised as paying 0.10% on the web but I saw in one branch, and only one branch, leaflets saying that a bonus of 2% was on offer for one year. A forum member who claims to work for NatWest confirmed that this bonus exists and that I had not imagined it.

Twister84 wrote: »

That is correct.

Both RBS Instant Access Savings Accounts and Natwest First Reserve's are giving a bonus rate. The criteria is that you must not already have an IASA or FR account. There may also be other criteria which need to be met. (This offer is for Private Banking customers too but the criteria and method of application is very different)

I've noticed it's not online too, so I would speak to your branch about it.

I intend to ask about this in my local branch today.

Other savings accounts must offer Faster Payments by the end of year. Northern Rock is implementing them during October/November. So NatWest will soon not have that advantage over other banks.

alanq

Went to branch. No sign of First Reserve bonus on display. Reception desk confirms that it exists BUT that it is not available if one has any other (instant access?) savings account. So I left instructions for them to close my eSavings account and to open First Reserve.

I think that there is a very good chance that they'll somehow "forget" the bonus but let's see. I'll not deposit any significant amount until I'm sure.

It's not like eSavings but a 2.1% savings account with a debit card seems OK. Nearest equivalent that I can think of is Yorkshire Building Society 2.10% with ATM card. Used in conjunction with my Step (soon to be Basic) account I will still be able to perform online transfers. 2.1% is better than eSavings paying 1% after bonus ends.

Errata

The current and soon to end Natwest e-savings account followed on from a previous one. Perhaps Natwest will have a new one shortly after the current one ends.

fizzypop

Errata wrote: »

The current and soon to end Natwest e-savings account followed on from a previous one. Perhaps Natwest will have a new one shortly after the current one ends.

Quite true ... the current one ran from 29 Sep to 20 Oct 2010 so a miniscule hope remains. I did find the a/c useful for feeding iii S&S ISA.

master811

Well just got a letter today saying they are extending my bonus rate for another 12 months! So i'll continue getting the 2.89% rate until this time next year!

It was typical though I've just opened up a new Santander account in preparation for moving my money over!

atypical

I got the same letter. The 1.85% fixed bonus continues for 12 months. It states the offer is by invitation only so they may be selectively offering it as they have done in the past.

Interestingly it says my bonus was due to expire on 13th October. From 14th October I'll receive the new bonus for 12 months until 15th October.

The 13th October date that my bonus was apparently due to expire doesn't make any sense. I opened the account at the end of September so it isn't 12 months from that date. Neither is it 12 months from the date the bonus was applied i.e. 15th October (the 15th day of the month after the month in which the account was opened).

meggsy

The heat is probably getting to me, but I can't see a problem i.e.,
the account continues as is until 15th October 2012 ?

meggsy

master811 wrote: »

It was typical though I've just opened up a new Santander account in preparation for moving my money over!

You probably had a lucky escape
I had an email from them this morning about Important Information about your Santander Savings Account which was closed about 5 years ago.

alanq

meggsy wrote: »

The heat is probably getting to me, but I can't see a problem i.e., the account continues as is until 15th October 2012 ?

The problem is that NatWest confused everyone from the start with misprints and complicated conditions so that even its staff did not know what was going on. Even at the end they could not get a date correct. (Why mention 13th and 14th?) So what confidence does that give one about the new offer. They say 15th October 2012 but is that date accurate? Did they mean something else? Who knows?

2.89% is too small an offer made too late IMO.

cathh70

master811 wrote: »

Well just got a letter today saying they are extending my bonus rate for another 12 months! So i'll continue getting the 2.89% rate until this time next year!

Same here.