NatWest Cash ISA 2013

foreversummer

ceejayblue wrote: »

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.

I've just received my letter this morning. I took mine out in April 2012 when the rate was 3.23% for amounts between 10000 - 29999. My letter does not mention the 1% bonus only that my current rate is 2.23%.

I've been passed from pillar to post this morning as no one could give me an answer as to why the letter states 2.23%. The letter states that I now reduce to 1.98%. I eventually got put through to the complaints department where they confirmed that I have been receiving 3.23% this year, but the rate is now reducing to 1.98%. So if anyone is expecting to only drop the 1% you will be bitterly disappointed.

I'm going to move mine.

Alias_Omega

Me too, Natwest just pulled the rates. Letter received in the post. Will look to transfer.

ceejayblue

I opened my Natwest E Isa last year and had loads of problems transferring my other money - resulting a long complaint process. However, I knew that the rate would drop on 5 April to 2.23% and as most other providers are around this, including bonuses, I'm happy at the moment to leave my £38K there. If a better offer comes up after 6 April I will put my new money in there and then transfer my old over later.

I'm not sure though if anyone else will come up with anything higher than that.

innovate

2.23% for £38K sounds paltry when you can get 2.5, 2.8 or even 3% elsewhere. I wouldn't hold my breath for anything higher to appear after April 6 - more likely, they probably will go lower quite rapidly. A case of jumping on the boat now, IMO.

ceejayblue

I think the thing is that the rates that are being quoted now are only guaranteed until 5 April (as far as I know). I'll have to have another look.I could get 3% if I transfer now to First Direct (I'm a customer of theirs) but they've already told me they cannot guarantee the rate for next year. Not sure what to do now.

rb10

ceejayblue wrote: »

I think the thing is that the rates that are being quoted now are only guaranteed until 5 April (as far as I know).

No, this is incorrect.

If the rate is quoted as being 'variable', then the bank can change it at any time. 5th April doesn't come into it.

If the rate has a bonus element (many do), then it's unlikely to change for the duration of the bonus (typically one year). But again, you need to check the conditions of the account you are looking at.

martint123

I had just put in the paperwork to move my Natwest to HSBC and they dropped their rate to 1.7% on the 25th Mar. Managed to phone today and cancel the transfer.