Natwest digital regular saver - what to do after saving £1000

pafpcg

solidpro said:

Potentially damaging to anyone with a time machine.

.......

But NatWest does have the equivalent of a time machine! 

By persistently disclosing your use of this loophole that you've exploited, you have increased the risk for yourself and others that someone in NatWest who monitors MSE might run a simple report on their database of all the transactions for this Digital Regular Saver listing credits exceeding £800 - those accounts which match might then get closed.  Blatant self-interest should encourage silence....

solidpro

Thanks for bumping it back up to the top!

OceanSound

solidpro said:

Daliah said:

I think Natwest have wised up to this "trick". Try it if you want to run the risk of having the Digital Saver, and possibly all your other Natwest accounts, closed, like some people did.

Where does it say "possibly all your other Natwest accounts"? It's not a trick. Where does it say you can't open the account with £1000 deposit?

Blimey people in here are so haughty about 'the rules' they've almost made up in their head. Sounds like sour grapes you missed out on all of about £20 interest over the last year or so.

It says "if you repeatedly try to pay more" - how have I broken the rules? I never 'repeatedly' did anything. I just stuck £1000 in on day one and then paid in £50 each month thereafter.

Fair point governor. To repeatedly do something you have to do it more than once.

MrFrugalFever

I know this is an old thread but I thought it better revive this as opposed to start a new one.

So NatWest have now increased their 5.12% AER offer for balances up to £5,000 however, they haven't increased the total monthly limit to be transferred (still £150), so in order to benefit from this you'd have to carry on transferring £150 for a total of 33.33 months (34 in reality), by that time who knows what would have happened to interest rates etc...

I really think they should allow either a greater sum to be transferred monthly (i.e 5 x £150 as there's now 5 x the amount that can be used to earn 5.12%AER) or just allow the whole lot in one transfer!!

Grrr.

sausage_time

MrFrugalFever said:

I know this is an old thread but I thought it better revive this as opposed to start a new one.

So NatWest have now increased their 5.12% AER offer for balances up to £5,000 however, they haven't increased the total monthly limit to be transferred (still £150), so in order to benefit from this you'd have to carry on transferring £150 for a total of 33.33 months (34 in reality), by that time who knows what would have happened to interest rates etc...

I really think they should allow either a greater sum to be transferred monthly (i.e 5 x £150 as there's now 5 x the amount that can be used to earn 5.12%AER) or just allow the whole lot in one transfer!!

Grrr.

It was originally £50/pm when the account was first launched. So, for now, no risk and easy to set up and feed into.

MovingForwards

@MrFrugalFever you can double round ups to boost the money and it doesn't stop / reduce the £150pm max payment.

kaMelo

As above, when launched it was a maximum of £50 per month. They only increased this to £150 in month 19, when people who had contributed £50 every month since launch already had total balances of somewhere between £950 - £1000, so very little benefit with the increased contribution amount. Now the maximum balance has increased it's become relevant again as 5% for £150 is tough to beat.

Although 33 months sounds a long time it is not the longest by some margin, The Cumberland regular saver takes five years to max out, Bucks BS takes over 14 years and SRBS over 16 years.

Band7

Alternatives: Barclays Rainy Day Saver and/or a number of other Regular Savers

Bridlington1

You can do about 100 debit card payments per day on a Natwest/RBS debit card. If you have double round ups and all transactions are amounts ending in £0.01, you can round up a maximum of £198 per day into each regular saver. Assuming you had £1k in it now, put another £150 in today and another £150 on 1st January, you could fill both Natwest and RBS in 19 days, so by 15th January. That's assuming you had a lot of time (and patience) on your hands and had nothing better to do.

OceanSound

Band7 said:

Alternatives: Barclays Rainy Day Saver and/or a number of other Regular Savers

Does anyone know the profit by using Barclays Rainy Day saver to save £5000 over 1 year (I need to have instant access - so that's how come it cannot be a fixed deposit account) as opposed to using natwest or rbs and  depositing (drip feeding) £150 a month and reaching £5000.  I will be using Cynergy online easy access account which pays 2.75% interest on the balance of £6500 as the source of the drip feed. 

Doing this without round-ups. Although round-ups would speed things up. 

Of course, to qualify for Barclays Rainy Day saver, we need to pay in £800 and have two direct debits in place on Barclays current account. Just trying to figure out if the Barclays Rainy Day saver is worth it considering the profit vs.  £800 pay-in every month + 2 direct debits. 

edit: on barclays website there's an estimate:
£5,250.57 

so £250.57. Now just need to calculate the yield from Cynergy + Natwest/RBS and compare.