Natwest v Marcus
Steve_xx
Posts: 6,976 Forumite
New savings offering at 1.5% from Natwest/RBS. But balance needs to be kept below 10k and you have to increase the balance by £50 a month or the rate for that month drops.
Obviously targeted at the Marcus offering, but with hoops to jump through that make it a non-starter!
https://personal.natwest.com/personal/savings/savings-builder.html
Obviously targeted at the Marcus offering, but with hoops to jump through that make it a non-starter!
https://personal.natwest.com/personal/savings/savings-builder.html
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Comments
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It's not really "targetted at" Marcus because it pre-dates it, although they have raised the ceiling from £5k relatively recently.0
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unless you have got to £85k in Marcus and don't want to risk more16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j0
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verybigchris wrote: »It's not really "targetted at" Marcus because it pre-dates it, although they have raised the ceiling from £5k relatively recently.
I thought it was a completely new offering, having just read about it here!
https://personal.natwest.com/personal/savings/savings-builder.html0 -
I've had one about 2 years. As VBC says the limit at which 1.5 is paid has just gone up from 5 to 10k16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter. Installed 29/9/2015 - £4700 (Norfolk Solar Together Scheme); 9.6kWh US2000C Pylontech batteries + Solis Inverter installed 12/4/2022 Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:Average over 6 years = 4400 :j0
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You don't have to keep below £10k - just that you get 1.5% on up to £10k and 0.2% on anything over..0
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I've had an account from around June 2018; is the 1.5% up to 10k now also applicable to me?0
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Does this basically mean that if you make any withdrawal, you earn no interest on the whole balance that month, as the balance hasn't increased by £50!!??How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)0
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Withdrawals are fine as long as you replace any money withdrawn and grow the balance by £50 as measured on the penultimate working day of the month compared with the same day on the previous month.Does this basically mean that if you make any withdrawal, you earn no interest on the whole balance that month, as the balance hasn't increased by £50!!??
PS. As long as you satisfy the £50 condition, interest is calculated on the daily balance.0 -
So really only any good if you don't need any of the money and you leave enough "room" to constantly add £50 per month.
Pretty niche market?!How's it going, AKA, Nutwatch? - 12 month spends to date = 2.31% of current retirement "pot" (as at end March 2024)0 -
Now that I have downgraded my Santander 123 to a Lite and opened a Marcus 1.5% savings account, this serves as a useful backup also earning 1.50%.So really only any good if you don't need any of the money and you leave enough "room" to constantly add £50 per month.
Pretty niche market?!
It is particularly useful as my main bank account is also with NatWest.0
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