NatWest Fixed Term Savings Account

GlasgowExpat2

My NatWest Fixed Term Savings Account matures on 29 August. I’ve received an email advising “ You’ve chosen to reinvest your money” - don’t think I did. Has anyone else’s account matured- what rate are they offering?

gesdt50

They might offer you a higher rate if you speak to them on the app as they did for me however i chose to move away due to poor customer service; also as I didnt accept the higher rate they had offered half a percent lower when the account changed and I then immediately did and always had the intent to take the money out

GlasgowExpat2

gesdt50 said:

They might offer you a higher rate if you speak to them on the app as they did for me however i chose to move away due to poor customer service; also as I didnt accept the higher rate they had offered half a percent lower when the account changed and I then immediately did and always had the intent to take the money out

What rate did the offered?

Albermarle

GlasgowExpat2 said:

My NatWest Fixed Term Savings Account matures on 29 August. I’ve received an email advising “ You’ve chosen to reinvest your money” - don’t think I did. Has anyone else’s account matured- what rate are they offering?

Normally with a fixed rate savings account, the provider contacts you before maturity with a list of options, such as;
1) If you do nothing, your money will go into a new account ( can be easy access or the same fixed term as before)
2) You can withdraw the money to your bank account
3) You can choose from our current range of accounts on offer
4) Transfer to another provider.

Typically these options are notified to you around 3 weeks before the maturity date.

It seems strange that you got a message that you have 'chosen to reinvest your money' if you have not done or agreed to anything.

GlasgowExpat2

Albermarle said:

GlasgowExpat2 said:

My NatWest Fixed Term Savings Account matures on 29 August. I’ve received an email advising “ You’ve chosen to reinvest your money” - don’t think I did. Has anyone else’s account matured- what rate are they offering?

Normally with a fixed rate savings account, the provider contacts you before maturity with a list of options, such as;
1) If you do nothing, your money will go into a new account ( can be easy access or the same fixed term as before)
2) You can withdraw the money to your bank account
3) You can choose from our current range of accounts on offer
4) Transfer to another provider.

Typically these options are notified to you around 3 weeks before the maturity date.

It seems strange that you got a message that you have 'chosen to reinvest your money' if you have not done or agreed to anything.

That’s what I thought. I’ll wait and see what the letter says as I’m planning to put the funds into my ISA

refluxer

GlasgowExpat2 said:

That’s what I thought. I’ll wait and see what the letter says as I’m planning to put the funds into my ISA

If they've stated that your money will be re-invested, then waiting for further information may not be the best option. Are you sure the maturity date you mentioned is correct ? Their current T&Cs state that they'll write to you 14 days before the maturity date (in the form of a letter or an email) and that the default option (if they don't hear back from you) is that the money will be re-invested into a new fixed term account. The deadline for opting out of this appears to be 5 days before the maturity date. There is a cooling off period if things go wrong, but it's obviously better to get it right rather than having to resort to that.

The email could have been sent in error of course, but I would double-check your maturity date and the T&Cs for your specific account, as they may not necessarily be the same as the current T&Cs I mentioned above.

.

GlasgowExpat2

This is what the email says

Your one-year fixed-term savings are coming to the end of their term and will mature on 29 August 2024. ‌ You’ve chosen to reinvest your money*, including any interest earned, so you don’t need to do anything – we’ll do it for you when the account matures.

What happens now? You’ll receive a letter with your account balance and your new interest rate soon. It’ll fully explain the reinvestment process and lay out your options. In the meantime, if you want to find out more or have any questions, take a look below.

refluxer

OK, so it looks like things should be proceeding as expected. The 'You've chosen to reinvest you money' bit is a bit presumptuous and misleading though, asterisk or no asterisk !

Jami74

I have this and the previous version. For the previous version I have already received a paper letter in the post saying that the default option is for it to be reinvested and instructions on what to do if you don't want to. There was a tick box form, I selected for the money to not be reinvested and then posted it back in the prepaid envelope. I think there was also a phone number to call for options as well.

20122013

On 8 November I have received the same email as OP, and it seems I am in the same situation ie no letter or notice but an email to say   : 

'We're just letting you know that your fixed-term savings have just matured. As you chose to reinvest* your money, it will remain in a one-year Fixed Term Savings account and continue to earn interest.

Remember, if you want to top up the money in your account you now have until 19 November 2024 to do so.'

When I finally go through to Natwest the 'agent' gave me the wrong information, and when we did find the correct account, I was told that  he can closed my account and transfer the funds out. and then he went to clarify something and the call got dropped ..

I would like to know is the above process correct (as it seems I am not the only one)  (ie just one email to say we have renivested your balance and I do not get to choose )?

2. I was told the current rate on the Fixed term account is AER/Gross p.a. (fixed)
3.80% / 3.74% 1 year term on balances between £1 - £5,000,000, it seems to have dropped a lot??

3. is there a better rate elsewhere?

Gers

GlasgowExpat2 said:

My NatWest Fixed Term Savings Account matures on 29 August. I’ve received an email advising “ You’ve chosen to reinvest your money” - don’t think I did. Has anyone else’s account matured- what rate are they offering?

I received this recently with my RBS savings - I phoned them about it.  Seems it's an automatic thing and the options to chose come out later. I wasn't convinced so got the agent to do the 'opt out' form when on the phone. The new fixed account rates weren't attractive enough.

Don't use the chat function, it's terrible. Give the a phone.