Natwest/RBS 2.85% esaver

nokia1100

cathh70 wrote: »

Probably not, I have kept between £500 and £1000 in it, never any more than that. I first opened the account on Sept 29th, and got my letter on Oct 1st.

Having relatively little in it is probably their reason for keeping adding 12 months, bearing in mind they probably reckon they can knock it right down next year when you've forgotten about it. I'd already moved a larger sum elsewhere when I got the ridiculous 3 month extension letter.

typistretired

I agree with you fizzypop they have only extended mine for 3 months despite me keeping quite a lot in there until recently still have over £5k . I started moving money out as I thought it would be ending. I use it as an extension of my HSBC current account because both our good at faster payments. Maybe the ones who have had a 12 month extension are current account holders or they are going to offer those accounts with a decent balance in them a higher rate. Did you see that pig fly

MrRee_2

Well, I have had a letter AND an message on the NatWest Site ..... the letter states that I will be earning an extra 1.85% Gross P.A. until 14th February 2012.

Fine, thank you ...... BUT .....

The letter sets out the rates which will apply to my account as 1% without Bonus and 1.46% with Bonus ...... ????????

So, NatWest ... what is it? Useless!!

davidwelch158

MrRee wrote: »

Well, I have had a letter AND an message on the NatWest Site ..... the letter states that I will be earning an extra 1.85% Gross P.A. until 14th February 2012.

Fine, thank you ...... BUT .....

The letter sets out the rates which will apply to my account as 1% without Bonus and 1.46% with Bonus ...... ????????

So, NatWest ... what is it? Useless!!

That's the overall annual rate given 3 months with the bonus and 9 months without. It confused me too.

Derek_the_Skeptic

I received one of these letters from NatWest with a 15 Month extension of the 2.89% rate, until the end of February 2013, but it was too late. I had already moved most of my "instant" savings to Santander who are offering 3.1%.

I'm wondering if their selectivity criteria has anything to do with how much you complain. I had a good go at them about the general lack of usable accounts only a few weeks ago.

MrRee_2

Well, I will be being 'selective' with my savings come 14th February 2012 - I can tell you!

nilrem_2

MrRee wrote: »

Well, I have had a letter AND an message on the NatWest Site ..... the letter states that I will be earning an extra 1.85% Gross P.A. until 14th February 2012.

Fine, thank you ...... BUT .....

The letter sets out the rates which will apply to my account as 1% without Bonus and 1.46% with Bonus ...... ????????

So, NatWest ... what is it? Useless!!

I am so glad I am not the only one confused by this!

When I log into online banking it tells me my 1.85% bonus has been extended until 14 Feb 2012, but on Sat I received a letter with that info and underneath a chart showing the including bonus rate of 1.46% Gross!

I understood that the bonus was on top of the 1% standard rate?

If anyone here could explain where I am going wrong (other than banking with Natwest) I would be most grateful!

retiree

nilrem wrote: »

I am so glad I am not the only one confused by this!

When I log into online banking it tells me my 1.85% bonus has been extended until 14 Feb 2012, but on Sat I received a letter with that info and underneath a chart showing the including bonus rate of 1.46% Gross!

I understood that the bonus was on top of the 1% standard rate?

If anyone here could explain where I am going wrong (other than banking with Natwest) I would be most grateful!

AER/Gross rates are calculated over the whole year (the clue is in the A of AER - ANNUAL equivalent rate). You will get your 2.85% for three months, then 1% for nine months. The average over the year is 1.46%.

CLAPTON

retiree wrote: »

AER/Gross rates are calculated over the whole year (the clue is in the A of AER - ANNUAL equivalent rate). You will get your 2.85% for three months, then 1% for nine months. The average over the year is 1.46%.

the 'A' in AER does indeed mean 'annual'
but does the 'A' in Gross also mean 'annual'?

SnowMan

retiree wrote: »

AER/Gross rates are calculated over the whole year (the clue is in the A of AER - ANNUAL equivalent rate). You will get your 2.85% for three months, then 1% for nine months. The average over the year is 1.46%.

nilrem was asking about the gross rate.

They should have said that the variable rate (including a fixed bonus of 1.85% pa until 14/2/2012) was 2.85% pa gross until 14/2/2012 and 1% pa gross after 15/2/2012. I think most people would have understood that and that describes what is happening.

Saying it is 1.46% gross is meaningless. Only someone investing a lump sum for exactly 12 months from 15/11/2011 to 15/11/2012 will earn 1.46% pa gross. Anyone adding further money during the year or not saving for exactly 12 months will not earn 1.46% pa gross. So while the AER is probably right the gross rate stated in the Nat West letter is simply wrong in my view.