Natwest - decent saving products in the past?
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I'll be keeping my NatWest current account to make it easier to manage my Savings Builder. One logon and one transfer from the Savings Builder to the current account just before the second-last working day and then repeat the process in reverse a day or so later.
The Savings Builder is much maligned, but there are very few alternatives out there offering 1.5% interest on up to £5k without charging fees or requiring DD's. The Savings builder also allows genuinely 'instant' access with the funds available immediately in the destination account, rather than the sluggish response from Tesco, or days of delays with 'instant access' accounts like the PO and Birmingham Midshires.
With several maturing regular savers (including nearly £20k from the Notts ISA) I'm glad to have that additional capacity to 'rest' £5k for a month at 1.5% before it gets churned back into other regular savers next month."In the future, everyone will be rich for 15 minutes"0 -
The Savings builder also allows genuinely 'instant' access with the funds available immediately in the destination account, rather than the sluggish response from Tesco, or days of delays with 'instant access' accounts like the PO and Birmingham Midshires.
Not sure what you're doing with Tesco but anytime I transfer money it's available immediately. I assume you have a Tesco current account?Remember the saying: if it looks too good to be true it almost certainly is.0 -
The Savings Builder is much maligned, but there are very few alternatives out there offering 1.5% interest on up to £5k without charging fees or requiring DD's. The Savings builder also allows genuinely 'instant' access with the funds available immediately in the destination account, rather than the sluggish response from Tesco, or days of delays with 'instant access' accounts like the PO and Birmingham Midshires.
However, if the penny drops for large numbers of people, NatWest may start losing money on this account and drop the rate. I would hate for us to extol the benefits of the account only to have them drop the decent rate we currently get.
They clearly want to increase the uptake as the recent drop in the monthly funding demonstrates.
I say let's just keep it quiet so you and I don't end up losing out.0 -
veryintrigued wrote: »I guess a load of us who have now received the £125 current account switch bonus (and never been involved with Natwest before) are wondering if they periodically offer decent savings products to its existing customers in the past?
They offer the 1.5% Savings Builder - is that as good as it's got in the recent past?
Much as I am a fan of Natwest for day-to-day banking it really isn't one for market-leading savings products.
I think the last time I was actually excited about saving with Natwest was when I was about five years old and they used to send out the piggy banks.
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Yeah sshhhh don't tell those HSBC, First Direct, M&S, Santander and Nationwide customers about our special 1.5% regular saver. They'll be kicking themselves for only getting 5% on theirs.
I think we are safe that nobody else will appreciate the NWSB.0 -
Not sure what you're doing with Tesco but anytime I transfer money it's available immediately. I assume you have a Tesco current account?
Yup, sometimes the Tesco current account will do the FP straight away, other times it takes 15 to 20 minutes before it lands in the destination account. The Tesco current accounts are the only ones where I regularly get that delay."In the future, everyone will be rich for 15 minutes"0 -
Yeah sshhhh don't tell those HSBC, First Direct, M&S, Santander and Nationwide customers about our special 1.5% regular saver. They'll be kicking themselves for only getting 5% on theirs.
But when you've filled the 5%, 4%, 3%, 2.25%, 2% accounts then where do you go next? Santander at 1.5% (less fee, plus cashback) otherwise you are in sub-1.5% territory.
If 1.5% isn't worthwhile, then why were people so excited when Tesco offered 1.35% and BM 1.45%?"In the future, everyone will be rich for 15 minutes"0 -
I'll be keeping my NatWest current account to make it easier to manage my Savings Builder. One logon and one transfer from the Savings Builder to the current account just before the second-last working day and then repeat the process in reverse a day or so later.
The Savings Builder is much maligned, but there are very few alternatives out there offering 1.5% interest on up to £5k without charging fees or requiring DD's. The Savings builder also allows genuinely 'instant' access with the funds available immediately in the destination account, rather than the sluggish response from Tesco, or days of delays with 'instant access' accounts like the PO and Birmingham Midshires.
With several maturing regular savers (including nearly £20k from the Notts ISA) I'm glad to have that additional capacity to 'rest' £5k for a month at 1.5% before it gets churned back into other regular savers next month.
I'm "resting" my regular saver churn money with Charter Savings Easy Access Issue 8 at 1.32%. Opened in January 2018 but no longer available to new comers. And no artificial £5K limit. No DDs required.0 -
I agree.
However, if the penny drops for large numbers of people, NatWest may start losing money on this account and drop the rate. I would hate for us to extol the benefits of the account only to have them drop the decent rate we currently get.
They clearly want to increase the uptake as the recent drop in the monthly funding demonstrates.
I say let's just keep it quiet so you and I don't end up losing out.
You can keep it. I get better rates than that without having to faff around with ensuring the balance increases by a prescribed amount every month to get any interest.Did you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0
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