Natwest/RBS 2.85% esaver

fizzypop

psychic_teabag wrote: »

£100k earns about £58 per week at 3%. But if moving from an account paying 2.85% to an account paying 3.1% the difference in interest is about £5 per week, before tax.

Okay, if the bonus has already expired, that increases the difference. But OTOH the Santander esaver has been offering 3.1% for quite a while now, so sticking with natwest until now has presumably already lost more than 2 week's worth of the difference :-(

Joint account holders can get £20k out per day with a bit of trickery.

Just how can you extract £20k per day as we are joint account holders?

psychic_teabag

The trick is basically get a sole account each (we have esavers, but any type of account ought to do), and then transfer from joint account to sole account before paying out from there. If either holder pays directly out from a joint account, that seems to count towards both holders' quotas, but if you do an internal transfer to a sole account and then pay out from there, it affects only that person's quota.

(Picked that trick up from someone else on here.)

fizzypop

psychic_teabag wrote: »

The trick is basically get a sole account each (we have esavers, but any type of account ought to do), and then transfer from joint account to sole account before paying out from there. If either holder pays directly out from a joint account, that seems to count towards both holders' quotas, but if you do an internal transfer to a sole account and then pay out from there, it affects only that person's quota.

(Picked that trick up from someone else on here.)

Thanks, is it sole current account each as we have sole esaver each (and a joint current) which definitely does not allow either to exceed £10K if the other has already used the daily £10K limit. But I will check again tomorrow as you have obviously got it to work.
Thinking about it only one of us has a card reader so only the one with the reader can set up a new payee from their esaver.... so I have answered my own question!

psychic_teabag

You don't actually need a reader each - we both the same one, though we do have two. (Well, two natwest ones - 7 of the blasted things in total.) Unfortunately, I don't think there's a way to tell the system that you already have a reader, so you probably have to order another reader just so that they acknowledge you have one. All a bit wasteful :-( That was a while back - maybe they've fixed it since then.

FWIW we have joint current + several joint esavers (they make it too hard to close old accounts) plus one sole esaver each. We pay out by transferring to sole esaver first. We opened the sole ones just to try out this trick, I think.

nilrem_2

psychic_teabag wrote: »

The trick is basically get a sole account each (we have esavers, but any type of account ought to do), and then transfer from joint account to sole account before paying out from there. If either holder pays directly out from a joint account, that seems to count towards both holders' quotas, but if you do an internal transfer to a sole account and then pay out from there, it affects only that person's quota.

(Picked that trick up from someone else on here.)

LOL It sounds a lot of hassle to me!

It is a nuisance having a £10k limit but I imagine they do it to protect themselves, I believe that if someone steals from your account they have to refund you and hopefully after the first £10k the customer would notice, if you could transfer an unlimited amount it could cost them a whole lot more!

RetiredInThailand

alanq wrote: »

First Direct offer this but not in real time. The text messages seem to be sent out about 08:00 the following morning.

When I make a withdrawal from an ATM with my Thai debit card I generally get my text message before the card is given back to me. Shop transactions seem to take a few seconds longer, but I've never waited more than a minute for the text message.

I really dont understand why UK banks dont all offer this as standard. It is such a good security feature.

psychic_teabag

nilrem wrote: »

LOL It sounds a lot of hassle to me!

Hmm.. well, yeah, a little. But we just opened the sole esavers at the same time as the joint one - it was round about the time the 2.85% rate was introduced, IIRC. We were able to open the sole ones immediately online, but the joint one had to wait for paperwork to be signed and returned.

The inter-account transfers are instant, so it literally adds 5 seconds to the time taken to make a payment. We've just got ourselves into the habit of always transferring before making payments, so it's really no big deal now. It's not as if we are transferring large sums of money about the place frequently ! Just nice to have the option if needed. (Plus I tend to view this savings thing as a bit of a game, chasing rates, etc. Beating the 10k limit is just another minor victory over the system )

cv65user

well natwest have now cleverly disabled access to my online for a reason. obviously alarm bells started ringing when they saw me schedule FPS 10k a day . although its saturday i now cant check to see if another 10k went out - i have checked the receiving account and it has not received it yet unlike the other 10k FPS i have done in the past . another stoozing tatic by them?

eviekins

My Santander account is now open and I have been transferring my money. By tommorrow, I will have withdrawn everything from my Natwest ESaver. Bit of shame, but Santander all seems to be working well! Very happy with it indeed

psychic_teabag

Probably worth checking that you can also withdraw from the santander account - don't wait until you actually need the money !