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Natwest e-isa

Hi everyone.... just wanted to put this one out there, to see if others have experienced the same bizarre communications from Natwest.
Firstly it seems Natwest dont give a monkeys about there existing customers, but welcome in new customers with bonuses and fantastic rates. All existing customers either stay on terrible interest rates and look like idiots, in comparison to the rest of the saving accounts offered by other banks, or take there money and loyalty that many including myself have given to Natwest over the years and find a better rate with a better bank, ie Santander / Halifax / Llloyds etc etc etc.
But the biggest problem i have with Natwest is that they have been promising me that if i deposit £2000 in my e-isa after April 6th 2012, then i will automatically receive the 1% bonus that all new customers are going to enjoy. However there is no details on the website outlining this, and i have been told this morning that its not true and whoever told me that in Natwest have got it wrong. Has anyone else enquired about this and had the same answer?? is it really a load of rubbish, and Natwest really dont want existing savers money any more?? because lets face it if existing customers still remain on ridiculously low interest rates, surely nobody is going to keep there money with them?!!
Look forward to peoples comments on this one.
Many thanks.
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Comments

  • rb10
    rb10 Posts: 6,334 Forumite
    Natwest are notorious for giving misleading information about savings accounts. Particularly with their e-savings and e-ISA accounts, lots of people have to complain in order to receive the advertised rate.

    If you can get your bonus offer in writing, and it looks good, then go for it. Prepare to complain to actually receive the interest though.

    Otherwise, take the easier option and transfer elsewhere.

    In particular, check the bonus start date. Natwest's bonuses often include a trick, eg pay in today, but not start to earn the bonus for six weeks.
  • Hi,
    I called them the other day about this because the new rate is better than the rate I am receiving. However he told me that if you deposit £2k you receive a loyalty bonus. I told him there was nothing online about this - which he said was 'odd' and so he has raised a query for me and I should hear back withing 5 working days - I'll post an update when I hear back.
  • TheAlex
    TheAlex Posts: 37 Forumite
    rb10 wrote: »
    Otherwise, take the easier option and transfer elsewhere.
    My ISA is currently with Natwest and I was told by a Natwest online adviser it would be possible to transfer to the new higher rated account - only to be told over the phone it wasn't possible! I then applied for Santander's ISA, only for their legendary (maybe I'm exaggerating, I don't know) customer service to strike - they've lost my ID photocopy and haven't responded to my online query (a week after I sent it), and are still sending me e-mails requesting my ID...so it's not necessarily easier to transfer!

    I'm going to phone Natwest to try and get a higher rate, if not, I may re-send my ID to Santander.
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  • tsmiggy
    tsmiggy Posts: 127 Forumite
    I can only echo what as been said.I have both a e.isa and e.savings account with Nat West,and both now offer very poor rates.I have called them,and they do seem to have a blatant disregard towards existing customers.

    I have since transfered my e.savings to Virgin Money,and i have complained to Nat West about my e.isa,just to give them a chance before i also move that.In all honestly i do not hold out much hope,of them suddenly deciding to have some loyality.The good news is there are many better rates to be had,so i think they are playing a dangerous game.
  • Update -- I received a letter from Natwest confirming that the higher rate is for new customers only, and I am stuck on my old rate. I dont know why people are getting told that they qualify for a loyalty bonus - but this is ridiculous.
  • lisyloo
    lisyloo Posts: 30,077 Forumite
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    It's very clear on their website that
    This special offer is only available to customers who do not currently have an e-ISA account with NatWest
    but please be careful with your wording.
    It's for new e-ISA customers. Not new Natwest customers.
    You're wording wasn't explicit but but "new customers only" would be read by many as the latter e.g. new customers to Nat West.

    Anyone transferred in yet?
    What are the timescales like?
  • thenudeone
    thenudeone Posts: 4,462 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    sewerpants wrote: »
    Firstly it seems Natwest dont give a monkeys about there existing customers, but welcome in new customers with bonuses and fantastic rates. All existing customers either stay on terrible interest rates and look like idiots

    This comment isn't true in every case.

    For example, customers who opened an e-ISA before May 2009 can still receive 3.26% on balances of £30k+. This is a clean rate without any bonus, and has been at this level for several years now.
    http://www.natwest.com/personal/savings/g6/rates.ashx

    New customers opening an e-ISA now will receive 3.50% but only for 1 year, when it reverts to 2.50%
    http://www.natwest.com/personal/savings/g2/isas/e-isa.ashx?DCMP=ILC-PERHPSTATQ1eISARate#
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  • EdGasket
    EdGasket Posts: 3,503 Forumite
    I opened an e-ISA before May 2009 and am still getting a healthy rate; if I didn't I would move it elsewhere. Don't know why NatWest decided to keep that rate 'high' while dropping the rate on most other accounts for existing customers; still I'm not complaining as it's convenient and instant access.
  • markdavey
    markdavey Posts: 617 Forumite
    lisyloo wrote: »
    It's very clear on their website that

    but please be careful with your wording.
    It's for new e-ISA customers. Not new Natwest customers.
    You're wording wasn't explicit but but "new customers only" would be read by many as the latter e.g. new customers to Nat West.

    Anyone transferred in yet?
    What are the timescales like?

    Sent off transfer forms about 3 weeks ago and funds still sat in my old ISA.
  • lisyloo
    lisyloo Posts: 30,077 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Thanks. I just called them. They said 2 weeks (but it's taken them a week to get the form).
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