Natwest/RBS 2.85% esaver

eviekins

I opened my account at the start of October, (have a feeling it was the 6th) and I still had two interest payments last month. However, this time, the interest was more than the bonus, where as normally the bonus is the larger sum.

SnowMan

eviekins wrote: »

I opened my account at the start of October, (have a feeling it was the 6th) and I still had two interest payments last month. However, this time, the interest was more than the bonus, where as normally the bonus is the larger sum.

I'm in the same position as you in terms of the end of November interest payments (i.e. 2 of them with the bonus being less than the non-bonus).

It looks odd until you realise that the bonus figure is actually just bonus up to 15th November when the 1 year bonus ended (for us at least) and the bonus extension started.

So the figure for end of November shown on internet banking that is not identified as 'bonus' in your case is:

non-bonus interest from 1st November to 14th November
+ bonus interest from 15th November to 30th November
+ non-bonus interest from 15th November to 30th November.

And the 'bonus' figure is just bonus interest from 1st November to 14th November.

Ties in exactly in my case.

At end of December expect a single interest payment representing bonus and non-bonus combined.

mhg_2

If you opened your bonus e-saver on 29 or 30 September 2010 you will have started receiving bonus from 15 Oct 2010 and had interest and bonus shown separately on your account up to end Oct 2011 (different proportion at end Oct 2011 as the second half of the month's bonus would have been consolidated into the basic interest figure). Your 1.85% bonus will continue to 15 Oct 2012, but be inlcuded in the single interest figure. See worldtraveller's post #761 above.

If you opened your bonus e-saver between 1 and 20 October 2010, your first bonus month (second half only) was November 2010, with bonus and interest shown separately in the proportion of 1:1.85 in the complete bonus months from December 2010 to Oct 2011 inclusive. Your account should continue to receive the 1.85% bonus up to 14 Feb 2012 (as advertised on the Natwest account log on notes for a few weeks). The November 2011 month saw the bonus for the second half of the month added to the basic interest figure (I've checked the arithmetic on this) and for December onwards will presumably all be included in the single interest figure shown at the end of each month.

That seems to cover pretty much all the anomalies arising in this thread, but if you still have questions you could try calling free (from BT landlines) to Natwest general product enquiries on 0800 200 400 who were (surprisingly) willing to check it out against a particluar account number etc. They thought letters had gone to all account holders.

JustKeepSwimming_2

Thanks SnowMan & mhg - I was a bit baffled by my 2 payment amounts but just couldn't face ringing NW again....

Will keep an eye on Dec interest & bonus.

Devonjem

I applied online on 29th September 2010 but have not been offered a 12 months extension. In October 2011 i received a letter from Natwest saying that the bonus is extended to "at least February next year". It goes on "....although I cannot guarantee it, I would imagine that the bonus will be reviewed in a similar way next February....".

In my case I received no extension notice and was about to close the account. It was only after i had contacted Natwest that they told me about the extension. i will be writing to them shortly asking them to give me proper notice in regard to any further extension.

Adzha

I received a 3 month extension for opening my account in October (to 15th February) and received a letter on Monday to confirm the bonus will end and account revert to a rubbish 1%.

I'm thinking of giving Natwest the chance to up the rate on the account and retain my custom, otherwise it'll all go elsewhere.

Has anyone else had a letter to say their bonus is ending?

tom9980

I got the same letter money has been moved already and the account will be closed soon.

nilrem_2

Adzha wrote: »

I received a 3 month extension for opening my account in October (to 15th February) and received a letter on Monday to confirm the bonus will end and account revert to a rubbish 1%.

I'm thinking of giving Natwest the chance to up the rate on the account and retain my custom, otherwise it'll all go elsewhere.

Has anyone else had a letter to say their bonus is ending?

I had the letter today and started moving my money to N/Rock esaver last week!

Personally I think you are wasting your time giving them a chance, I spent some time on the phone to 3 different departments about this bonus and got absolutely nowhere, they just aren't interested!

Basically they don't want people like us (rate tarts) they want savers who they can entice with a bonus hoping that after the bonus ends a percentage of savers will stay with them at derisory rates!

claire07

I've been moving money to AA and Northern Rock and leaving some in there in the hope they might offer something, but have just got the letter to confirm there will be no bonus extension so will move the remainder now.

buffman

I am not sure whether I should simply close the account or leave a minimal balance.

If the account is closed, I will lose access to their online banking making it more difficult to open an account in the future. My wife would also need to send off paper copies of her passport etc (as she always for some unknown reason fails the online identity checks) if we were to open a new account at a later date.

On the other hand I do not like to have open too many dormant accounts and from previous threads the 3.12% rate was only offered to those customers without an e-Saver account.

So the questions is to close or to leave nominal balance?