Natwest/RBS 2.85% esaver

eviekins

psychic_teabag wrote: »

Northern rock doesn't include an introductory bonus : 2.85 is "clean" (though presumably still variable). Or maybe it's because it's available as a branch rate as well as an online rate.

But doesn't this mean it can go down at any point as well though? At least with Santander that rate is guaranteed for a year. I think I'm going to go with Santander, I was just unsure why other people were opting for a lower rate. Thanks for your responses though!

psychic_teabag

eviekins wrote: »

At least with Santander that rate is guaranteed for a year.

Don't think so - both the 2.6% bonus and the underlying 0.5% are variable. (Some other accounts have fixed bonuses on top of variable underlying rates.)

RetiredInThailand

psychic_teabag wrote: »

Well.. yeah... but you can get 4% instant-access for a year from Monmouth BS, or you should be able to get 4% on more for a 2-year bond elsewhere.

Monmouth BS don't want money from non-residents ( :huh: ) and I've already got accounts with just about every bank that does, and that pays a decent rate of interest, and that accepts R105 forms and/or does qualifying time deposits that allow interest to be paid gross.
So NatWest are about the only option I have left.

zermattbusby

nilrem wrote: »

Well what happened with me was that I filled in the form online, all the checks were done instantly and at the end I was given an account number, shortly after I received an email stating that the account was processing and that it would be open the next working day,

Although it sort of implied that I would have to await details via the post before the account was working I was able to log in the next day and add money.

If you have a Natwest esaver account you will have plenty of time still to move a considerable amount into a N/R account by the 14th Feb, in any case even if you overshoot by a few days it's not a huge amount of interest you are losing.

Remember that the max you can move in one day is £10k unless you use chaps which costs!

The main aim is to get the cash out of an account that will be paying 1.00% and into one paying 2.85%.

I applied late last night and like you received an account number, can I now make a test payment? (£2.00) The only problem being, because the account is pending ( processing) I cant see where it would show up, in my on-line account page?

Many thanks once again...

nilrem_2

zermattbusby wrote: »

I applied late last night and like you received an account number, can I now make a test payment? (£2.00) The only problem being, because the account is pending ( processing) I cant see where it would show up, in my on-line account page?

While it says pending/processing you cannot do much, you might be able to set a payment up but if I were you I would wait until Monday to do it, as I pointed out in another post it will make little difference if you paid money in now or Monday as either way the money won't clear any quicker.

If you transferred cash on Saturday it will go from your Natwest account straight away and it will appear in N/Rock but it won't be clear till Tuesday.
If you transfer on Monday it will still clear on Tuesday.


Should also add that you can only transfer a Max of £10k at a time from Natwest so if you transfer £10k on Saturday you will not be able to transfer any more cash until Tuesday, if you transfer the same on the Monday you can still do another transfer on Tuesday, so IMHO not too much point transferring on weekends!

(Well that's what happened in my case.)

SnowMan

nilrem wrote: »

Should also add that you can only transfer a Max of £10k at a time from Natwest so if you transfer £10k on Saturday you will not be able to transfer any more cash until Tuesday, if you transfer the same on the Monday you can still do another transfer on Tuesday, so IMHO not too much point transferring on weekends!

(Well that's what happened in my case.)

I've been transferring 10K from Nat West to Tesco after 6:30pm (but before 11:45pm) most Fridays.

Nat West treat the money as still being in your account until the Monday so you get interest for Friday, Saturday, Sunday. However the money transfers immediately to Tesco on the Friday and they then give you interest for Friday, Saturday and Sunday also.

So you get double interest for 3 days which is worth an extra £2 or so a time.

Nat West do things strange ways but the best way to get around this milarky is by using it to your advantage.

T2010

Are they going to introduce anothe e-savings account? My bonus runs out soon.

oldvicar

eviekins wrote: »

Is there a reason why people are picking northern rocks 2.85% over santanders 3.1%? Not sure if I'm missing something!? Answers greatly appreciated!

Brand reputation for customer service? These two are at opposite ends of the scale.

mark49152

oldvicar wrote: »

Brand reputation for customer service? These two are at opposite ends of the scale.

Yep. Santander are awful. I lost sleep as well as interest due to their ineptitude and would take NR's 2.85% any day. Just Google "Santander customer service" and read a few of the horror stories before you trust them with your money!

Adzha

Just spoken with Natwest to see if they would consider extending the bonus period further or had any other decent savings accounts.

Information given was that 'bonus periods were selected randomly' and by my letter stating the bonus period will end, there is nothing else they can do.

Discussed Virgin and Santander accounts yet best instant access offering was 1% - advisor understands this will be moved elsewhere.

Oh well - worth a try!