Natwest Savings Builder reducing from 1.5% to 1% from 20th April

RG2015

eskbanker said:

RG2015 said:

As per title. This was in the Daily Mail on 13th March. How did everyone miss it until now?

It would seem to suggest that the Venn diagram comprising 'savvy MSE savers' and 'Daily Mail readers' doesn't have much of an intersection, read into that what you want!

Yes indeed. Even the brave poster spilling the beans was reluctant to disclose where they found out the news.

george4064

No notification here, will sit tight and see what happens. If anything.

afis1904

RG2015 said:

eskbanker said:

RG2015 said:

As per title. This was in the Daily Mail on 13th March. How did everyone miss it until now?

It would seem to suggest that the Venn diagram comprising 'savvy MSE savers' and 'Daily Mail readers' doesn't have much of an intersection, read into that what you want!

Yes indeed. Even the brave poster spilling the beans was reluctant to disclose where they found out the news.

I honestly didn't even remember I had read it until today haha

veryintrigued

Could be a few of us looking to empty for a month and fill up with the minimum monthly payment.

Wasn't there some weird and wonderful way to get around the lack of interest for a month and yet still making that withdrawal?

surreysaver

veryintrigued said:

Could be a few of us looking to empty for a month and fill up with the minimum monthly payment.

Wasn't there some weird and wonderful way to get around the lack of interest for a month and yet still making that withdrawal?

Empty it when the interest goes down, but make sure you put back into it what you had on 30th March plus £50 by 29th April. Then empty it again on 30th April and leave it empty for a full month 

RG2015

But the interest from 20th April will only be 1% (allegedly) so will it cease to be worth keeping? At the moment I have 1.45% on my Marcus account and 1.5% on my Virgin Money Double Take. How long will these last?

veryintrigued

surreysaver said:

veryintrigued said:

Could be a few of us looking to empty for a month and fill up with the minimum monthly payment.

Wasn't there some weird and wonderful way to get around the lack of interest for a month and yet still making that withdrawal?

Empty it when the interest goes down, but make sure you put back into it what you had on 30th March plus £50 by 29th April. Then empty it again on 30th April and leave it empty for a full month 

Thank you.

Also need to stop my S.O. - assuming this interest rate changes!

General_Grant

george4064 said:

No notification here, will sit tight and see what happens. If anything.

If it is due to come into effect on 20 April, they need to notify you by COP on 5 April, I think, in order to give the required 14 days' notice.

RG2015

General_Grant said:

george4064 said:

No notification here, will sit tight and see what happens. If anything.

If it is due to come into effect on 20 April, they need to notify you by COP on 5 April, I think, in order to give the required 14 days' notice.

Their website quotes that they will give at least 14 days notice for accounts with balances of at least £100. For accounts with less than £100 they will inform you before the change or shortly afterwards.

The 5th April is a Sunday although the 6th is still 14 days before the 20th.

MovingForwards

Just checked and it is showing as 1.43% AER and 1.42% gross. This morning it was still 1.50% AER.

I've not yet received anything from NW to say it was changing.