Nat West ISA application.

bristolleedsfan

P11D said:

auser99 said:

Started the ball rolling. So far the only bank that hasn't just accepted an application immediately, but won't judge it until it goes wrong.

The 2 year doesn't start until the end of August though.

With a transfer, if it did go through before their start date, is the money just in limbo before late August? Who pays the interest in any interim period?

You are wrong. Interest accrues as soon as you open the account and make a deposit. I wish people would stop spreading mis-information on this site.

Are you suggesting that there should be a reporting ban preventing Forumites relaying answer they have been given from Natwest on that subject including when having asked face to face?

https://forums.moneysavingexpert.com/discussion/comment/80184703/#Comment_80184703

"I called in at Nat West today to ask precisely this question, as I had been reading all the t&c's and it wasn't stated when interest was paid from. I had not read this sub-forum in advance.

Bank foyer "greeter" smiled when I asked the question. Confirmed ZERO interest is paid on any deposits or transferred balances credited before the "start date". I asked if he was certain as that seemed odd, and he said yes, absolutely, and many people had been asking this question apparently"

auser99

P11D said:

auser99 said:

Started the ball rolling. So far the only bank that hasn't just accepted an application immediately, but won't judge it until it goes wrong.

The 2 year doesn't start until the end of August though.

With a transfer, if it did go through before their start date, is the money just in limbo before late August? Who pays the interest in any interim period?

You are wrong. Interest accrues as soon as you open the account and make a deposit. I wish people would stop spreading mis-information on this site.

What a strangely aggressive response  

If I'm wrong that the ISA starts immediately upon funding, just politely word it that way.
But maybe, just maybe you should consider that this account works differently, if you've not specifically looked into it.

auser99

bristolleedsfan said:

P11D said:

auser99 said:

Started the ball rolling. So far the only bank that hasn't just accepted an application immediately, but won't judge it until it goes wrong.

The 2 year doesn't start until the end of August though.

With a transfer, if it did go through before their start date, is the money just in limbo before late August? Who pays the interest in any interim period?

You are wrong. Interest accrues as soon as you open the account and make a deposit. I wish people would stop spreading mis-information on this site.

Are you suggesting that there should be a reporting ban preventing Forumites relaying answer they have been given from Natwest on that subject including when having asked face to face?

https://forums.moneysavingexpert.com/discussion/comment/80184703/#Comment_80184703

"I called in at Nat West today to ask precisely this question, as I had been reading all the t&c's and it wasn't stated when interest was paid from. I had not read this sub-forum in advance.

Bank foyer "greeter" smiled when I asked the question. Confirmed ZERO interest is paid on any deposits or transferred balances credited before the "start date". I asked if he was certain as that seemed odd, and he said yes, absolutely, and many people had been asking this question apparently"

Thank you. Every other ISA/bank account I've ever funded has been immediately.
But this one seemed pretty clear it "starts" from the end of August, hence the obvious question - is it just in "limbo" before then.

pennyfarthing66

I applied for a fixed term ISA yesterday and did receive an email confirming my application together with an application reference number.  Oddly though, I wasn't asked for ID verification.... which is rather strange in these days of having to over-supply such information.

auser99

pennyfarthing66 said:

I applied for a fixed term ISA yesterday and did receive an email confirming my application together with an application reference number.  Oddly though, I wasn't asked for ID verification.... which is rather strange in these days of having to over-supply such information.

What time did you apply out of interest?
I did mine late afternoon and haven't heard back yet, but assume i've passed the day cut off point and have to wait until Monday now.

bristolleedsfan

auser99 said:

P11D said:

auser99 said:

Started the ball rolling. So far the only bank that hasn't just accepted an application immediately, but won't judge it until it goes wrong.

The 2 year doesn't start until the end of August though.

With a transfer, if it did go through before their start date, is the money just in limbo before late August? Who pays the interest in any interim period?

You are wrong. Interest accrues as soon as you open the account and make a deposit. I wish people would stop spreading mis-information on this site.

What a strangely aggressive response  

If I'm wrong that the ISA starts immediately upon funding, just politely word it that way.
But maybe, just maybe you should consider that this account works differently, if you've not specifically looked into it.

In common with many of us whether or not Natwest pay interest from date of deposit or from fixed term start date of ISA appears not to have been clear and obvious to P11D

https://forums.moneysavingexpert.com/discussion/comment/80186913#Comment_80186913

"I have rung NatWest and spoken to their UK ISA team and they confirm 100% that interest is added from the day money is deposited into your open account"

Stargunner

bristolleedsfan said:

P11D said:

auser99 said:

Started the ball rolling. So far the only bank that hasn't just accepted an application immediately, but won't judge it until it goes wrong.

The 2 year doesn't start until the end of August though.

With a transfer, if it did go through before their start date, is the money just in limbo before late August? Who pays the interest in any interim period?

You are wrong. Interest accrues as soon as you open the account and make a deposit. I wish people would stop spreading mis-information on this site.

Are you suggesting that there should be a reporting ban preventing Forumites relaying answer they have been given from Natwest on that subject including when having asked face to face?

https://forums.moneysavingexpert.com/discussion/comment/80184703/#Comment_80184703

"I called in at Nat West today to ask precisely this question, as I had been reading all the t&c's and it wasn't stated when interest was paid from. I had not read this sub-forum in advance.

Bank foyer "greeter" smiled when I asked the question. Confirmed ZERO interest is paid on any deposits or transferred balances credited before the "start date". I asked if he was certain as that seemed odd, and he said yes, absolutely, and many people had been asking this question apparently"

Did you not point out to them, that it states on their information sheet (shown above) that the interest is paid from the date that the account is opened?

auser99

bristolleedsfan said:

auser99 said:

P11D said:

auser99 said:

Started the ball rolling. So far the only bank that hasn't just accepted an application immediately, but won't judge it until it goes wrong.

The 2 year doesn't start until the end of August though.

With a transfer, if it did go through before their start date, is the money just in limbo before late August? Who pays the interest in any interim period?

You are wrong. Interest accrues as soon as you open the account and make a deposit. I wish people would stop spreading mis-information on this site.

What a strangely aggressive response  

If I'm wrong that the ISA starts immediately upon funding, just politely word it that way.
But maybe, just maybe you should consider that this account works differently, if you've not specifically looked into it.

In common with many of us whether or not Natwest pay interest from date of deposit or from fixed term start date of ISA appears not to have been clear and obvious to P11D

https://forums.moneysavingexpert.com/discussion/comment/80186913#Comment_80186913

"I have rung NatWest and spoken to their UK ISA team and they confirm 100% that interest is added from the day money is deposited into your open account"

Assume the chap has his fill of people keep on about this scenario then

You do have to watch what the supposed "expert" bank staff say.
I was in a bank today where the guy said they don't offer 1 year fixed bonds anymore, cranked up the computer, only to show that erm, they do 

bristolleedsfan

Stargunner said:

bristolleedsfan said:

P11D said:

auser99 said:

Started the ball rolling. So far the only bank that hasn't just accepted an application immediately, but won't judge it until it goes wrong.

The 2 year doesn't start until the end of August though.

With a transfer, if it did go through before their start date, is the money just in limbo before late August? Who pays the interest in any interim period?

You are wrong. Interest accrues as soon as you open the account and make a deposit. I wish people would stop spreading mis-information on this site.

Are you suggesting that there should be a reporting ban preventing Forumites relaying answer they have been given from Natwest on that subject including when having asked face to face?

https://forums.moneysavingexpert.com/discussion/comment/80184703/#Comment_80184703

"I called in at Nat West today to ask precisely this question, as I had been reading all the t&c's and it wasn't stated when interest was paid from. I had not read this sub-forum in advance.

Bank foyer "greeter" smiled when I asked the question. Confirmed ZERO interest is paid on any deposits or transferred balances credited before the "start date". I asked if he was certain as that seemed odd, and he said yes, absolutely, and many people had been asking this question apparently"

Did you not point out to them, that it states on their information sheet (shown above) that the interest is paid from the date that the account is opened?

Post that I quoted you are replying to was someone else who asked at a branch, fair to say that the information on Natwest site could not have been clear and obvious to any/many of us who asked Natwest same question by Phone/Chat/Branch visit.

P11D

@auser99  @bristolleedsfan it was not meant to be aggressive, my apologies. I posted on the other chat screenshots of NatWest support confirming its paid from date of depoist and I have now spoken to 3 different people in the UK dedicated ISA team on 0345 8777 095 and they have all confirmed its from date of credit into the open account. I do agree that this ambiguity is completely wrong and unprofessional and I asked them to get their documentation altered to clarify.