NatWest digital regular saver

Hammer_Time

garmeg said:

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?

Yes you are right, I will phone them up Monday to check.

kaMelo

Hammer_Time said:

garmeg said:

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?

Yes you are right, I will phone them up Monday to check.

No need to phone, the terms are clear.
If you have a joint account then each of you can hold a Digital regular saver in sole names.

MovingForwards

The terms:

4. How do I open and manage my account?

You can open a Digital Regular Saver if you’re:

• A UK resident, aged 18 years or over and a NatWest current account holder.
• Your account can be opened online or through our mobile app.
• You can manage your account on our mobile app, online, in branch or by telephone.
• You’ll need to set-up a regular standing order when you open the account, paying any amount between £1 and £50 each month into the account.
• You can pay money in by transfer from a current account or savings account in your name held with us or held with another bank (Online, by telephone or on the mobile app).
• You can only pay up to £50 into the account each month. Any amount over this limit may be automatically moved to your current account. If you repeatedly try to pay more than £50 each month into the account, you will be given 60 days’ notice to close the account.
• You can only have one Digital Regular Saver and it needs to be in your name. Joint accounts aren’t allowed.
• No minimum deposit is required to open the account; and there is no maximum balance limit. However, the higher interest rate will only apply to balances up to and including £1,000.
• If you close your account, you will not earn interest for the month of closure.

Hammer_Time

kaMelo said:

Hammer_Time said:

garmeg said:

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?

Yes you are right, I will phone them up Monday to check.

No need to phone, the terms are clear.
If you have a joint account then each of you can hold a Digital regular saver in sole names.

Thank you, I couldn’t find anything, but is nice you know there’s no need to phone them.

kaMelo

MovingForwards said:

The terms:

4. How do I open and manage my account?

You can open a Digital Regular Saver if you’re:

• A UK resident, aged 18 years or over and a NatWest current account holder.
• Your account can be opened online or through our mobile app.
• You can manage your account on our mobile app, online, in branch or by telephone.
• You’ll need to set-up a regular standing order when you open the account, paying any amount between £1 and £50 each month into the account.
• You can pay money in by transfer from a current account or savings account in your name held with us or held with another bank (Online, by telephone or on the mobile app).
• You can only pay up to £50 into the account each month. Any amount over this limit may be automatically moved to your current account. If you repeatedly try to pay more than £50 each month into the account, you will be given 60 days’ notice to close the account.
• You can only have one Digital Regular Saver and it needs to be in your name. Joint accounts aren’t allowed.
• No minimum deposit is required to open the account; and there is no maximum balance limit. However, the higher interest rate will only apply to balances up to and including £1,000.
• If you close your account, you will not earn interest for the month of closure.

As I said the terms are clear, the two lines I've highlighted are what matter.
Joint current account holders are current account holders in their own right so whilst they are not allowed to hold a joint Digital Regular Saver they are entitled to hold Digital Regular Saver Accounts in their own name.

White_Goldfish

I already have a NatWest Digital Regular Savings account, but would prefer a new account (needs to be opened before March 31st) that would then qualify for entrance in the Prize Draw. Can I just close the existing one and open a new one?  The interest for March has already been paid for the existing Digital Regular Savings account. 

colsten

White_Goldfish said:

I already have a NatWest Digital Regular Savings account, but would prefer a new account (needs to be opened before March 31st) that would then qualify for entrance in the Prize Draw. Can I just close the existing one and open a new one?  The interest for March has already been paid for the existing Digital Regular Savings account. 

Yes you can. Request closure online. It takes a few working days for them to action your request, and then another working day or two before you can apply for the new RS, and before it's usable. Everything seems to require overnight processing. But plenty of time to complete before March 31 if you get going now.

White_Goldfish

Very helpful. Thank you. Don't understand why everyone won't do this. There's a clear advantage, except for the time and slight hassle taken in opening and closing.

fabsaver

White_Goldfish said:

Very helpful. Thank you. Don't understand why everyone won't do this. There's a clear advantage, except for the time and slight hassle taken in opening and closing.

There is a cost in lost interest though, so it may not be the best option for everyone.

Accounts opened when this account launched last September now have £350+ in them. If the account is closed and re-opened with £50 then a new home has to be found for £300+. The interest achievable on that isn't going to be anywhere near 3% at the present time. 

There is the lost interest on the money withdrawn as well as the lost interest for the early part of March by closing the account. They may not be huge sums but it still represents a 'cost' to enter the prize draw. Personally for me I don't think it's worth the hassle for something I'm unlikely to win.

Good luck to you though. I hope you post back here in a few months, celebrating your £1,000 prize 

White_Goldfish

I had £300 invested, but the amount -- including the March 1st interest -- was only £301.83. Just not worth bothering about for anyone, I would have thought. Yes, I will need to find a home for that amount, but really that's not too difficult to do. Regular Savings at £50 per month build up interest so slowly, and thus offer more than they deliver, despite the headline 3% rate.