Natwest e-ISA

mgns

My e-isa was opened immediately on the 26th of March (existing customer) but like burnoutbabe my paper statement shows it being opened on the 2nd of April. I phoned Natwest this morning to clear up when it was opened and they confirmed it was in March, therefore the bonus rate comes in on the 16th of April.

After all that, I've just received another e-isa paper statement which now states that the balance was 'brought forward' on the 2nd of April rather than the account being opened.

I guess this could all be a general error which has already been spotted but it may be better to phone and check.

lisyloo

That's very interesting.
I've had the paperwork dated 26th March, but I have no paper statements.
I will certainly be checking the interest I get paid although there's no money in there at the moment.

Doesn't burnoutbabe or anyone else know what interest rate they actually got? or are we just assuming it's been pushed out a month.

mgns

I've got a zero balance at the moment but page 3 of the statement dated April 2nd shows the interest rates without the bonus i.e. 2%.....2.25%.....2.5%. As the bonus rate comes in mid month I assume next months statement will show different rates.

lisyloo

Yes, but that's correct.
If you opened 26/3, then you wouldn't expect the bonus until 15/4.

mgns

Sure, but this morning I thought I was in the same situation as burnoutbabe and so pointed out what my statement said. I guess the only way of knowing for sure is to phone up on the 16th of April and confirm the current rates.

lisyloo

Or wait, look at what the statement says and check by calculating the interest yourself.
It's not that hard
e.g
capital * 30/365 *0.035

The only thing you have to be a bit careful with is the number of days in the month. So if it's from 16th April - 15th May that will be 30 days.
It should be possible for you to fairly easily check whether they have actually paid you 2.5% instead of 3.5%.
Personally I'd do that before calling them.

burnoutbabe

true, i need to wait until i get the next months statement and work out whether i got 3.5% or 2.5% on the half the month that the transferred in isa is in the account.

a months loss of 1% (16th April to 16th May) on 45k is probably about £37.50 so not huge loss but misleading in respect of account opening date, i will call them.

tobiascurious

It may be a stupid question but does the 1% bonus end upon anniversary of opening, or exactly 365 days after the start of the bonus period?