NatWest Savings Builder interest wrong

RG2015

My total interest credited on 1st June was £1.89 instead of the expected £6.03. My balance on 26th May was £250 more than the balance on 26th April so easily fulfilling the bonus criteria.

Has anyone else had this problem?

fun4everyone

Same problem here

RG2015

Thanks. You can always rely on NatWest:)

fun4everyone

I'll give it a few days before unleashing the twitter rage

PeacefulWaters

Ridiculously complex product has clearly confused their ridiculously backward systems.

ctdctd

Mine has an entry on June 1st for the base interest but there is no entry for the bonus interest.
I suspect the bank holidays have confused the stupid boy, probably called Pike, who adds up the interest each month!

EachPenny

I had a moment of panic on Tuesday thinking I'd left it too late to add the £100 this month (something made me think cut-off was the 28th). I checked the T&C's and phoned them to confirm that Tuesday was indeed the "second-last working day of the month". It took the CSA a good five minutes consulting colleagues to confirm it was. This account manages to confuse everybody

Joe_Bloggs

How long does the 1.4 % bonus last on this account ?

J_B.

EachPenny

Joe_Bloggs wrote: »

How long does the 1.4 % bonus last on this account ?

It is open-ended, so long as you increase the balance by £100 per month.

But the 1.4% only applies to the first £5000 in the account, the balance above £5000 only gets 0.9% bonus.

Edit: Or 0.1% bouns when you get over £10k. But you wouldn't - would you?

ctdctd

This post has a reply from NatWest acknowledging there is an problem with the interest. Will be sorted soon!

tg99

I only opened mine with around a week left of May but interest figures credited to my account look roughly correct for me (separate entries for base and bonus interest).