E-savings

lavandergirl_2

I opened a Nat West e-savings account on October 5th this year. I put in just over £100,000. I got £53.00 interest a couple of days ago. Am I being paid the top rate which was close to 3%?

CLAPTON

well the esaver pays 2.8% ?

so you should get 100,000 x 2.8%/12 approx gross of 233 or £186 after tax per month
however your account hasn't been open for a full month so its difficult to tell what rate you are getting

xrjtg

£100000 x 0.028 x 0.8 x (29-5) / 365 = £147.29. So on that basis it doesn't look like it, but there's a lot of sensitivity to what you mean by "5 October" and "a couple of days ago".

progressive_uk

www. natwest. com/personal/savings/g1/instant-access/e-savings.ashx#tabs=section4

Including 1.85% bonus Limited period offer for customers who applied for an e-Savings account between 29 September 2010 and 20 October 2010.

The bonus interest is earned from the 15th of the month following the month in which the account was opened. It is paid monthly along with the standard interest payment

You're only earning interest at the "standard" 1% at the moment. You'll get the full bonus interest from 15 November

lavandergirl_2

Thanks guys, does this mean I will be advised if it changes? i.e. the rate!!

noh

You will be getting 1% on the balance so £53 is about right.

You do not start earning the additional 1.85% bonus until the 15th of the month after you opened your account. In your case that will be the 15th of November.

http://www.natwest.com/personal/savings/g6/rates.ashx#eSavings

rb10

No - you got the basic 1% rate, less tax.

The account only pays bonus interest from the 15th of the month after the month in which you open it, so as you opened it in October, your bonus (and so the full 2.85%) will start from 15th November.

But ... I think that you should have a good chance of getting them to pay you the bonus interest from day 1 (around £100), as their website did incorrectly state that the bonus was paid for 'the first 12 months'. See the main Natwest e-savings thread for more details on their general incompetence on this.

ManAtHome

A good post on a long thread about this http://forums.moneysavingexpert.com/showpost.php?p=37808820&postcount=289 - keep a note in your diary.

lavandergirl_2

This site is worth its weight in gold!! Take good care guys.

olg_dit

Same issue - spent today trying to find out why interest £50 short!

Opened an E-save with them, 02/10/10 following Martin's tip - shock of first statement to find just 1% interest - bonus not paid until 15th of month AFTER opening - over 6 weeks in my case! OUTRAGEOUS

Shoddy web site / application form to not make this clear. Wonder if Martin was aware - doubt it!

A customer of Nat West for 30 years - not what I would have expected from them.

UPDATE

A letter of complaint has at least led to full interest being back-dated and an acknowledgement that the "small print" wasn't clear enough... but could have done without the hassle!