We must not forget NAT WEST GREAT deals

WALLACK4444

Hi All
Thought i would just chime and and say-
NAT WEST seems to be forgotten when it comes to savings rates-
they are doing an ISA now for 2 years at 3.5%-
in the high street--
go for the 3 yr and its 3.9%
Not bad for the hight street bank- open saturdays with human people working in the banks that speak good english

alanq

NatWest rates are a fiction. "2yr 3.5%" and "3yr 3.8%" (not 3.9%!) start on 4th April 2012. Until then funds will earn the cash ISA rate - depending on the sums concerned that could be as little as 0.5%
http://www.natwest.com/personal/savings/g2/isas/cash-isa.ashx

"Apply between 1st Feb - 29th Feb 2012 "
"Limited offer may be withdrawn at any time."
http://www.natwest.com/personal/savings/g2/isas.ashx


By my rough calculations £5000 invested in the 2 yr ISA bond now will earn nearer 3.15%. If still on offer at the end of February I reckon around 3.27% can be achieved.
Update: The above refers to the return in the first year not the full term of the accounts and is therefore misleading. In fact over 2 or 3 years the effective rates will more closely approach the headline rates.

I do note however that an alleged extra 0.4% can be earned "if you transfer your cash ISA from another provider to NatWest" though the same caveats apply.

talexuser

Shows what a good deal the recent Halifax 2 year 3.7% was. It is now 3.5% which may be prefereable without all the NatWest caveats.

alanq

My apologies for my previous post being misleading. What I was estimating was the return during the first year after handing over your money. Over the course 2 or 3 years the effective rate will more closely approach the headline rate.

opinions4u

alanq wrote: »

My apologies for my previous post being misleading. What I was estimating was the return during the first year after handing over your money. Over the course 2 or 3 years the effective rate will more closely approach the headline rate.

If you calculate 2 years interest from the day of opening I think you get the fairest comparison. Probably worth knocking around 0.2% off the headline rate for typical comparison.

qpop

opinions4u wrote: »

If you calculate 2 years interest from the day of opening I think you get the fairest comparison. Probably worth knocking around 0.2% off the headline rate for typical comparison.

It doesn't stop it from being an evil ploy to get to the top of the best-buy tables!

RetiredInThailand

I have watched NatWest do the same trick every few months with their time-deposits for quite some time. It certainly looks like a calculated and dishonest ploy to pay a little less than the headline rate, and if so they should be ashamed. Of course they aren't the only bank doing sharp practices these days.

brewerdave

I put this on another NatWest thread but .....briefly I bank with them,went into branch to ask about new ISA accounts only to be told that I HAD to make an appointment with an "advisor" for a "financial" review - the counter staff would give me no information!! NO THANKYOU!!!

guesswho2000

brewerdave wrote: »

I put this on another NatWest thread but .....briefly I bank with them,went into branch to ask about new ISA accounts only to be told that I HAD to make an appointment with an "advisor" for a "financial" review - the counter staff would give me no information!! NO THANKYOU!!!

Typical NatWest attitude, they try and force that review on me every time I'm unlucky enough to have a cheque I need to pay in. Doing it online or over the phone negates this inconvenience.

I did just go on their site and look at savings accounts, noticed that they're offering the princely sum of 1% on their e-savings...I opened one of these in November (ish) at 3.12% for existing customers, which I though was pretty good (I believe my e-ISA is paying 2% and First Reserve 0.1%!).

All my money will be gone on a house in a few months (fingers crossed) so the rate is now irrelevant to me I guess!

atush

I had an acct with natwest in the early 90's. When I wanted a mtg, they said Endowments only- that is all we are selling! I said- I want repayment so goodbye!!!

I have never banked with them since.

nilrem_2

I have had a current account with Natwest for well over 30 years, they have always seemed OK to me, whenever I have had a problem it has been sorted out satisfactorily so I can't complain.

I am unhappy with them taking away the bonus from my esaver account the result of which is I have removed quite a large sum away from them.

IMHO NatWest are not fantastic but they are not bad either. much the same as most other banks.

As regards their lower interest rate before a bond starts it is a bit shifty of them but it is up to the customer to understand the account and decide if it is suitable for them before opening, it is clearly mentioned in the terms.