NatWest digital regular saver

kaMelo

EdGasketTheSecond said:

It doesn't look like you can make a lump sum payment greater than £50 So the most interest you can get in year 1 is £9.88; wow, less than some brokers charge on one trade, hardly worth discussing.

So stop discussing it, it's clear that you don't think it's worth your while but just because it's not right for you doesn't mean it's not right for others. .
Would I go the the trouble of opening a new current account purely for the purposes of opening this regular saver? No I would not, to that end I agree it's a lot of effort for very little reward.
However, I already have NatWest and RBS current account's with regular amounts passing through both so no need to check there will always be enough to pay in per month.
Setting up the regular saver accounts with standing orders in place took less than five minutes for both. That's it, there is absolutely nothing more I need to do until it hits £1000 in twenty months time and who knows what will happen in the meantime.

Donegal_Paul

Can I just ask, I know that it's less than a tenner in year one, assuming however the rate continues after that 3% will then be £30 pa on that £1000? Im not seeing anything stating that the 3% wont apply in year 2 onwards, though I do note it's a variable rate obviously. 

EdGasketTheSecond

After 1 year you will have £600 in the account, not £1000 so you still won't get £30 interest in year 2 but would continue to receive the 3% on what you do have invested however rate may well drop before then.

schiff

EdGasketTheSecond said:

RG2015 said:

EdGasketTheSecond said:

Not worth the faff for the £15 max interest you will get over the year

Opened the account in one minute. Where is the faff in that?

Another account to manage, SO to set up, 1K tied up to earn only £15 in year one, no interest above 1K. Sounds a bit of an option for losers. Anyway enjoy your free coffee and cake in a year's time.

It's for people who can't afford to buy a Krugerrand

Poon

I have opened one of these accounts but may have rushed into it and not read the small print... lol
I have set up my £50 DD per month but also transferred 10k into the account, I had another savings account with NW but it paid 0.01% interest so i thought this would be the most sensible option (I understand that i wont get 3% on the full amount). I regularly move money in and out of my account - is this the wrong prioduct for me?

colsten

This is what Natwest say:

When did you transfer your £10K? Should be interesting to know whether they actually move the money unto your current account. 

You say you understand you won’t get 3% on the whole amount you have in the account. How much do you expect to get, and why?


BTW, you did not set up any DD for this account, but an SO. Two very different things.

Hammer_Time

If you have a joint bank account with them can you set up one for yourself and one for your partner?

colsten

Hammer_Time said:

If you have a joint bank account with them can you set up one for yourself and one for your partner?

Doesn’t look as if you can. 

Easy to resolve though, by one or both of you setting up a sole account

garmeg

colsten said:

Hammer_Time said:

If you have a joint bank account with them can you set up one for yourself and one for your partner?

Doesn’t look as if you can. 

Easy to resolve though, by one or both of you setting up a sole account

I think they mean that if Mr and Mrs Smith have a joint current account that they could open two regular saver accounts - one for each of them in a single name?

colsten

Dunno.May be.