Natwest Roundups

Daniel_John_Hurley

https://www.moneysavingexpert.com/savings/auto-saving-apps/

Is there a reason Natwest isn't included on this page for offering the same service as Chase but with a slightly higher interest rate (and no cashback) curious. It seems like a deal that warrants inclusion, am I missing something.

MorningcoffeeIV

It appears to send your spare cash to whatever savings account you have, which means the rate will vary.

Plus, no cashback.

Plus, it's Natwest.

saajan_12

Definitely think it warrants inclusion, the suggestion in the article could be firstly open the DRS account and the set up round ups for 6.17% interest, as well as the option to double round ups. 

MorningcoffeeIV said:

Plus, it's Natwest.

Out of interest, what do you mean by this?

TheBanker

MorningcoffeeIV said:

It appears to send your spare cash to whatever savings account you have, which means the rate will vary.

Plus, no cashback.

Plus, it's Natwest.

You choose which Natwest savings account you want the money to go to. Logically you would choose the 6% Digital Regular Saver. Purely for roundups I agree it's a better proposition than Chase - firstly because you can earn a higher rate, secondly because the savings account doesn't re-set after a year, and thirdly because you can use double round ups to save twice as much money. On the other hand, Chase pay 1% cashback on the purchase too, so probably a better proposition overall.

But to be honest all of these round up products are a bit gimmicky. The actual amount you can save, and the interest it will generate, is negligible.  

eastcorkram

TheBanker said:

MorningcoffeeIV said:

It appears to send your spare cash to whatever savings account you have, which means the rate will vary.

Plus, no cashback.

Plus, it's Natwest.

You choose which Natwest savings account you want the money to go to. Logically you would choose the 6% Digital Regular Saver. Purely for roundups I agree it's a better proposition than Chase - firstly because you can earn a higher rate, secondly because the savings account doesn't re-set after a year, and thirdly because you can use double round ups to save twice as much money. On the other hand, Chase pay 1% cashback on the purchase too, so probably a better proposition overall.

But to be honest all of these round up products are a bit gimmicky. The actual amount you can save, and the interest it will generate, is negligible.  

Indeed. My round up with Chase had just reset, and totalled £236.50 for the year. I didn't artificially try to manipulate this at any time  It was paying 5%. I think from memory the interest came to £5.69. 

Daniel_John_Hurley

TheBanker said:

MorningcoffeeIV said:

It appears to send your spare cash to whatever savings account you have, which means the rate will vary.

Plus, no cashback.

Plus, it's Natwest.

You choose which Natwest savings account you want the money to go to. Logically you would choose the 6% Digital Regular Saver. Purely for roundups I agree it's a better proposition than Chase - firstly because you can earn a higher rate, secondly because the savings account doesn't re-set after a year, and thirdly because you can use double round ups to save twice as much money. On the other hand, Chase pay 1% cashback on the purchase too, so probably a better proposition overall.

But to be honest all of these round up products are a bit gimmicky. The actual amount you can save, and the interest it will generate, is negligible.  

The Natwest account allows you to pay a lump sum of £150 each month into the saver as well which is a big advantage.

I'm a supermarket manager, I quite often make very small purchases on my breaks for drinks or snacks. The cashback on these would be negligible. I think the double roundups increasing the saver balance rapidly would do me more good. It should be included.

Daniel_John_Hurley

I've opened a Natwest account and the regular saver and switched roundups on.

2 transactions done and no rounding up. Odd.

Has anyone used it before? Does it round up instantly like Chase or after pending transactions have completed?

ForumUser7

Daniel_John_Hurley said:

I've opened a Natwest account and the regular saver and switched roundups on.

2 transactions done and no rounding up. Odd.

Has anyone used it before? Does it round up instantly like Chase or after pending transactions have completed?

They round up overnight once the transactions have moved from pending to cleared.

Band7

ForumUser7 said:

Daniel_John_Hurley said:

I've opened a Natwest account and the regular saver and switched roundups on.

2 transactions done and no rounding up. Odd.

Has anyone used it before? Does it round up instantly like Chase or after pending transactions have completed?

They round up overnight once the transactions have moved from pending to cleared.

where pending to cleared can take 2-3 business days to start with

35har1old

TheBanker said:

MorningcoffeeIV said:

It appears to send your spare cash to whatever savings account you have, which means the rate will vary.

Plus, no cashback.

Plus, it's Natwest.

You choose which Natwest savings account you want the money to go to. Logically you would choose the 6% Digital Regular Saver. Purely for roundups I agree it's a better proposition than Chase - firstly because you can earn a higher rate, secondly because the savings account doesn't re-set after a year, and thirdly because you can use double round ups to save twice as much money. On the other hand, Chase pay 1% cashback on the purchase too, so probably a better proposition overall.

But to be honest all of these round up products are a bit gimmicky. The actual amount you can save, and the interest it will generate, is negligible.  

In previous Post it was suggested that you could achieve the £5000 limit within a month

TheBanker

35har1old said:

TheBanker said:

MorningcoffeeIV said:

It appears to send your spare cash to whatever savings account you have, which means the rate will vary.

Plus, no cashback.

Plus, it's Natwest.

You choose which Natwest savings account you want the money to go to. Logically you would choose the 6% Digital Regular Saver. Purely for roundups I agree it's a better proposition than Chase - firstly because you can earn a higher rate, secondly because the savings account doesn't re-set after a year, and thirdly because you can use double round ups to save twice as much money. On the other hand, Chase pay 1% cashback on the purchase too, so probably a better proposition overall.

But to be honest all of these round up products are a bit gimmicky. The actual amount you can save, and the interest it will generate, is negligible.  

In previous Post it was suggested that you could achieve the £5000 limit within a month

You could. Assume you put the permitted £150 in by standing order on the last day of the previous month and the first day of the new month, that's £300, so you need to generate £4,700 of roundup credits.

The maximum roundup is £1.98 (from a transaction ending in 1p, which gives a 99p round up, doubled to £1.98). So you'd need to make 2,374 x 1p transactions during the month. That's about 80 transactions per day.

It might be theoretically possible but I don't think it's practically possible. Natwest are likely to block your card for suspected fraud if you try, or where ever you're paying the 1ps into will block you for the same reason.