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MSE News: Got a NatWest or RBS cash Isa? Check your rate isn't being cut

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  • Alias_Omega
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    Its a double hit for us..

    Both e-isa's look to be cut.
  • Le_Kirk
    Le_Kirk Posts: 22,448 Forumite
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    I also have had the e-mail "Thanks for saving with Nat West" but we are cutting your interest rate from January 31st. :mad:
    I would like to move - trouble is, if you opened the NatWest ISA this tax year you cannot open another one until 6th April 2014. Does anybody know of any banks or financial institutions that allow transfers in WITHOUT depositing new money as well??? So I am stuck from January to April at 1.49%

    I have written to NatWest but I doubt I'll get a response.
  • gterr
    gterr Posts: 555 Forumite
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    Le_Kirk wrote: »
    I also have had the e-mail "Thanks for saving with Nat West" but we are cutting your interest rate from January 31st. :mad:
    I would like to move - trouble is, if you opened the NatWest ISA this tax year you cannot open another one until 6th April 2014. Does anybody know of any banks or financial institutions that allow transfers in WITHOUT depositing new money as well??? So I am stuck from January to April at 1.49%

    I have written to NatWest but I doubt I'll get a response.

    I am moving my 30K from my RBS E-Isa into a Virgin Fixed Rate Isa. 3% fixed for 5 years. You can withdraw or transfer out again within the 5 year period with a penalty of 180 days' interest. So, if interest rates elsewhere soar within the next 5 years it's not too damaging to transfer elsewhere.
  • littlemissbossy
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    gterr wrote: »
    I am moving my 30K from my RBS E-Isa into a Virgin Fixed Rate Isa. 3% fixed for 5 years. You can withdraw or transfer out again within the 5 year period with a penalty of 180 days' interest. So, if interest rates elsewhere soar within the next 5 years it's not too damaging to transfer elsewhere.

    I was looking at the fixed rate ISA with Virgin but I'm unsure if its right for me, have I understood it right, you can't add to the account after 30 days?
    Don't wait for your ship to come in, swim out to it.
  • gterr
    gterr Posts: 555 Forumite
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    I was looking at the fixed rate ISA with Virgin but I'm unsure if its right for me, have I understood it right, you can't add to the account after 30 days?


    Yes, I think that's right. It suits me because my 30k cash Isa money is my "absolute emergency" fund. I'm unlikely to wish to draw on it, and I'm not intending to add more money to cash Isa either.
  • vigman
    vigman Posts: 1,377 Forumite
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    ...no letter yet?

    Vigman
    Any information given in my posts or replies is intended to be of interest and/or help to members of the forum. I cannot guarantee that this is accurate or up to date.
  • Sammie22081
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    Just received the E-ISA email. Being cut from 2% down to 1%.

    3 months ago, NatWest removed my $100.00 interest free buffer on my overdraft. (Which was handy for when they made mistakes!)

    I will be definitely switching, looks like Virgin but can't find anyone with 2%. I want to use the cash for my house deposit in May 2014. So much hassle!!
  • pinkshoes
    pinkshoes Posts: 20,137 Forumite
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    Have also just received the email from NATWEST stating that they're "making some changes to simplify their savings range", so my ISA (over £30k) will be going from 2.25% to 1.5% which is pathetic!

    This is the first time I've thought about moving my ISA, and Natwest have annoyed me, so I definitely want to remove the money.

    Can it be transferred to another ISA without any sort of penalty?

    What are the best fixed and non fixed ISAs going?
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • vigman
    vigman Posts: 1,377 Forumite
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    edited 22 November 2013 at 11:17AM
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    ...also got the email which states my wife has to go from 2% to 1% having moved other ISAs into NW because of the attractive rate.

    Is this the shortest period people can remember before rates being cut in half?

    Vigman

    PS Also what is the point of this move, knowing that so many people will withdraw their savings from NW??
    Any information given in my posts or replies is intended to be of interest and/or help to members of the forum. I cannot guarantee that this is accurate or up to date.
  • jimjames
    jimjames Posts: 17,681 Forumite
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    vigman wrote: »
    .
    PS Also what is the point of this move, knowing that so many people will withdraw their savings from NW??

    I guess the answer is that a lot of people won't bother moving so they will retain enough business to make it worthwhile.
    Remember the saying: if it looks too good to be true it almost certainly is.
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