natwest digital saver worth it?

aaj123

dealyboy said:

RG2015 said:

In 21 months I could have £10,000 earning £50 per month. There is no other easy access account paying this amount.

Just to add to the above, Barclays Blue rewards will give you immediate access to getting 5K earning 5.12%.

Stargunner

PloughmansLunch said:

Stargunner said:

RG2015 said:

I have £3,544 in RBS and NatWest Digital Regular Savers earning 6.17%.

In 21 months I could have £10,000 earning £50 per month. There is no other easy access account paying this amount.

The problem is that in order to get the best return you shouldn’t ever withdraw any money. Hence it is more like an emergency fund than an easy access or regular saver.

NatWest RBS must know that most subscribers will not touch their funds, so it guarantees them both growth and capital on the majority of their balances.

This is a very clever marketing tactic.

You could have the £10k in there a lot sooner than that if you make use of the double round ups.

With two accounts to deal with (200 x £0.01) and roughly 20 seconds per transaction with a fair wifi wind behind you, that would mean spending about an hour a day hunched over like a goblin firing off PayPal payments.

No need for that. Even if you could average around 5 transactions per day, with double up, that would give you another circa £300 per month going in. 

RG2015

aaj123 said:

dealyboy said:

RG2015 said:

In 21 months I could have £10,000 earning £50 per month. There is no other easy access account paying this amount.

Just to add to the above, Barclays Blue rewards will give you immediate access to getting 5K earning 5.12%.

Yes, I have this account as well, although as per previous posts on this thread, it needs two DDs and £800 monthly pay in.

Even then 5.12% is not as good as 6.17%.

RG2015

Just a further thought / question on this account.

If you deposit £150 and later in the month withdraw £150, can you put £150 back in during the same month?

Or would this count as a £300 deposit during the month rather than a net £150 pay in during the month?

PloughmansLunch

Stargunner said:

PloughmansLunch said:

Stargunner said:

RG2015 said:

I have £3,544 in RBS and NatWest Digital Regular Savers earning 6.17%.

In 21 months I could have £10,000 earning £50 per month. There is no other easy access account paying this amount.

The problem is that in order to get the best return you shouldn’t ever withdraw any money. Hence it is more like an emergency fund than an easy access or regular saver.

NatWest RBS must know that most subscribers will not touch their funds, so it guarantees them both growth and capital on the majority of their balances.

This is a very clever marketing tactic.

You could have the £10k in there a lot sooner than that if you make use of the double round ups.

With two accounts to deal with (200 x £0.01) and roughly 20 seconds per transaction with a fair wifi wind behind you, that would mean spending about an hour a day hunched over like a goblin firing off PayPal payments.

No need for that. Even if you could average around 5 transactions per day, with double up, that would give you another circa £300 per month going in. 

I didn't think of that - my spreadsheet which covers next year shows they'll currently only be roughly half full by March 2024. With only a few mins of daily PayPal goblining (better for the posture) they could be maxed by then. I might need to plant a few trees to compensate for the fancy Child & Co. / RBS paper statements that would additionally generate.

Stargunner

PloughmansLunch said:

Stargunner said:

PloughmansLunch said:

Stargunner said:

RG2015 said:

I have £3,544 in RBS and NatWest Digital Regular Savers earning 6.17%.

In 21 months I could have £10,000 earning £50 per month. There is no other easy access account paying this amount.

The problem is that in order to get the best return you shouldn’t ever withdraw any money. Hence it is more like an emergency fund than an easy access or regular saver.

NatWest RBS must know that most subscribers will not touch their funds, so it guarantees them both growth and capital on the majority of their balances.

This is a very clever marketing tactic.

You could have the £10k in there a lot sooner than that if you make use of the double round ups.

With two accounts to deal with (200 x £0.01) and roughly 20 seconds per transaction with a fair wifi wind behind you, that would mean spending about an hour a day hunched over like a goblin firing off PayPal payments.

No need for that. Even if you could average around 5 transactions per day, with double up, that would give you another circa £300 per month going in. 

I didn't think of that - my spreadsheet which covers next year shows they'll currently only be roughly half full by March 2024. With only a few mins of daily PayPal goblining (better for the posture) they could be maxed by then. I might need to plant a few trees to compensate for the fancy Child & Co. / RBS paper statements that would additionally generate.

Simple answer. Go paperless 😂

allegro120

RG2015 said:

dealyboy said:

RG2015 said:

I have £3,544 in RBS and NatWest Digital Regular Savers earning 6.17%.

In 21 months I could have £10,000 earning £50 per month. There is no other easy access account paying this amount.

The problem is that in order to get the best return you shouldn’t ever withdraw any money. Hence it is more like an emergency fund than an easy access or regular saver.

NatWest RBS must know that most subscribers will not touch their funds, so it guarantees them both growth and capital on the majority of their balances.

This is a very clever marketing tactic.

... I suspect the interest rate will be lower by then, but also lower inflation.

Yes, this is likely but even now there is nothing better.

£3,544 currently earns £17.72 and each month this increases by £1.50

I have only £3,241. I must have missed something at some point. I probably was 1 month late to start. 

aaj123

RG2015 said:

Just a further thought / question on this account.

If you deposit £150 and later in the month withdraw £150, can you put £150 back in during the same month?

Or would this count as a £300 deposit during the month rather than a net £150 pay in during the month?

Good question and I am keen to know too. Their terms are ambiguous on this one. It only says 'You can make as many deposits as your like into your Digital Regular Saver, so long as you don’t go above £150 a month.'

Also, does their month get defined as calendar month or the one starting on anniversary of account opening?

Stargunner

dealyboy said:

Hi @Stargunner ...

Stargunner said:

RG2015 said:

I have £3,544 in RBS and NatWest Digital Regular Savers earning 6.17%.

In 21 months I could have £10,000 earning £50 per month. There is no other easy access account paying this amount.

The problem is that in order to get the best return you shouldn’t ever withdraw any money. Hence it is more like an emergency fund than an easy access or regular saver.

NatWest RBS must know that most subscribers will not touch their funds, so it guarantees them both growth and capital on the majority of their balances.

This is a very clever marketing tactic.

You could have the £10k in there a lot sooner than that if you make use of the double round ups.

... I don't know about @RG2015, but if you mean by micro transaction methods discussed in this forum, for me that feels like 'gaming the system' which is why I will stick with natural transactions whilst having double-roundups enabled on both accounts of course.

When you open multiple donor bank accounts, that you only ever use to switch to another back for financial incentives, is that not classed as ‘gaming the system’ then?

aaj123

Stargunner said:

dealyboy said:

Hi @Stargunner ...

Stargunner said:

RG2015 said:

I have £3,544 in RBS and NatWest Digital Regular Savers earning 6.17%.

In 21 months I could have £10,000 earning £50 per month. There is no other easy access account paying this amount.

The problem is that in order to get the best return you shouldn’t ever withdraw any money. Hence it is more like an emergency fund than an easy access or regular saver.

NatWest RBS must know that most subscribers will not touch their funds, so it guarantees them both growth and capital on the majority of their balances.

This is a very clever marketing tactic.

You could have the £10k in there a lot sooner than that if you make use of the double round ups.

... I don't know about @RG2015, but if you mean by micro transaction methods discussed in this forum, for me that feels like 'gaming the system' which is why I will stick with natural transactions whilst having double-roundups enabled on both accounts of course.

When you open multiple donor bank accounts, that you only ever use to switch to another back for financial incentives, is that not classed as ‘gaming the system’ then?

I'd just say its difficult for a bank to prove reasonably that this was 'gaming' whereas a barrage of 0.01 deposits is gaming in most eyes.