Natwest/RBS 2.85% esaver

psychic_teabag

nilrem wrote: »

I have had an esaver account since it was first available and find it very useful in conjunction with my NW current account, I have quite a large sum in the esaver but my bonus was only extended till Feb 14th.

From next year, all inter-institution transfers must go quickly, which will probably mean faster payments, which are often instantaneous. So it's almost as easy to shuffle money to/from an external account as to an esaver.

I used to use tesco account for short-term cache of cash, since it was an early supporter of faster payments in and out, and I could move money between there and NW current account just about instantly. And it used to use the same interface as natwest online, though it's changed now. They're currently only offering 2.8% so not quite as good as current NW esaver with bonus.

worldtraveller

worldtraveller wrote: »

I have the same issue with my NatWest e-saver account interest showing as only one figure on my statement, as at the 30th November:

30 Nov 2011 INT 30NOV NET *****

Whereas before it was always in this format:

31 Oct 2011 INT 31OCT NET ******
31 Oct 2011 INT BONUS *****

I've done a quick calculation and it does appear to be the case that the November interest rate amount in my account is a combined interest rate (including the bonus rate).

However, I'm going to be calling the bank today to try to get confirmation.

I received the extended offer of the bonus rate for another 12 months (in my case from the 14th October). The rates for interest paid in October also appear to be the wrong way around.

I just spoke to NatWest customer services and the very pleasant girl I spoke to said that she could see my issue, but (unsurprisingly!), could not say why it is as it is herself. She has therefore logged it as an official query, with reference no., and someone is supposed to get back to me within 5 days. As soon as I hear anything definite I'll post again.

mrschaucer

Thanks worldtraveller. Your customer service lady seems more on the ball than mine last night. Or just maybe they've had LOTS of people ringing them re this issue. Just to confirm earlier posts: I'm on 1 yr extension, 2 interest payments in Oct seemingly the wrong way round, but only one, probably amalgamated, in Nov.
(Edit to add: see posts 722 and 728)

ScarletBea

mrschaucer wrote: »

ScarletBea - is it poss to work out whether your Nov interest (1 payment) is at 1% or at 2.85? ie have they forgotten your bonus or has the bonus been amalgamated?

I did the calcs from all the ins/outs and the interest I got is neither, actually. It doesn't match 1%, 1.85% or 2.85%, it's between these last 2...

mrschaucer

ScarletBea, do you get your interest paid gross or net? Remember that for most people Natwest will lop off 20% for tax, so 20% off 2.85% gives 2.28%. Does that work any better?

mhg_2

Despite being an e-savings account, we took this up with our local branch today. They appeared to be unaware of the problem.

Our interest and bonus ratio dropped from being 1:1.85 to being 1:0.29 at end Nov. Staff member tried to help and made some guesses, but in the end 2 things emerged:

1) She has put a written query through to someone more senior (who knows whether anything will result) and

2) She gave us a printout of an (internal?) Natwest document that we've not found anywhere on the internet referring to the 1.85% bonus being extended for a whole year to 15 Oct 2012 but only for those 'who opened an account [on] 29 or 30 sept 2010 and had an initial bonus for 12 months starting 15 October 2010'. There is then what looks like an internal document reference 'POAC 618'

The mid-Feb extension certainly appeared on the 'accounts summary' page after login for some weeks. That is why we decided to continue to use the account actively beyond 15 November.

We haven't yet phoned in about this as the last three nights have been 1 hour, 2 hours and 1 hour on phone to Halifax (but it just seems longer!).

meggsy

mhg wrote: »

She gave us a printout of an (internal?) Natwest document that we've not found anywhere on the internet referring to the 1.85% bonus being extended for a whole year to 15 Oct 2012 but only for those 'who opened an account [on] 29 or 30 sept 2010 and had an initial bonus for 12 months starting 15 October 2010'.

I had a letter offering the extension to 15th October 2012, and I opened the account on 29th September 2010, so that fits

ScarletBea

mrschaucer wrote: »

ScarletBea, do you get your interest paid gross or net? Remember that for most people Natwest will lop off 20% for tax, so 20% off 2.85% gives 2.28%. Does that work any better?

oh stupid stupid me! :mad:
You're right I forgot that (and I'm always so careful with these calculations, as I work in finance, hehe) - then it seems that the normal interest+bonus were all paid correctly in just one booking.

worldtraveller

ScarletBea wrote: »

..then it seems that the normal interest+bonus were all paid correctly in just one booking.

Yup, I'm also pretty sure that's the case Scarlet and I'm hoping to get confirmation of that in a few days time.

lolly5648

mrschaucer wrote: »

ScarletBea, do you get your interest paid gross or net? Remember that for most people Natwest will lop off 20% for tax, so 20% off 2.85% gives 2.28%. Does that work any better?

Thanks Mrs Chaucer, that works for me - my calculations are 20p out but that's close enough.