RBS and NatWest Digital saver changes

Band7

PRAISETHESUN said:

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. 

There is also no need to pay in anything before reaching the £1k. You'll just reach your £1k (and soon £5k) limit much slower.

Bridlington1

PRAISETHESUN said:

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%.

I've just spoken to RBS via their webchat and they have confirmed that the article is genuine.

MisterMotivated

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.

From the article: "The banks confirmed up to £1,000 can be saved in round-ups"

ForumUser7

Bridlington1 said:

PRAISETHESUN said:

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%.

I've just spoken to RBS via their webchat and they have confirmed that the article is genuine.

Thanks for checking this @Bridlington1!

phillw

PRAISETHESUN said:

The linked article also refers to a prize draw for turning on "Round Ups", 

Can you find out if you're entered for the draw?

RG2015

phillw said:

PRAISETHESUN said:

The linked article also refers to a prize draw for turning on "Round Ups", 

Can you find out if you're entered for the draw?

This prize draw note is on my NatWest app at the foot of the page.

RG2015

It also has the note below on their website. I guess we have to trust them. How do we even know that the draw is validated?

Ratewatcher

I have just read the article and then looked at the Natwest website and the round ups have to come from 'spends' so it isn't a deposit. You would surely have to use your card in a shop and spend pennies? eg. 20p and then they wound send 80p to your digital saver. It doesn't sound like it works if you just deposit pennies multiple times a day?

phillw

RG2015 said:

It also has the note below on their website. I guess we have to trust them. How do we even know that the draw is validated?

RG2015 said:

phillw said:

PRAISETHESUN said:

The linked article also refers to a prize draw for turning on "Round Ups", 

Can you find out if you're entered for the draw?

This prize draw note is on my NatWest app at the foot of the page.

That doesn't tell you whether you signed up for round ups while the prize draw is active or whether you were signed up before.

So is there an answer to the question:
"Can you find out if you're entered for the draw?"

MDMD

phillw said:

RG2015 said:

It also has the note below on their website. I guess we have to trust them. How do we even know that the draw is validated?

RG2015 said:

phillw said:

PRAISETHESUN said:

The linked article also refers to a prize draw for turning on "Round Ups", 

Can you find out if you're entered for the draw?

This prize draw note is on my NatWest app at the foot of the page.

That doesn't tell you whether you signed up for round ups while the prize draw is active or whether you were signed up before.

So is there an answer to the question:
"Can you find out if you're entered for the draw?"

If you are signed up already for roundups you are definitely not in the draw. You need to switch them off, wait 24 hours, then switch on again