RBS and NatWest Digital saver changes

Descrabled

Those of us who have stopped the standing order could make a one £150 payment on 30 November, and one further £150 payment on 6 December (note date). The standing order for £150 can then be reinstated from January 23 through October 24.

RG2015

Descrabled said:

Those of us who have stopped the standing order could make a one £150 payment on 30 November, and one further £150 payment on 6 December (note date). The standing order for £150 can then be reinstated from January 23 through October 24.

Yes, but how reliable is the information. There is nothing from NatWest/RBS.

That said there is not much lost on £150 for 6 or 7 days.

PRAISETHESUN

I'm inclined to believe this is true. The linked article also refers to a prize draw for turning on "Round Ups", which is referenced in-app for both NatWest/RBS. No need to actually use it (although it does seem a clever way to sidestep the £150 deposit limit), but you just need to turn it on to be entered into the draw.

Worst case the rate rise doesn't materialise and you can just cancel the new SO and withdraw any funds not earning 5%.

dcs34

PRAISETHESUN said:

Worst case the rate rise doesn't materialise and you can just cancel the new SO and withdraw any funds not earning 5%.

Exactly, and you've had £150 (£300 if one has both accounts) sat earning 1% for 7 days, not 2.75% or thereabouts - a loss of about 5p in interest.

flaneurs_lobster

Bridlington1 said:

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.

To continue this hypothetical saving fun, at what point would the RBS automated dodgy activity detector AI thingy (RBSADADAIT) decide to intervene?

Band7

flaneurs_lobster said:

Bridlington1 said:

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.

To continue this hypothetical saving fun, at what point would the RBS automated dodgy activity detector AI thingy (RBSADADAIT) decide to intervene?

Not that I would like to sit there making hundreds of £0.01 payments, but I value my multiple RBS/Natwest accounts, as well as my savings accounts permitting deposits by debit card, way too much to jeopardise them. I hope the clever penny payers won't kill the debit card deposit functionality for the rest of us who want to abuse the facility in a much more moderate manner. KRBS have already put an end to theirs, and other smaller outfits may well have to do it, too.

Expotter

I've just opened this Natwest regular saver and I've had to set up a standing order to fund it, can anyone tell me if it has to be funded via a S.O or can I just transfer the £150 from somewhere else once a month?

PRAISETHESUN

Expotter said:

I've just opened this Natwest regular saver and I've had to set up a standing order to fund it, can anyone tell me if it has to be funded via a S.O or can I just transfer the £150 from somewhere else once a month?

In my experience, it doesn't need to be a SO, or even from a NatWest/RBS account

Speculator

I am just below £1000 and have already paid in a £1 Standing order earlier this month. I assume I can pay in £149 by faster payment on 30th Nov and a £150 SO on 7th Dec. (then changing the SO to the 1st of each month)

I've been paying the standing order from Nat West thus far but would suit me much better if I could pay in from Santander. 

Anyone else set up a  Standing Order from an external bank?

PRAISETHESUN

Speculator said:

I am just below £1000 and have already paid in a £1 Standing order earlier this month. I assume I can pay in £149 by faster payment on 30th Nov and a £150 SO on 7th Dec. (then changing the SO to the 1st of each month)

I've been paying the standing order from Nat West thus far but would suit me much better if I could pay in from Santander. 

Anyone else set up a  Standing Order from an external bank?

Just FYI, there's no need to pay in £1 (or any amount really) after reaching £1k. But yea, max £150 per month so you can pay in £149 on the 30th. I used to pay in from an external account (Lloyds) without issue for quite a while - both FP and SO.