Natwest/RBS 2.85% esaver

raindudu

rb10 wrote: »

I think you have been incorrectly informed.

They certainly used to be able to send out an 'esaver card' that could be used in a card reader - thus enabling transfers out to be performed.

A complaint is probably in order - you've been sold a current account that you have no use for.

Where shall I go to submit this complaint? I even asked them if I have a card reader, whether I need this current account to transfer money out and they said yes! So annoying! :mad:

RetiredInThailand

raindudu wrote: »

When I called them, they said even if I have a card reader, I still need a current account to transfer the money out...

You certainly do not need a current account to make outgoing transfers from an eSaver via FPS. You just need a card reader and a suitable card which NatWest will provide for free if you ask them.

You may find that the Bolton eSaver branch is more clued up on this than the main phone banking.

raindudu

RetiredInThailand wrote: »

You certainly do not need a current account to make outgoing transfers from an eSaver via FPS. You just need a card reader and a suitable card which NatWest will provide for free if you ask them.

You may find that the Bolton eSaver branch is more clued up on this than the main phone banking.

Thank you for this. I will cancel my current account application then. They are so clueless...

rb10

raindudu wrote: »

Where shall I go to submit this complaint? I even asked them if I have a card reader, whether I need this current account to transfer money out and they said yes! So annoying! :mad:

Natwest website -> Contact us -> Make a complaint.

Minardi

Set this account up for my Dad, after some convincing (he beleives everyone on the internet is going to take all his money). Now it comes through with the wrong rate on he's ranting and raving again about how everything on the internet is a scam! :eek:

Have phoned them and confirmed the rate over the phone, with my old man, they are sending out paperwork. I told them if it doesn't come we will be closing the account. We'll see.

nilrem_2

Minardi wrote: »

I told them if it doesn't come we will be closing the account. We'll see.

Only my personal view but I would not do that if I were you, you will find it very difficult to get an instant access account that will match the interest rate on this esaver account providing you get the bonus.

My advice is put up with Natwest's muddling and rejoice in the interest while you can!

milton19700

Managed to arrange this account just before the deadline & received first statement yesterday but statement say interest is at 1.81% gross ?? rather than 2.85% - see on thread some have stated that this is correct .. could someone explain the maths please ?

Surely 2.85% pa is 2.85% pa APR ?

Thanks in advance

opinions4u

milton19700 wrote: »

Managed to arrange this account just before the deadline & received first statement yesterday but statement say interest is at 1.81% gross ?? rather than 2.85% - see on thread some have stated that this is correct .. could someone explain the maths please ?

Surely 2.85% pa is 2.85% pa APR ?

Thanks in advance

It depends how often the interest is added.

2.81% gross annual interest added monthly is 2.85% AER.

2.81% gross annual interest added annually is 2.81% AER because you don't get any compounding effect of interest on interest through the year.

rb10

milton19700 wrote: »

Managed to arrange this account just before the deadline & received first statement yesterday but statement say interest is at 1.81% gross ?? rather than 2.85% - see on thread some have stated that this is correct .. could someone explain the maths please ?

Surely 2.85% pa is 2.85% pa APR ?

Thanks in advance

I believe that's another error of Natwest's. It should state 2.81% gross, which is the same as 2.85% AER (since interest is paid monthly). It's hopefully just an error with the way they display it on the statement, but it's worth checking how much they are actually paying.

To check the actual amount that you are getting, wait until interest is paid next Friday. If you are getting 2.81% gross, then you will get two separate interest payments, one marked 'NET' (for 1%) and the other 'BONUS' (for the other 1.81%). If Natwest have got it right, the 'BONUS' amount will be equal to 1.81 times the 'NET' amount.

nilrem_2

rb10 wrote: »

To check the actual amount that you are getting, wait until interest is paid next Friday. If you are getting 2.81% gross, then you will get two separate interest payments, one marked 'NET' (for 1%) and the other 'BONUS' (for the other 1.81%). If Natwest have got it right, the 'BONUS' amount will be equal to 1.81 times the 'NET' amount.

Unless you are registered to receive interest without tax being taken off; the actual interest rates paid will be 0.80% and 1.448% for the bonus making an a total rate of 2.25% (2.248%) after tax is removed.

(not nit picking just adding in case of any confusion):)