Natwest/RBS 2.85% esaver

SnowMan

juliaw wrote: »

I applied for the NatWest e-saver online and had already transferred money into the account on 29 October.

The website says that the interest rate is 1% gross. A postal statement dated 30 October shows an interest rate of 1.81%. My online statement shows that interest has been paid on 31 October and a bonus paid on 1 November.

To ask what rate / bonus would be paid out in future I phoned the helpline today 4 November, and was told 1%; I did not qualify for any bonus.

It is clear that they will only be paying out 1%, due to some excuse or other.

I have withdrawn all the money from this account.

You will definitely be getting 2.85% AER. The fact that the bonus has already been paid for October amongst other things confirms that.

What they told you on the phone is nonsense, which is my experience also of the information the helpline gives. As already mentioned the postal statement is nonsense also.

Can understand you deciding to move your money out because of their incompetence. I personally am prepared to put up with it to an extent because the account is a very useful one especially because of its almost immediate (rather than next day) faster payments facility.

molly_mandy_2

I too received conflicting advice so finally I phoned them. The customer services man went away for ages to get the information. I don't think anyone there has any idea.

So I asked for my account to be closed and guess what - despite it being an online account, with nothing in it and opened a couple of weeks ago, they couldn't even do that. They expect me to write a letter.

Would rather deal with a b.soc with a rate of 2.65% that I can rely on.

nilrem_2

juliaw wrote: »

To ask what rate / bonus would be paid out in future I phoned the helpline today 4 November, and was told 1%; I did not qualify for any bonus.

I know it's sounds daft but TBH I would not take too much notice of what someone on a helpline says, I wager that had you phoned again and spoke to a different person you would have got a different answer!

IMHO it's worth hanging on, if you get the bonus (most likely) you will be getting what is at the moment a top rate for an instant access savings account.

Devonjem

I opened one of these in 2010 and had the bonus extended until February 2013. In the beginning I had the monthly interest paid in 2 tranches - the bonus element being treated separately for some reason. However for the last year or so I have had a single interest payment each month, but the Oct 2012 payment was again split into 2 tranches - the 1% and the bonus. Wonder why that is - any ideas?

nilrem_2

Devonjem wrote: »

I opened one of these in 2010 and had the bonus extended until February 2013. In the beginning I had the monthly interest paid in 2 tranches - the bonus element being treated separately for some reason. However for the last year or so I have had a single interest payment each month, but the Oct 2012 payment was again split into 2 tranches - the 1% and the bonus. Wonder why that is - any ideas?

I don't think anyone even people at Natwest could answer that question for you! IMHO they don't know themselves what they are doing!

ihr

RetiredInThailand wrote: »

The online acceptance message I saw was very specific (and I took a screen grab):

Your application has been submitted and agreed in principle. It will be valid for the next 28 days.
Next Steps:
1. You will receive your application pack in the post in the next few days
2. Follow the instructions within the covering letter in your pack
3. Check and sign the application form
Return all relevant paperwork, including original copies of any paperwork requested, within the pre-paid envelope as soon as possible
4. Once we receive your paperwork, we'll complete your application and send you your account number.

A screen grab is a canny idea. I was wishing I could remember exactly what it had said. I will remember for next time. Thank you.

ihr

molly_mandy wrote: »

I too received conflicting advice so finally I phoned them. The customer services man went away for ages to get the information. I don't think anyone there has any idea.

They should read this thread, it might give the a clue.

ChiefGrasscutter

I'm another one who has had an opening statement with the wrong interest rate on it................

alanq

ihr wrote: »

They should read this thread, it might give the a clue.

I tried giving them a link in feedback when all the confusion arose in the past. I pointed out that the different sources of information from the bank were giving out conflicting, often wrong, information and suggested that any good being done to the bank by offering an excellent account was being undone by creating a large number of confused and dissatisfied customers. I suggested that the bank should respond here with clear correct information. Needless to say nothing happened.

innovate

ChiefGrasscutter wrote: »

I'm another one who has had an opening statement with the wrong interest rate on it................

And me

Staggering incompetence from the 'helpful' bankers.