NatWest Reduce Saving Interest despite BOE increases

Diggle123

In the process of switching an account to Natwest to benefit from the Switch bonus.
Had planned on opening their DRS as it was paying 5.02% on upto £1000 on 27/09/2022.
Checked to see if my new accont was accessible this morning (NO) and saw the DRS rate has dropped to 3.02. Talk about Banker ripoffs!

MovingForwards

It's still showing as 5% (5.12% AER).

RG2015

Diggle123 said:

In the process of switching an account to Natwest to benefit from the Switch bonus.
Had planned on opening their DRS as it was paying 5.02% on upto £1000 on 27/09/2022.
Checked to see if my new accont was accessible this morning (NO) and saw the DRS rate has dropped to 3.02. Talk about Banker ripoffs!

This account may not show the correct rate within the app or online banking until it has been funded. It also shows a combined rate for the previous day’s balance. This would only apply if you have over £1,000, which won’t apply in your case.

The most you can deposit this month is £150 so if you put in £150 today it will show as 5.12% AER tomorrow in the app and online.

Section62

Slightly off-topic, but does anyone know when Natwest increased the rate on the Savings Builder from 0.3% to 0.5% please?  I've done a google search but couldn't find a rate change notification.

RG2015

Section62 said:

Slightly off-topic, but does anyone know when Natwest increased the rate on the Savings Builder from 0.3% to 0.5% please?  I've done a google search but couldn't find a rate change notification.

I think it was when the DRS increased from 3.25% to 3.75% in early September. I did not really pay that much attention though.

Section62

RG2015 said:

Section62 said:

Slightly off-topic, but does anyone know when Natwest increased the rate on the Savings Builder from 0.3% to 0.5% please?  I've done a google search but couldn't find a rate change notification.

I think it was when the DRS increased from 3.25% to 3.75% in early September. I did not really pay that much attention though.

Thanks.  I wasn't paying attention either, but I was a bit curious how they could have made a rate change with no apparent evidence of it happening, other than the website now showing a higher figure.

refluxer

Section62 said:

Thanks.  I wasn't paying attention either, but I was a bit curious how they could have made a rate change with no apparent evidence of it happening, other than the website now showing a higher figure.

It's quite common for a bank to write into the T&Cs that they only have to notify you in the event of a rate drop... presumably because no-one would object to a rate rise You'd think it would be good PR to advertise rate increases to both prospective (new) and existing account holders though.

Calling a savings account a 'Savings Builder' and only paying 0.5% is shameful.

callum9999

Even if it was 3%, I'm struggling to see how offering a rate higher than the BOE base rate could possibly be a "rip off"?

Diggle123

They've decided I don't qualify for a bank account, despite 2 sets of driving licece pix and full facial image. to their hooyu.natwest.com
Laughable as I've NEVER had an issue seting upm a bank account before, have several at present and several savings accounts.
They then concluded the refusal by offering me a chance to approach them if I needed a loan. Some chance

fourmarks

Diggle123 said:

They've decided I don't qualify for a bank account, despite 2 sets of driving licece pix and full facial image. to their hooyu.natwest.com
Laughable as I've NEVER had an issue seting upm a bank account before, have several at present and several savings accounts.
They then concluded the refusal by offering me a chance to approach them if I needed a loan. Some chance

Sometimes you just fall into the cracks. I've opened 20+ accounts in the last few months to spread house sale funds, most of which have been very straightforward, but Virgin Money and Principality Building Society seem to doubt my very existence, unless I rock up with my grandmother and a signed affidavit from the new king.