nat west savings builder account advice please?

qwert10

Hi I have a nat wets savings builder which needs a £50 top up each month and pays 0.95% up to £10k but the balance must go up by £50 a month so any idea how you can draw out the amount over £10k? If the excess is drawn out then the balance cannot go up next month?

soulsaver

There's a thread on here somewhere...
Jist: Find what date constitutes NW's start of mth (Day 1) & end of month (eom).
Start by adding £50 day 1; day 2 add £9950; day eom-1 withdraw £9900 = £100 left in, which is + £50 on start balance, but interest calc'd daily on balance so you'd get full interest on £10k for 28/29 days.
Mth2, day 2: add 9900 back; mth2 eom-1 w/d £9850 = £150 balance which is +£50 on mth2 start.
Mth3 Rinse & repeat. 
If you've already got £10k exceeded IIRC you'll take a month's interest hit to start the plan - no option that I can think of, other than put the w/d amount in another c1%  easy access account for the nearly a month. 
eta last bit

soulsaver

PS I don't do it, cba, I just took the hit once.  

qwert10

ok thanks!! I do get £8 interest a month so quit good really. It is a really complicated account.

colsten

qwert10 said:

Hi I have a nat wets savings builder which needs a £50 top up each month and pays 0.95% up to £10k but the balance must go up by £50 a month so any idea how you can draw out the amount over £10k? If the excess is drawn out then the balance cannot go up next month?

Your other option is to move the entire balance to an NS&I Direct Saver (1% AER var), or even an NS&I Income Bond (1.15% AER var). They have no interest conditions attached 

qwert10

yes that sounds like a plan! 

caveman38

qwert10 said:

Hi I have a nat wets savings builder which needs a £50 top up each month and pays 0.95% up to £10k but the balance must go up by £50 a month so any idea how you can draw out the amount over £10k? If the excess is drawn out then the balance cannot go up next month?

On NW & RBS it quotes 1%. Where did you see 0.95%?

RG2015

caveman38 said:*

qwert10 said:

Hi I have a nat wets savings builder which needs a £50 top up each month and pays 0.95% up to £10k but the balance must go up by £50 a month so any idea how you can draw out the amount over £10k? If the excess is drawn out then the balance cannot go up next month?

On NW & RBS it quotes 1%. Where did you see 0.95%?

NatWest quote a “combined interest rate” on your personal online banking account. It is possible that the OP currently has more than the £10k limit for 1% in their account.

LittleVoice

caveman38 said:

qwert10 said:

Hi I have a nat wets savings builder which needs a £50 top up each month and pays 0.95% up to £10k but the balance must go up by £50 a month so any idea how you can draw out the amount over £10k? If the excess is drawn out then the balance cannot go up next month?

On NW & RBS it quotes 1%. Where did you see 0.95%?

1% is the AER but interest is paid monthly

RG2015

As above but in my case I get the full 1%.

RG2015

LittleVoice said:g

caveman38 said:

qwert10 said:

Hi I have a nat wets savings builder which needs a £50 top up each month and pays 0.95% up to £10k but the balance must go up by £50 a month so any idea how you can draw out the amount over £10k? If the excess is drawn out then the balance cannot go up next month?

On NW & RBS it quotes 1%. Where did you see 0.95%?

1% is the AER but interest is paid monthly

This is correct, but not the reason for the 0.95% the OP is quoting. NatWest is unusual in that they pay the full 1% AER every month.