🗳️ ELECTION 2024: THE MSE LEADERS' DEBATE Got a burning question you want us to ask the party leaders ahead of the general election? Submit your suggestions via this form or post them on our dedicated Forum board where you can see and upvote other users' questions. Please note that the Forum's rules on avoiding general political discussion still apply across all boards.

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

Options
135

Comments

  • p00hsticks
    p00hsticks Posts: 12,990 Forumite
    First Post Name Dropper Photogenic First Anniversary
    Options
    vigman wrote: »
    Is this the shortest period people can remember before rates being cut in half?

    I'm not sure what you mean by this comment - at least for those of us who opened the e-ISA many years ago and had upwards of 30k in it, NW have held the interest at an extremely good rate for a very long long time and it's taken them a long time to come down to reflect the general market, especially given it's an instant access no penalties account.

    I'm annoyed by Nat Wests move and will look for somewhere else for my money now but I'm not really surprised by it and have been expecting it for a while .....
  • vigman
    vigman Posts: 1,377 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    p00hsticks wrote: »
    I'm not sure what you mean by this comment - at least for those of us who opened the e-ISA many years ago and had upwards of 30k in it, NW have held the interest at an extremely good rate for a very long long time and it's taken them a long time to come down to reflect the general market, especially given it's an instant access no penalties account.

    I'm annoyed by Nat Wests move and will look for somewhere else for my money now but I'm not really surprised by it and have been expecting it for a while .....

    For some reason, we were not aware of the better NW ISA rates until earlier this year after receiving promotional material, when we moved ISAs from M&S and the AA plus this year's allowance.

    I always consult MSE main site and forum and have obviously missed NW as being an ISA contender in the past, especially as my wife has been banking with them for many years.

    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.
  • onimkron
    Options
    Sorry for butting in on this thread, but I'm looking to transfer from Natwest to a different ISA provider.

    I was just wondering if anyone could tell me what "have you subscribed to your current cash isa in the current tax year" implies on one of the transfer forms I've looked at. I setup the Natwest account back in early 2012, deposited cash once and pretty much left it alone- the only thing it's gained is interest.
  • rb10
    rb10 Posts: 6,334 Forumite
    Options
    onimkron wrote: »
    I was just wondering if anyone could tell me what "have you subscribed to your current cash isa in the current tax year" implies on one of the transfer forms I've looked at. I setup the Natwest account back in early 2012, deposited cash once and pretty much left it alone- the only thing it's gained is interest.

    Your answer is 'No'.

    'Subscribing' means paying 'new money into', i.e. if you'd paid any of your 2013/14 ISA allowance into that account, that would be a 'subscription'.
  • onimkron
    Options
    rb10 wrote: »
    Your answer is 'No'.

    'Subscribing' means paying 'new money into', i.e. if you'd paid any of your 2013/14 ISA allowance into that account, that would be a 'subscription'.

    Thank you, I appreciate the quick answer.
  • HoofeHearted
    Options
    Both myself and my wife have had the emails today. We are now looking to move our ISAs to somewhere else. 2.25% down to 1.5%

    After a quick look on MSE, Virgin and Post Office are looking good.

    Need to investigate more, once I have calmed down. :mad:
  • mrschaucer
    Options
    Have now had the email like everyone else and qualify for the 0.3%. Has anybody else been flummoxed by the table showing the old/new rates though?
    In the old rates table, the AER is always more than the Gross. In the new rates table "with additional interest of 0.3%", the Gross is more than the AER, and those AER figures look plain wrong. Shouldn't the 0.3% be added to the basic AERs giving figures of 1.8% and 1.3% respectively? Have I lost the plot?
  • KenC_3
    KenC_3 Posts: 188 Forumite
    First Anniversary Combo Breaker
    Options
    mrschaucer wrote: »
    Have now had the email like everyone else and qualify for the 0.3%. Has anybody else been flummoxed by the table showing the old/new rates though?
    In the old rates table, the AER is always more than the Gross. In the new rates table "with additional interest of 0.3%", the Gross is more than the AER, and those AER figures look plain wrong. Shouldn't the 0.3% be added to the basic AERs giving figures of 1.8% and 1.3% respectively? Have I lost the plot?

    The 0.3% is for six months only so on an annual basis it is the equivalent of 0.15%.
  • p00hsticks
    p00hsticks Posts: 12,990 Forumite
    First Post Name Dropper Photogenic First Anniversary
    Options
    vigman wrote: »
    For some reason, we were not aware of the better NW ISA rates until earlier this year after receiving promotional material, when we moved ISAs from M&S and the AA plus this year's allowance.

    I think the Nat West started their e-ISA in April 2009 - they offered a very good rate on opening and as I recall were inundated with applications. For a long time they gave better rates for those who had opened one straight away (before some date in May 2009). It's only relatively recently that they have removed the differential rates depending on the date you opened one.

    Because for a long while the best rates were therefore not available to new customers I think they got missed off many of the best buy lists, but for those of us who had opened one early the rates on offer consistently beat the best buy offers, especially considering that it offers instant access.
  • junkie_ball
    Options
    Just received my email from NW saying the rate is being cut from 2% to 1% in Jan. The most annoying part is I pay into this account with the intention of using it for house deposit. This means I am stuck and cannot move the money until the end of the tax year as I pay in monthly. Every bit of interest I get helps with the deposit so interest rate very important to me.

    You'd think they'd hold the rates until the end of the tax year for existing customers. Grr
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 6 Election 2024: The MSE Leaders' Debate
  • 343.8K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 236K Work, Benefits & Business
  • 609.1K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards