Natwest Savings Builder

cosh25

Ogordo wrote: »

I was about to remove my money from this account and put it somewhere else. . Where have you got this information from?

From the Natwest website. It's on the section regarding the BOE interest rate rise.

soulsaver

cosh25 wrote: »

From the Natwest website. It's on the section regarding the BOE interest rate rise.

Got a link? All routes to Savings Builder shows 1% £5-10k that I can find.

eskbanker

soulsaver wrote: »

Got a link? All routes to Savings Builder shows 1% £5-10k that I can find.

As pointed out in the previous post, "It's on the section regarding the BOE interest rate rise", i.e. https://personal.natwest.com/content/dam/natwest/personal/savings/documents/Changes-to-NatWest-Savings-Interest-Rates.pdf, which is linked from the top of the savings interest rates page.

soulsaver

eskbanker wrote: »

As pointed out in the previous post, "It's on the section regarding the BOE interest rate rise", i.e. https://personal.natwest.com/content/dam/natwest/personal/savings/documents/Changes-to-NatWest-Savings-Interest-Rates.pdf, which is linked from the top of the savings interest rates page.

Yes I read that (my emphasis), but thanks for helpfully pointing it out in case I missed it .

However it isn't showing under the BoE changes/how it affects you on the home page which is the first reference to the changes you see.

Note also the link (when you eventually got to it..) is only available under 'existing customers/manage your savings', which is why I couldn't find it.

So is this is for existing ac holders/customers only?

The application process via the 'savings/new customers' route is showing 1% for £5-10K.. Or they haven't up dated the key points..

It'll all become clear hopefully..
Eta PS the 10 minute wait advised on their cs line put me off asking just now (11:00)

https://personal.natwest.com/personal/savings/savings-builder.html

eskbanker

soulsaver wrote: »

Yes I read that (my emphasis), but thanks for helpfully pointing it out in case I missed it .

However it isn't showing under the BoE changes/how it affects you on the home page which is the first reference to the changes you see.

Note also the link (when you eventually got to it..) is only available under 'existing customers/manage your savings', which is why I couldn't find it.

So is this is for existing ac holders/customers only?

The application process via the 'savings/new customers' route is showing 1% for £5-10K.. Or they haven't up dated the key points..

It'll all become clear hopefully..

Fair enough, I see what you mean now! I'd just gone onto their site and typed 'base rate' or similar into the search box and fairly quickly got to the page I linked, but I now see the route you followed and have to agree that it's poorly laid out, although the interest rates page is linked from https://personal.natwest.com/personal/life-moments/interest-rates-changes.html

I don't see any reference to this being for existing customers only though, but I suspect that the reason it's not published more widely throughout other parts of the site is that it hasn't taken effect yet, so would imagine that once implemented at the start of next week, it should be clearer....

Potato_Jacket

Greetings,


I adopted the EachPenny method of cunning maths at the beginning of August in order to minimise non-interest balances with effect from 1 October. Or thought I had. But something has gone wrong, no interest paid this month. (I wasn't expecting any interest at the beginning of September, it takes an extra month for the EP system to gather steam).

Where have I gone astray? Dates are as shown on the account transactions page.

Wed 1 August -- interest paid: 6.49
Thurs 2 Aug -- out: 5440.50, bal: 1
Fri 31 Aug -- in: 4949, bal: 5000
Wed 26 Sept -- out: 4949, bal: 51
Mon 1 Oct -- in: 4949, bal: 5000

With grateful thanks for any enlightenment provided. I'll work to the newish 10k limit when this is sorted out.

RG2015

Thu 30 Aug Bal £1
Thu 27 Sep Bal £51
Increase in balance £50

The conditions were satisfied so interest of about £5.14 for the period 1st Sept to 25th Sept should have been paid on 1st October.

PS The new Marcus account pays 1.50% APR on balances up to £250,000 without any hassle. This does include a bonus of 0.15% APR for 12 months so it may need to be reviewed then.

surreysaver

Have you got your figures right? On 31st August you paid in £4949,and on 26th September took out £4949. By my reckoning your balance would not have increased by £50, but would have been the same.

RG2015

surreysaver wrote: »

Have you got your figures right? On 31st August you paid in £4949,and on 26th September took out £4949. By my reckoning your balance would not have increased by £50, but would have been the same.

,
Well spotted!

£1 plus £4,949 equals £4,950 not £5,000

EachPenny

surreysaver wrote: »

Have you got your figures right? On 31st August you paid in £4949,and on 26th September took out £4949. By my reckoning your balance would not have increased by £50, but would have been the same.

Agreed, but if the balances (rather than the payments in/out) are correct then Potato Jacket should qualify for the interest. I've not checked mine for this month, but will do next.

P.s. RG2015, the Marcus rate is variable, so I'll be reviewing it on a frequent basis through this fine forum... rather than leaving it 12 months. But I'm sure that is what you meant anyway.