NatWest Cash ISA 2013

Former_MSE_Sally

Hi folks,

ISA season is pretty much upon us, and though we don’t know what rates will be like this year yet, we're starting to do some digging and want to know if you've heard anything through the grapevine.

Things like details of NatWest or RBS's new ISAs, rate changes or deals exclusively for existing customers, anything at all really!

As ever, your help is much appreciated

MSE Sally

foreversummer

Well, I went to Natwest last year because of their competitive rate. However, they emailed me a few weeks ago and offered the following Cash ISA rate for the forthcoming year:

£50,000+ 2.00% 1.98%
£27,000 - £49,999 1.75% 1.74%
£22,000 - £26,999 1.10% 1.09%
£15,000 - £21,999 0.95% 0.95%
£9,000 - £14,999 0.75% 0.75%
£1 - £8,999 0.50% 0.50%

Pretty poor I'm afraid. These are the rates showing on their website. Nothing exclusively for existing customers.

Foreversummer

bigoll

You should look at their E-ISA rates instead:

£30,000+ 2.50%
£10,000 - £29,999 2.25%
£0 - £9,999 2.00%

Though all of these drop by 0.25% for accounts opened from 22nd Feb, with the lower rates taking effect from March (I'm hoping those open already will retain the higher rate). I'll probably keep my cash ISA going as these are the best rates out there unless you swap current accounts and all the other hassles for a fraction of a % more.

I asked them what they could do to keep me as a savings customer (a large amount in a 3.12% savings account due to drop to 1% end of this week) and they basically said nothing. So it's time to withdraw the lot and find somewhere else to put it. 1% is an insult.

oldfella

1st March e-isa changing to
2.25% over 30K

2.00% over 10K

1.75%

foreversummer

But what happens to existing accounts? I opened the e-isa one last year which paid 3.2% which included a bonus of 1% for one year only. Does that mean that I will now be getting 2.2% if I leave it where it is?

I asked on the webchat. Their webchat is not fit for purpose. Whenever I've asked them a question they always tell me to go into my branch.:mad:

p00hsticks

oldfella wrote: »

1st March e-isa changing to
2.25% over 30K

2.00% over 10K

1.75%

Please can you clarify this ? Up to now Nat West has been pretty good with its e-ISA in that when it has reduced the rate, it's usually only applied to new customers. So while their savings rates currently show that any one opening a new e-ISA now (or since 22nd Feb this year) with over £30k will only get 2.25% AER, those who opened one between the 15 May 2009 and 21 February 2013 Inclusive (excluding those customers who went for the short term bonus offer) get 2.5% on 30k+, and those who opened one before then get 3.01%

http://www.natwest.com/personal/savings/g6/rates.ashx#instantSaver

Are you saying that they will now drop to the rates you quote for existing customers too ?

notechal

p00hsticks wrote: »

Please can you clarify this ? Up to now Nat West has been pretty good with its e-ISA in that when it has reduced the rate, it's usually only applied to new customers. So while their savings rates currently show that any one opening a new e-ISA now (or since 22nd Feb this year) with over £30k will only get 2.25% AER, those who opened one between the 15 May 2009 and 21 February 2013 Inclusive (excluding those customers who went for the short term bonus offer) get 2.5% on 30k+, and those who opened one before then get 3.01%

http://www.natwest.com/personal/savings/g6/rates.ashx#instantSaver

Are you saying that they will now drop to the rates you quote for existing customers too ?

If anyone can help on this one I would be interested to know...just wondering what to do after 6 April.:D

Robin_TBW

Those rates are pretty poor.

janusdesign

p00hsticks wrote: »

Are you saying that they will now drop to the rates you quote for existing customers too ?

I have had a Cash ISA Plus account with NatWest for a few years and am currently getting 2.70%AER from it... it's an old account that new customers can no longer open.

just this very minute, I have received a letter from NatWest stating that, from 5 April 2013, the interest rate drops from 2.70% AER (2.67% gross), to 2.00% AER (1.98% gross). i.e if there was a £1000 in the account, i'd get £20 rather than £27.

ironically, that will be the same interest rate as my instant access savings account with another institution.

mattg498

I have just received a letter from Natwest telling me that as of 5 April 2013 the interest rate on my e-ISA is being reduced from 3.01% to 2.25%. Not happy, that is one huge rate reduction.

beingrippedoffagain

I opened my Natwest Eisa Mar 2009. Cant remember the rate but it was well over 3% and none of it was a bonus amount.

Between then and now my rate for £30K+ is currently 3.01% not sure when it reduced to this!!

Today I received a letter informing that the rate is to drop to 2.25%. I rather naively was under the impression that the rate at which the isa opened in Mar 09 should remain during the life of the isa which is why that particular issue closed to new savers quite quickly Is it legal to for Natwest to impose these reduced rates of exisitng isas

Can someone out there confirm if this is legal

Ripped off again!