Natwest/RBS 2.85% esaver

johnmoney05

Do anyone know if the "third party" can pay money into your esaver account after the account running? Thanks.

pmlindyloo

All I can say is thank goodness for NatWest!

Have recently sold our house we are now renting with a view to buying later when house prices dip (fingers crossed!!!!!!!!!!!!!!)

We have had a fair amount of money to put into savings accounts and this has been an ongoing job for the last 5 weeks.

AA savings account - despite having to produce evidence of identification (very difficult when you've just moved!) we have found them efficient and the accounts were set up reasonably quickly.

Santander have been an absolute nightmare! We were sent two sets of passcodes, registration numbers etc and couldn't access our accounts. Telephoning for help was also a nightmare - automated and requiring endless numbers to key in. Eventually reaching a human being who was helpful and apologised profusely (not their fault I know). Unless you want to take a cheque to a Santander branch you have to set up a DD to transfer money - more hassle.

Yesterday found Natwest have a new savings account. As an existing customer set up two accounts within minutes (they put all the information in for you.) This morning was able to transfer money from my Natwest current account with a click of a mouse.

After all the hassle we've had with Santander we are not going to use them at all. We are not confident that when we want to get our money out we will be able to do so!

We had no idea it would be so difficult to find a place for our money!

emeraldbugle

D1zzy wrote: »

I believe the 10K limit is only for FP transactions, if you are happy for it to go BACS I don't think there is a limit.

BACS limit is also £10k daily.

emeraldbugle

neilsedaka wrote: »

In an attempt to clarify the confusion I conducted this online chat with NatWest a few minutes ago.

Question: I have some questions regarding the e-savings account please.
What is the definition of account opening date?
Answer: That is when the account is active and open on your online banking
Question: On which date does the account start earning standard interest?
Answer: As soon as money is in the account. It is calculated daily and paid monthly.
Question: Thanks. On which date does the account start earning bonus interest?
Answer: The bonus interest is from the start for 12 months
Question: So the bonus interest is earned as soon as the money is in the account, the same as standard interest?
Answer: Yes
Question: On which date is the monthly interest added to the account?
Answer: Depends on your statement date, I could not tell you that now
Question: For an account opened on 29th September and showing online on 30th September, on which date does the 12 months bonus interest stop being earned?
Answer: It would be from the date it is active above. So 12 months from the 30th September
Question: So the 12 months would end 29th September 2011?
Answer: No the 30th, it would be exactly 12 months from the date active and online
Question: Ok, thanks. Could you please explain what this statement on your website means in plain English .....
"When is the bonus paid? Your bonus interest will be paid monthly for 12 consecutive months (along with the standard interest payment) starting on the 15th day of the month after the month in which you open your account"
Answer: It is all that we have covered already. The rate combined (standard and bonus) is 2.85% This will be paid for 12 months from the date it is active. 15th day of the month as above is when your interest is paid
Question: Ok, so the 15th is the day in the month that the interest is added to the account?
Answer: Yes
Question: Many thanks for answering my questions.
Answer: Sorry not the 15th...
Answer: The 15th day of the month from when you open the account, so the statement date we spoke of earlier
Answer: You're welcome

Interesting as here is my chat from page 2.

Natwest have confirmed that the bonus is not 'earned/paid' until the 15th of the month following month of opening.

Extract from chat with natwest.

: Hello there. Sorry for the delay. You earn the 1.00% interest rate from day 1, but from the 15th of the following month you'd start earning the 2.85% rate.
: So if you really were going to maximise your interest you can open the account with £1, then wait until the 15th the following month then put the money in the account and get 2.85% for 12 months.

neilsedaka

emeraldbugle wrote: »

Interesting as here is my chat from page 2.

Natwest have confirmed that the bonus is not 'earned/paid' until the 15th of the month following month of opening.

Extract from chat with natwest.

: Hello there. Sorry for the delay. You earn the 1.00% interest rate from day 1, but from the 15th of the following month you'd start earning the 2.85% rate.
: So if you really were going to maximise your interest you can open the account with £1, then wait until the 15th the following month then put the money in the account and get 2.85% for 12 months.

Hmmm, so how do we resolve this issue? Two completely different answers to essentially the same question.

D1zzy

emeraldbugle wrote: »

BACS limit is also £10k daily.

I have moved £40000 + by BACS in a single transaction from both LTSB & ING, and was told by ING that there was no limit. So is the 10K BACS limit a Natwest specific rule?

emeraldbugle

D1zzy wrote: »

I have moved £40000 + by BACS in a single transaction from both LTSB & ING, and was told by ING that there was no limit. So is the 10K BACS limit a Natwest specific rule?

Yes Natwest.

emeraldbugle

neilsedaka wrote: »

Hmmm, so how do we resolve this issue? Two completely different answers to essentially the same question.

I am going on previous experience and the same kind of information they provided last time. Last time it was the last day of the month following month of opening. This time it is the 15th.

I would keep a copy of your 'chat', so if you are putting in money now you can argue your case.

Sceptic001

emeraldbugle wrote: »

Yes Natwest.

Is that £10k limit per transaction or per day? I know Nationwide have a £10k limit per transaction on their FlexAccount BACS transfers (which is an annoying but surmountable problem) while others limit you to £10k per day (Norwich & Peterborough, I think), which in my view means that the account is not "instant access" at all.

john1950

I think I made a mistake when applying for the Nat West E Saver by not opting for regular payments. I opted to open the account with a cheque and am now expecting a "pack" from them to confirm my details.

I was hoping that it could all be checked out online and opened straight away. I did this with N & P E regular saver yesterday.

I just hate sending stuff off in the post plus it says somewhere in the terms that this will take three weeks.

If your opened straight away did you go for regular payments?

thanks