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qsk

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

PRAISETHESUN

qsk said:

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

Only the portion above £1k has reduced interest. I'm planning to just skim off the excess interest every month or two and leave the rest of the cash untouched until I need it for something.

Daliah

qsk said:

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

Where would you get 3.3% on £1,000?

RG2015

Daliah said:

qsk said:

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

Where would you get 3.3% on £1,000?

Being pedantic, it would only be 3.25% since the interest would not be compounded.

Thumbs_Up

The wheel has started to turn slowly hasn’t it, as of 1st April 2021 NS&I saving rate was 0.01% so I was getting a princely sum – drum roll if you please, a grand total £40 per annum or £3.33 a month. I will let you work out with your calculators how much cash I had loaned to the government state bank.

As of now I will be getting around £322 every month with current interest savings rates. N.B. I am not with Chase bank.

My feet are firmly on the floor, if you look at the archives here go back just a few years ago and people were moaning about only getting 5% interest savings rates. Interesting times ahead me thinks.  

Daliah

RG2015 said:

Daliah said:

qsk said:

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

Where would you get 3.3% on £1,000?

Being pedantic, it would only be 3.25% since the interest would not be compounded.

OK, pedant Q: where would you get 3.25% on instant access?

RG2015

Daliah said:

RG2015 said:

Daliah said:

qsk said:

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

Where would you get 3.3% on £1,000?

Being pedantic, it would only be 3.25% since the interest would not be compounded.

OK, pedant Q: where would you get 3.25% on instant access?

Just thought you would appreciate it as you are usually a stickler for correctness 

Malchester

PRAISETHESUN said:

qsk said:

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

Only the portion above £1k has reduced interest. I'm planning to just skim off the excess interest every month or two and leave the rest of the cash untouched until I need it for something.

I have the RBS product and plan to do the same

qsk

PRAISETHESUN said:

qsk said:

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

Only the portion above £1k has reduced interest. I'm planning to just skim off the excess interest every month or two and leave the rest of the cash untouched until I need it for something.

Thanks. Do you stop the SO or keep it going and then withdraw? Does the account allow unlimited withdraws? 

Daliah

qsk said:

PRAISETHESUN said:

qsk said:

What's the best way to handle when NatWest RS reaches £1000, withdraw all or some? 

Only the portion above £1k has reduced interest. I'm planning to just skim off the excess interest every month or two and leave the rest of the cash untouched until I need it for something.

Thanks. Do you stop the SO or keep it going and then withdraw? Does the account allow unlimited withdraws? 

You can stop the SO any time you like, before or after reaching £1,000. You can withdraw as much and as often as you like, and you can resume deposits if your balance drops below £1,000.