Natwest Fixed rate ISA Annual 2023

bumblebee200

Hi there,

I opened a Fixed Rate ISA Annual 4th August 2023, interest rate 5.7%. Interest paid 28th March 2024. I had expected the remaining interest to be paid by now, but hasn't, and the interest rate on the app is still showing as 5.7% which I'd expected to have dropped. Can anyone enlighten me??

Beddie

Wild guess - you took the 2 year fixed rate and you're a year early.

bumblebee200

Thought you might be right, but checked back and last July "NatWest has become the latest big bank to launch two table topping cash Isa deals. Its one-year fixed rate cash Isa is offering a tax-free interest rate of 5.7 per cent, while its two-year fix is paying 5.9 per cent."

Had been expecting to move it, so confused as to why the interest hasn't been applied/ interest rate the same.

Hoenir

What does the documentation say about the follow on rate when you opened the ISA last year. Only the 7th today. The App might well not yet be updated. 

gravel_2

Your maturity date is 4 September.

Flugelhorn

I had similar RBS (one year) - which runs out today  was sent letter etc re options and I note that it has changed to an instant access ISA overnight with interest paid yesterday 

bumblebee200

Thanks all for your help. Checked the documentation and although the deposit was made 4th August 2023, the maturity date is 4th September 2024.

Rich2808

Conscious that the Natwest 5.9 per cent two year fixed rate isa - a market leader when it was available in July 2023 - is going to mature for all account holders on 4 September. So funds will be available from 5 September.

I remember a few challenges when opening this account including delays in transfers - and the risk this could arise again as they all mature on the same day early next month.

Has anyone had more recent experiences with ISA transfers out from NatWest.

I  have opened a fixed rate isa with another provider which would allow transfers in up to mid September (should I submit this request now with a 5 Sept maturity date as this might speed it up).