Natwest e-Savings - 3.12%, instant access

alanq

psychic_teabag wrote: »

...but the deadline for actually giving them the money isn't until a few days before the starting date.)

I don't know about the ISAs but with the fixed rate bonds the pattern is that an issue is announced, you apply and give them the money at the time you apply (it earned 2% until "start" date). If you apply too early the effective rate on the bond is greatly reduced. If you wait too long (typically 2-3 weeks before "start" date) then the offer is withdrawn and another announced with a "start date" a month or two later.

alanq

Blackdog wrote: »

Hurray, got confirmation today that the account is open. Only problem is they haven't confirmed the interest rate!

Quite. I'm waiting until the end of December before making a major deposit as I want to confirm that I have got the higher rate from December 15th-31st. With NatWest nothing is certain.

eviekins

alanq wrote: »

I don't know about the ISAs but with the fixed rate bonds the pattern is that an issue is announced, you apply and give them the money at the time you apply (it earned 2% until "start" date). If you apply too early the effective rate on the bond is greatly reduced. If you wait too long (typically 2-3 weeks before "start" date) then the offer is withdrawn and another announced with a "start date" a month or two later.

This is what happened to me. I was going to open one a few months back, but as the rate would be 2% for quite some time, I waited until just before the ''start'' date, (which i think was the end of October) but the ''start'' date had changed - now it's the end of January!

psychic_teabag

Yeah, that sort of nonsense definitely puts me off savings products with NatWest - might tolerate it if the rates were market-leading, but ...

nilrem_2

Have to agree with the recent posts here, I too am in the same boat with my bonus ending in Feb 2012, I spent some time on the phone to them on Friday, I asked them why they didn't want my money any more, as obviously I was not going to keep a large amount in an esaver without the bonus, complete waste of time really, the 3 people I spoke to just said that I was not offered the bonus extension because I opened my esaver earlier, I suggested that if I had to go elsewhere I would be closing my current account, esaver and my credit card with them TBH I might as well of been talking to a machine!

No wonder they need government support if they don't care less whether people save with them or not!

Most successful businesses go out of their way to keep customers happy but it seems Natwest are quite happy to see loyal customers move their cash elsewhere!

nilrem_2

eviekins wrote: »

This is what happened to me. I was going to open one a few months back, but as the rate would be 2% for quite some time, I waited until just before the ''start'' date, (which i think was the end of October) but the ''start'' date had changed - now it's the end of January!

Same here too! I waited not wishing to tie up my cash at a lower rate for longer than necessary then the date changed and I missed the boat!

Personally I think it's a bit naughty to quote a rate then in the terms announce that the rate paid is much lower for the first six weeks (up to) I bet quite a few people don't realise this and get caught out!

home_alone

Just spoke to them today and was told that if I never got a letter extending then thats it so not only I am going to pull my e savings account I will also move my cash ISAs total of 100K + not having this every year.

psychic_teabag

I have various esavings accounts with natwest (I stop using old ones, but don't get round to putting letters in the post asking for them to be closed). I received various letters with extensions, but am pretty sure I didn't get one for the latest account (since I was specifically watching out for that one). I phoned to the actual rates I was getting on all my accounts, and was surprised to find that all accounts seemed to have the bonus rate, even though I hadn't had letters. Also, I had letters saying extensions to February, but was told those accounts didn't have expiry times marked on them. Unfortunately, means I don't really trust the rates I'm getting, so will probably reduce the balance I keep in there anyway.

alanq

alanq wrote: »

Quite. I'm waiting until the end of December before making a major deposit as I want to confirm that I have got the higher rate from December 15th-31st. With NatWest nothing is certain.

Until I logged in during the Christmas holiday period I had seen nothing confirming that I would get the 3.12% rate that I had (by invitation) applied for. There was a pop-up inviting me to add to my balance as I would now get 3.12%. By then I thought that I had waited so long that I might as well as do as originally planned and wait to see what interest was ACTUALLY credited. The interest credited on December 30th was what I had calculated for 1st-15th at 1% and 16th-30th at 3.12% so I have now begun to move significant funds into the account. If NatWest had confirmed by letter, email or online account information the rate being paid I would have done this earlier to my and NatWest's benefit.

nilrem_2

alanq wrote: »

Until I logged in during the Christmas holiday period I had seen nothing confirming that I would get the 3.12% rate that I had (by invitation) applied for. There was a pop-up inviting me to add to my balance as I would now get 3.12%. By then I thought that I had waited so long that I might as well as do as originally planned and wait to see what interest was ACTUALLY credited. The interest credited on December 30th was what I had calculated for 1st-15th at 1% and 16th-30th at 3.12% so I have now begun to move significant funds into the account. If NatWest had confirmed by letter, email or online account information the rate being paid I would have done this earlier to my and NatWest's benefit.

Just shows how 'dopey' Natwest are because whilst you are moving cash into your account with them a lot of us who are not being offered a decent rate are having to move our funds elsewhere!

Why don't they encourage customers who already save with them to stay by paying them decent rates, rather than lose them and have to entice others to save with them to make up for the cash withdrawn!

Sounds a daft way of doing business IMHO!