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

RG2015

MovingForwards said:

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.

Where did you check? The website still has 1.50% AER/Gross p.a.and the app has 1.50% Gross / 1.51% AER

george4064

RG2015 said:

MovingForwards said:

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.

Where did you check? The website still has 1.50% AER/Gross p.a.and the app has 1.50% Gross / 1.51% AER

Just checked on my app and its showing the same for me (1.50% Gross/1.51% AER)

MovingForwards

RG2015 said:

MovingForwards said:

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.

Where did you check? The website still has 1.50% AER/Gross p.a.and the app has 1.50% Gross / 1.51% AER

george4064 said:

RG2015 said:

MovingForwards said:

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.

Where did you check? The website still has 1.50% AER/Gross p.a.and the app has 1.50% Gross / 1.51% AER

Just checked on my app and its showing the same for me (1.50% Gross/1.51% AER)

The app, under view interest rate.

Still showing the slightly lower % but nothing altered for new accounts.

Done a search of my emails and nothing has been received from them.

Edit - checked normal online banking and it's got the odd rate too.

RG2015

MovingForwards said:

RG2015 said:

MovingForwards said:

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.

Where did you check? The website still has 1.50% AER/Gross p.a.and the app has 1.50% Gross / 1.51% AER

george4064 said:

RG2015 said:

MovingForwards said:

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.

Where did you check? The website still has 1.50% AER/Gross p.a.and the app has 1.50% Gross / 1.51% AER

Just checked on my app and its showing the same for me (1.50% Gross/1.51% AER)

The app, under view interest rate.

Still showing the slightly lower % but nothing altered for new accounts.

Done a search of my emails and nothing has been received from them.

Edit - checked normal online banking and it's got the odd rate too.

I just looked in online banking and it said:
Your interest rate is 1.50% gross, 1.51% AER. This is based on your balance from end of day yesterday.

This is your combined rate. What is a combined rate?

Clicking the link took me to their help page and a search on combined rate brought up the following:
Where there is more than one interest rate applicable, for example the standard and conditional bonus rates on Premium Saver and Savings Builder, the rates are combined using a standard calculation to provide the total interest rate payable.

MovingForwards

@RG2015 I've been over the maximum for 1.50% for a while and it's the first time it has shown a different figure.

It also doesn't explain why the app % is different to the online / web account.

I will keep watching it and will see what happens. Not got much else to do with my days.

ForestBluebells

Oh! I haven’t had a notification either. If it does drop I’ll just move everything to my Marcus account. Thanks for the heads up. 

RG2015

ForestBluebells said:

Oh! I haven’t had a notification either. If it does drop I’ll just move everything to my Marcus account. Thanks for the heads up. 

You would be better waiting until the end of the month so you don’t lose April’s interest.

MovingForwards

I've just had confirmation from 20/04 it's, the savings builder:

1% for upto £10k
0.01% over £10k

Their ISA is a complete waste of time:
0.01% for upto £49,999
0.25% £50k +

No mention of the H2B ISA

surreysaver

MovingForwards said:

I've just had confirmation from 20/04 it's, the savings builder:

1% for upto £10k
0.01% over £10k

Their ISA is a complete waste of time:
0.01% for upto £49,999
0.25% £50k +

No mention of the H2B ISA

How did you receive the confirmation?

Has anyone heard about the RBS Savings Builder?

Wheres_My_Cashback

RG2015 said:

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

Thanks to @afis1904 on the regular savings thread (links below to that and to the Daily Mail)

https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list/p26

https://www.thisismoney.co.uk/money/news/article-8110675/Banks-withdraw-savings-accounts-base-rate-cut-record-low.html

PS: This was just in response to the first reduction of base rate to 0.25%. Will they further reduce it to reflect the drop to 0.1%?

It's been mentioned a few times over the past couple of weeks, though I don't think anything official had been seen.