Natwest v Marcus

Steve_xx

New savings offering at 1.5% from Natwest/RBS. But balance needs to be kept below 10k and you have to increase the balance by £50 a month or the rate for that month drops.

Obviously targeted at the Marcus offering, but with hoops to jump through that make it a non-starter!

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

verybigchris

It's not really "targetted at" Marcus because it pre-dates it, although they have raised the ceiling from £5k relatively recently.

Rheumatoid

unless you have got to £85k in Marcus and don't want to risk more

Steve_xx

verybigchris wrote: »

It's not really "targetted at" Marcus because it pre-dates it, although they have raised the ceiling from £5k relatively recently.

I thought it was a completely new offering, having just read about it here!

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

Rheumatoid

I've had one about 2 years. As VBC says the limit at which 1.5 is paid has just gone up from 5 to 10k

soulsaver

You don't have to keep below £10k - just that you get 1.5% on up to £10k and 0.2% on anything over..

No_Name

I've had an account from around June 2018; is the 1.5% up to 10k now also applicable to me?

Sea_Shell

Does this basically mean that if you make any withdrawal, you earn no interest on the whole balance that month, as the balance hasn't increased by £50!!??

RG2015

Sea_Shell wrote: »

Does this basically mean that if you make any withdrawal, you earn no interest on the whole balance that month, as the balance hasn't increased by £50!!??

Withdrawals are fine as long as you replace any money withdrawn and grow the balance by £50 as measured on the penultimate working day of the month compared with the same day on the previous month.

PS. As long as you satisfy the £50 condition, interest is calculated on the daily balance.

Sea_Shell

So really only any good if you don't need any of the money and you leave enough "room" to constantly add £50 per month.

Pretty niche market?!

RG2015

Sea_Shell wrote: »

So really only any good if you don't need any of the money and you leave enough "room" to constantly add £50 per month.

Pretty niche market?!

Now that I have downgraded my Santander 123 to a Lite and opened a Marcus 1.5% savings account, this serves as a useful backup also earning 1.50%.

It is particularly useful as my main bank account is also with NatWest.