Life after NatWest bonus esaver ends in Sept

fitzroy

There was a lot of criticism of this a/c after it's launch last September but then things quietened down and for me it has ticked all the boxes. Interest paid monthly into the savings a/c; instant transfer into and out of my natwest current a/c and (given current interest rates) not the worst of interest rate returns gross.

But where to put the money after the end of this month is a problem - yes there are a/cs out there but most pay interest annually (I need it monthly) and faster payment...

Have got full ISA allowance and 3 Lloyds Vantage a/cs to the max. Any ideas for an a/c paying monthly interest?

opinions4u

I need it monthly

Why? Any particular reason?

fitzroy

opinions4u wrote: »

Why? Any particular reason?

I'm retired with not much monthly income.

Sceptic001

There was much to-ing and fro-ing on this account, but my recollection is (and according to my diary note) the bonus runs from 15/10/10 to 15/10/11. Am I wrong?

fitzroy

Sceptic001 wrote: »

There was much to-ing and fro-ing on this account, but my recollection is (and according to my diary note) the bonus runs from 15/10/10 to 15/10/11. Am I wrong?

My understanding is that it runs for 12 months from the date a/c was opened - in my case 29 September 2010.

alanq

See also https://forums.moneysavingexpert.com/discussion/3459015

As I recall it was all too confusing. I cannot face having to argue with NatWest about when the bonus should end. There are now better rates to be had than NatWest's bonus enhanced rate (albeit without Faster Payments at present*) so I now have just a nominal amount with NatWest.

* New regulations mean that by the end of the year payments must arrive by the end of next banking day at the latest. Northern Rock are implementing Faster Payments out between October and November this year.

oramgepekoe

Maybe Natwest will offer a follow-on rate for this account. They did for their previous version of esaver after the first bonus year.

psychic_teabag

The bonus didn't start until the 15th of the month following opening (so 15th October for you). We'll soon find out whether the bonus runs for the full 12 months (until the 15th) or stops on the 12-month anniversary of opening (which would mean less than 12 months of bonus).

One option is the "secret" Lloyds incentive saver - have a look for other threads on this forum, but a month or two ago, there was a guarantee that vantage account holders could get this esaver paying 3% with (I believe) no withdrawal penalties. It's not mentioned on the web site - you have to phone them to get it. My interest seems to be appearing monthly.

A google search for lloyds incentive saver does find a web page with withdrawal restrictions, but I believe that's an older version of the account. (I'm not sure I ever received my welcome pack, so I'm not actually sure of the details. I ought to chase them up on that...)

Could you not just go with annual interest and draw the income from the capital ?

Sceptic001

fitzroy wrote: »

My understanding is that it runs for 12 months from the date a/c was opened - in my case 29 September 2010.

I think that you will find that the bonus runs for 12 months from the 15th of the month following account opening. This (along with other c0ck-ups by NatWest surrounding this account) caused a massive stink on MSE and resulted in numerous complaints, some of which seem to be still rumbling on!

opinions4u

fitzroy wrote: »

I'm retired with not much monthly income.

So why not find the highest paying easy access account, calculate the monthly interest yourself and make a withdrawal when you need it?

Don't restrict yourself to an account that may not pay the best rate simply because of the interest frequency.

fitzroy

psychic_teabag wrote: »

One option is the "secret" Lloyds incentive saver - have a look for other threads on this forum, but a month or two ago, there was a guarantee that vantage account holders could get this esaver paying 3% with (I believe) no withdrawal penalties. It's not mentioned on the web site - you have to phone them to get it. My interest seems to be appearing monthly.

A google search for lloyds incentive saver does find a web page with withdrawal restrictions, but I believe that's an older version of the account. (I'm not sure I ever received my welcome pack, so I'm not actually sure of the details. I ought to chase them up on that...)

I rang the "secret" Lloyds number given elsewhere on MSE but they told me that account closed in (I think) July and all that's available is their esaver a/c at 2.5%.