NatWest Cash ISA 2013

p00hsticks

mattg498 wrote: »

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.

Me too - :-(

In full, for those of us who opened up our e-ISAs before 15/05/09,
the rates are dropping on 05/04/13 as follows;
from 3.01% to 2.25% for balances over £30k
from 2.75% to 2.00% for balances between £10k and £29,999
from 2.75% to 1.75% for balances up to £9,999

ColdIron

beingrippedoffagain wrote: »

Can someone out there confirm if this is legal

Ripped off again!

It's a variable rate product and not doing anything that wasn't in the Terms and Conditions that you agreed to and signed for. You could get a fixed rate account if that's what you require but they are usually fixed term as well

innovate

beingrippedoffagain wrote: »

Ripped off again!

Use of this phrase in MSE posts, particularly by newbies, usually guarantees that the "victim" hasn't made an effort to understand the T&Cs they signed up to. Sad but true.

meggsy

I had the same letter today, the effect is that £10k will from the 5th April only pay £200 in interest down from £275.

Nowhere to switch at the moment either

EdGasket

Same here. NatWest rate drop from 2.75% (over £10K) to 2%. No wonder share markets are doing so well; where else is there to put your money? No 'savings accounts' are now available with a rate higher than inflation therefore they should strictly speaking be called 'losings accounts' as that is exactly what they are doing in real terms.

wiimad

I too today receieved the Letter telling me my savings will no longer get 3.01% instead 2.25% from April. The time has come for me personally to pay a slice off the mortgage and stop saving

ceejayblue

I had problems transferring into Natwest's E ISA in 2012 and was going to transfer out to a better rate in April after my 1% bonus drops. I spoke to them this week and my current rate is 3.23% after the end of March it drops to 2.23% which judging by current rates out there will be pretty competitive. They said they would let me know if the rate will be reduced in the future but at present they have no plans to do so.

tsmiggy

I to got the letter,i did notice that HSBC is offering 2.75% on balances over £15,000 for exisitng customers,of course how long for i dont know.

SquareMeal

I also received the letter about the drop from 3.01% to 2.25% from Apr 5th. The banks simply don't need our money at the moment. The govt is giving them loads of it for free, so much so they don't need to lend to businesses either. In fact they have pretty much stopped banking altogether.

Honestly, society has become so warped in favour of the banking-government complex that economic progress of any sort is becoming impossible. OK rant over.

Looks like the best available is 2.5% easy access at Santander. Time for buy-to-let ?

mr_jrt

SquareMeal wrote: »

Looks like the best available is 2.5% easy access at Santander. Time for buy-to-let ?

I'm musing on the HSBC 2.75% if I switch my current account.

Of all the other options I'd ideally like the First Direct 3%...but I don't have 40K