Natwest/RBS 2.85% esaver

RetiredInThailand

charlieboycat wrote: »

Live-chat is something one seems to get offered as a pop-up while/after using the "Got a question? We can help" utility.

I remember seeing the livechat option up to a year or so ago but I dont think I have ever seen it since.

I certainly cant find it when looking for it.

Milarky

Rollinghome wrote: »

You'll get the bonus if you applied while it was on offer on their website, which was between 17 Oct 2012 and 30 Oct 2012 I think.

They pulled it at 5.00 pm probably because they found out or guessed that Martin Lewis would be telling everyone about it on his TV programme at 7.30pm that evening.

That's the downside of TV programmes like that and websites like this. When a good rate is offered, instead of a steady stream over an extended period as savers gradually find out about it, they get an avalanche of applications and the offer is pulled.

Was it just a coincidence that accounts still receiving 2.85% had bonuses end on 16 October (they sent reminder letters a month earlier - which was helpful) and this offer was launched on - 17 October?

It would surely have been easier for them to offer a slightly lower ongoing rate on existing accounts with those letters (2.55%?), then sit back and wait and see what the impact was, rather than launching for such a short period, no?

charlieboycat

Milarky wrote: »

It would surely have been easier for them to offer a slightly lower ongoing rate on existing accounts with those letters (2.55%?), then sit back and wait and see what the impact was, rather than launching for such a short period, no?

They sort of did that 12 months ago - albeit maintaining the rate - by extending the bonus for another 12 months. The cynic (realist?) in me suspects that this time they are hoping to make money out of those who forget to ditch and switch.

Charlie

rb10

charlieboycat wrote: »

The cynic (realist?) in me suspects that this time they are hoping to make money out of those who forget to ditch and switch.

I suspect they don't have a clue what they are doing.

This isn't the first time they've got in a muddle over bonus interest payments, they've done it at least once before on the e-Savings account, as well as on an ISA.

And it defies belief why they introduced such an account for such a short period of time, immediately after a previous issue had just lost its bonus - they'll have seen a massive savings outflow earlier in the month as holders of last year's e-Savings moved their money away.

nilrem_2

rb10 wrote: »

And it defies belief why they introduced such an account for such a short period of time, immediately after a previous issue had just lost its bonus - they'll have seen a massive savings outflow earlier in the month as holders of last year's e-Savings moved their money away.

TBH I don't think they care, well that is the impression I got when they ended my bonus earlier this year and I moved my money elsewhere.

I contacted them on several occasions suggesting that I would move my money and pointing out that while they had discontinued my bonus others had theirs extended, they indicated that it was random selection(?) and did not seem at all bothered at losing my cash pot!

RetiredInThailand

nilrem wrote: »

TBH I don't think they care, well that is the impression I got when they ended my bonus earlier this year and I moved my money elsewhere.

Exactly the same happened to me. My previous bonus on an esaver expired at a time when no bonus was being offered, so I immediately moved everything to a Santander esaver.

Since then NatWest has offered no bonus on their esaver, and presumably has lost many deposits as a result (and, more importantly, annoyed a lot of people).

Milarky

'False alarm everybody'

It appears to be correct in amount too.

The description given was "E-SAV BON (account no.)"

So they came 'alright' in the end did Natwest. It may have taken them an extra day to get this process run, but kudos to them for fixing it before the weekend.

joerugby

My bonus interest has arrived today too

charlieboycat

joerugby wrote: »

My bonus interest has arrived today too

Mine is visible online today (2nd) but dated for yesterday (1st). Being credited one day late it is inclusive of interest for an extra day (ie. the 31st), as it should be to keep the compounding working correctly. Obviously there will be one day's less bonus interest to be credited on 30th November.

Rollinghome

Milarky wrote: »

Was it just a coincidence that accounts still receiving 2.85% had bonuses end on 16 October (they sent reminder letters a month earlier - which was helpful) and this offer was launched on - 17 October?

It would surely have been easier for them to offer a slightly lower ongoing rate on existing accounts with those letters (2.55%?), then sit back and wait and see what the impact was, rather than launching for such a short period, no?

To be fair to them, it's pretty rare for any bank or BS to extend a bonus period even at a lower rate. I'd guess the whole point of offering a bonus is that a surprisingly high proportion of people won't bother to move when the bonus ends - especially if they get used to the convenience of having a deposit account with the same bank as their current account.

All part of the fun and games and probably quite beneficial to those like us in this thread prepared to play along to get a decent rate.