RBS and NatWest Digital saver changes

Costabit

Your Money.com are reporting that RBS and NatWest are raising the 5% interest rate limit from £1000 to £5000 from Dec 6th

bristolleedsfan

https://www.yourmoney.com/saving-banking/natwest-and-rbs-savers-to-earn-5-on-up-to-5000/?ac=13&as=180

Tom_Hendo

IS it still only limited to £150 per month? That would take 33 months and I thought the rate was only guarenteed for 12? 

RG2015

Tom_Hendo said:

IS it still only limited to £150 per month? That would take 33 months and I thought the rate was only guarenteed for 12? 

Where does it say the rate is guaranteed?

Descrabled

My accounts are at £1k and it will take 24 months to reach £5k by adding £150 per month and 5% interest.

RG2015

Descrabled said:

My accounts are at £1k and it will take 24 months to reach £5k by adding £150 per month and 5% interest.

But it will be earning 5% all of the time it is in there unless they reduce the rate. Then you are free to withdraw it.

What is there to lose?

WillPS

Great news. Bravo Natwest!

Bridlington1

You can top it up using double round ups. Assuming you will have a balance of £1k as the new interest rate comes into play and you immediately deposit £150 by faster payment:
As the maximum amount that can get rounded up with each debit cad transaction is £1.98, you can fill the regular saver up to £5k with an additional 1945 debit card transactions, which will take 20 days as you are limited to 100 debit card deposits each day. So you could theoretically have both Natwest and RBS at £5k by Christmas.

wmb194

There's also a round-ups prize draw if you activate or deactivate and them reactivate it after waiting 24 hours by 30/11/22. Win £5,000 or one of 30 £350 prizes.

Sensory

Bridlington1 said:

You can top it up using double round ups. Assuming you will have a balance of £1k as the new interest rate comes into play and you immediately deposit £150 by faster payment:
As the maximum amount that can get rounded up with each debit cad transaction is £1.98, you can fill the regular saver up to £5k with an additional 1945 debit card transactions, which will take 20 days as you are limited to 100 debit card deposits each day. So you could theoretically have both Natwest and RBS at £5k by Christmas.

I’ll be surprised if anyone can pull that off without problems arising. I think I’ll just deposit £150 on 30 November and then another £150 on 1 December.

Between these accounts, the Barclays Rainy Day account and a slew of regular savers paying at least 4.5%, they alone will eat up the £1000 PSA for basic rate taxpayers.

Bridlington1

Sensory said:

Bridlington1 said:

You can top it up using double round ups. Assuming you will have a balance of £1k as the new interest rate comes into play and you immediately deposit £150 by faster payment:
As the maximum amount that can get rounded up with each debit cad transaction is £1.98, you can fill the regular saver up to £5k with an additional 1945 debit card transactions, which will take 20 days as you are limited to 100 debit card deposits each day. So you could theoretically have both Natwest and RBS at £5k by Christmas.

I’ll be surprised if anyone can pull that off without problems arising. I think I’ll just deposit £150 on 30 November and then another £150 on 1 December.

Between these accounts, the Barclays Rainy Day account and a slew of regular savers paying at least 4.5%, they alone will eat up the £1000 PSA for basic rate taxpayers.

It's worth a shot though. I'll deposit £150 on 30 November, another £150 on 6 December, then start making debit card deposits from 3rd December. I doubt I'll get chance to do 200 debit card deposits per day for the best part of 3 weeks but with a bit of luck I should be able to get them done by January. If I deposit £150 in January as well I should only have to make 3576 £1.01 deposits into NS&I once I include the interest I'll be getting in December, so about 119 per day between the two accounts. Plus it will give me an excuse to get out of Christmas I suppose.

I think it's fair to say one heck of a bank statement will be coming through my letterbox this January.