Natwest Digital Regular Saver - interest rate going down

morgmonster

I'm keeping mine, even if technically there may be slightly higher rates available elsewhere, will there still be after a few months or a year.... I'm almost at £5k and seeing as I wouldn't be able to refill it with a lump sum in the future again it makes sense to keep it there for me, rather than move it to one of my shawbrook ISAs which is technically higher but only lasts for another 3-6 ish more months. Can't be bothered trying to work out the interest lost trying to refill the reg saver if it then becomes the higher rate option in the future!

Of course that is kind of based on the fact that this is the first interest rate drop in the whole time I've had the account open. If this starts becoming a more regular occurrence I'll think again!

wmb194

In a few months’ time 5.5% on an instant access account might look quite good.

Bridlington1

cjjhbn said:

Time to close this account?.

I'm not giving a judgement either way but just bear in mind that they don't pay interest in the month of closure so if you do decide to close the account it is best to empty the account first, and then close after the next interest payment has been made.

Archerychick

Bridlington1 said:

cjjhbn said:

Time to close this account?.

I'm not giving a judgement either way but just bear in mind that they don't pay interest in the month of closure so if you do decide to close the account it is best to empty the account first, and then close after the next interest payment has been made.

Thanks for that. What I was planning on doing was leaving funds in there until 1st June, then pulling them out. Leaving me with the option of adding them back in at the end of the month, if other rates drop in this time 

clairec666

Archerychick said:

Bridlington1 said:

cjjhbn said:

Time to close this account?.

I'm not giving a judgement either way but just bear in mind that they don't pay interest in the month of closure so if you do decide to close the account it is best to empty the account first, and then close after the next interest payment has been made.

Thanks for that. What I was planning on doing was leaving funds in there until 1st June, then pulling them out. Leaving me with the option of adding them back in at the end of the month, if other rates drop in this time 

Is it possible to put everything back in as a lump sum? It isn't obvious from the T&Cs whether the £150 per month limit refers to the total amount put in during the month, or an aggregate.

surreysaver

clairec666 said:

Archerychick said:

Bridlington1 said:

cjjhbn said:

Time to close this account?.

I'm not giving a judgement either way but just bear in mind that they don't pay interest in the month of closure so if you do decide to close the account it is best to empty the account first, and then close after the next interest payment has been made.

Thanks for that. What I was planning on doing was leaving funds in there until 1st June, then pulling them out. Leaving me with the option of adding them back in at the end of the month, if other rates drop in this time 

Is it possible to put everything back in as a lump sum? It isn't obvious from the T&Cs whether the £150 per month limit refers to the total amount put in during the month, or an aggregate.

There have been reports of people doing, and getting away with this, in the Regular Saver thread, even though it isn't allowed in the T&Cs, as long as the money is paid back in within the same month 

clairec666

surreysaver said:

clairec666 said:

Archerychick said:

Bridlington1 said:

cjjhbn said:

Time to close this account?.

I'm not giving a judgement either way but just bear in mind that they don't pay interest in the month of closure so if you do decide to close the account it is best to empty the account first, and then close after the next interest payment has been made.

Thanks for that. What I was planning on doing was leaving funds in there until 1st June, then pulling them out. Leaving me with the option of adding them back in at the end of the month, if other rates drop in this time 

Is it possible to put everything back in as a lump sum? It isn't obvious from the T&Cs whether the £150 per month limit refers to the total amount put in during the month, or an aggregate.

There have been reports of people doing, and getting away with this, in the Regular Saver thread, even though it isn't allowed in the T&Cs, as long as the money is paid back in within the same month 

Thanks, good to know.

gesdt50

Wow what a shocking drop from NatWest 

Bridlington1

gesdt50 said:

Wow what a shocking drop from NatWest 

Considering this is the first time they've cut the top rate on their DRS since the BOE base rate started getting cut I don't think we've done too badly overall to be honest.

The base rate has been cut by 1% since its recent peak of 5.25%, the NatWest/RBS DRS has only been cut by 0.67% in that time.

MiserlyMartin

It's a big drop in one go. I'm reviewing my savings now and closing those that are paying 4.6% or less and putting them into Chase Bank at 4.8% for now. Coventry BS are dropping their home saver, previously always 0.5 - 1 % above the best instant access account down to 4.6%. There is no point in having the money tied up at less than instant access rates. I also think that you can get more within an ISA in a money market fund.