Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • veryintrigued
    • By veryintrigued 12th Apr 18, 9:05 PM
    • 2,370Posts
    • 1,784Thanks
    veryintrigued
    Natwest - decent saving products in the past?
    • #1
    • 12th Apr 18, 9:05 PM
    Natwest - decent saving products in the past? 12th Apr 18 at 9:05 PM
    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?
Page 1
    • YorkshireBoy
    • By YorkshireBoy 12th Apr 18, 9:19 PM
    • 30,147 Posts
    • 17,998 Thanks
    YorkshireBoy
    • #2
    • 12th Apr 18, 9:19 PM
    • #2
    • 12th Apr 18, 9:19 PM
    I remember I had an ISA with them paying 7.xx% around 10 years ago. Just before the bail-out! Nothing since I believe.
    • ColdIron
    • By ColdIron 12th Apr 18, 9:21 PM
    • 4,148 Posts
    • 5,230 Thanks
    ColdIron
    • #3
    • 12th Apr 18, 9:21 PM
    • #3
    • 12th Apr 18, 9:21 PM
    NatWest are one of the few banks I've never been a customer of and nothing they have ever offered has tempted me. A contender for a sacrificial account for a switching bonus if ever there was one
    • Alexland
    • By Alexland 12th Apr 18, 9:50 PM
    • 2,388 Posts
    • 1,789 Thanks
    Alexland
    • #4
    • 12th Apr 18, 9:50 PM
    • #4
    • 12th Apr 18, 9:50 PM
    I can see no reason to stay with them now the bonus is paid.
    • Herbalus
    • By Herbalus 12th Apr 18, 11:09 PM
    • 2,063 Posts
    • 1,684 Thanks
    Herbalus
    • #5
    • 12th Apr 18, 11:09 PM
    • #5
    • 12th Apr 18, 11:09 PM
    Ive had some sort of relationship with them in most years since 2009. Nothing has ever really stood out. I left a tad underwhelmed when my 0% overdraft finished so I could no longer stooze it (student account), went back for the reward account on bills when it worked better than Santander 123. Savings accounts have always been mid-low range in that time, much like I would say Barclays or Halifax in terms of not much for savers (Halifax kids saver at 6% excepted when it was around).

    Will be a donor account next - I cant remember anything like a regular saver or linked account that needed a current account to qualify.
    • RG2015
    • By RG2015 12th Apr 18, 11:45 PM
    • 1,219 Posts
    • 710 Thanks
    RG2015
    • #6
    • 12th Apr 18, 11:45 PM
    • #6
    • 12th Apr 18, 11:45 PM
    Market leading instant access savings account in 2012

    http://www.thisismoney.co.uk/money/saving/article-2221895/NatWest-launches-easy-access-savings-account-paying-2-85.html
    • ValiantSon
    • By ValiantSon 12th Apr 18, 11:57 PM
    • 1,846 Posts
    • 1,713 Thanks
    ValiantSon
    • #7
    • 12th Apr 18, 11:57 PM
    • #7
    • 12th Apr 18, 11:57 PM
    That was open to new customers, so in the OP's position it doesn't add any weight t the idea of keeping the current account.

    I can see little point sticking with NatWest, other than having an account ready to switch when the next offer comes along.
    • RG2015
    • By RG2015 13th Apr 18, 8:24 AM
    • 1,219 Posts
    • 710 Thanks
    RG2015
    • #8
    • 13th Apr 18, 8:24 AM
    • #8
    • 13th Apr 18, 8:24 AM
    That was open to new customers, so in the OP's position it doesn't add any weight t the idea of keeping the current account.

    I can see little point sticking with NatWest, other than having an account ready to switch when the next offer comes along.
    Originally posted by ValiantSon
    The OP is not asking about anything that may add weight to keeping their NatWest account. They are asking about NatWest offering good savings products in the past.

    You may have inferred this and it may be true but I have answered the OPs question to the letter.

    I do however agree with you that there is little point in sticking with NatWest if you are looking for additional benefits. But they may decide to offer a 5% regular saver for current account holders. The 125 switching offer was totally out of character so who knows what they will do next.
    • Alexland
    • By Alexland 13th Apr 18, 8:34 AM
    • 2,388 Posts
    • 1,789 Thanks
    Alexland
    • #9
    • 13th Apr 18, 8:34 AM
    • #9
    • 13th Apr 18, 8:34 AM
    But they may decide to offer a 5% regular saver for current account holders. The 125 switching offer was totally out of character so who knows what they will do next.
    Originally posted by RG2015
    Then they should have announced it or made it available before we all started switching away. It was a folly to give us 125 and then no reason to stay. My application to First Direct just got accepted.

    Alex.
    • RG2015
    • By RG2015 13th Apr 18, 8:50 AM
    • 1,219 Posts
    • 710 Thanks
    RG2015
    Then they should have announced it or made it available before we all started switching away. It was a folly to give us 125 and then no reason to stay. My application to First Direct just got accepted.

    Alex.
    Originally posted by Alexland
    Ah, but NatWest are so totally up themselves and think they are such a wonderful bank with outstanding current accounts that they could not imagine that anybody would dream of leaving them a day after getting their money.
    • RG2015
    • By RG2015 13th Apr 18, 12:32 PM
    • 1,219 Posts
    • 710 Thanks
    RG2015
    And people who have just switched to them are so much less likely to know about switching.
    Originally posted by Alexland
    The vast majority of NatWest switchers on MSE are saying that they will leave NatWest once they have their 125.

    I would imagine that a high proportion of non-MSE NatWest switchers will stay with NatWest.

    NatWest want to increase their customer base and this will have worked. Only time will tell if they retain enough customers to make the whole exercise profitable for them. It is also true that we will never know the full benefit (or cost) to NatWest.
    • EachPenny
    • By EachPenny 13th Apr 18, 12:41 PM
    • 4,949 Posts
    • 13,202 Thanks
    EachPenny
    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"
    • jimjames
    • By jimjames 13th Apr 18, 12:50 PM
    • 12,584 Posts
    • 11,230 Thanks
    jimjames
    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.
    Originally posted by EachPenny
    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.
    • RG2015
    • By RG2015 13th Apr 18, 12:51 PM
    • 1,219 Posts
    • 710 Thanks
    RG2015
    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.
    Originally posted by EachPenny
    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.
    • gingercordial
    • By gingercordial 13th Apr 18, 1:00 PM
    • 1,146 Posts
    • 1,193 Thanks
    gingercordial
    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?
    Originally posted by veryintrigued
    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.

    • Alexland
    • By Alexland 13th Apr 18, 1:07 PM
    • 2,388 Posts
    • 1,789 Thanks
    Alexland
    I say let's just keep it quiet so you and I don't end up losing out.
    Originally posted by RG2015
    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.
    • RG2015
    • By RG2015 13th Apr 18, 1:16 PM
    • 1,219 Posts
    • 710 Thanks
    RG2015
    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.
    Originally posted by Alexland
    Great, it's working EachPenny!

    I think we are safe that nobody else will appreciate the NWSB.
    • EachPenny
    • By EachPenny 13th Apr 18, 3:43 PM
    • 4,949 Posts
    • 13,202 Thanks
    EachPenny
    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?
    Originally posted by jimjames
    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"
    • EachPenny
    • By EachPenny 13th Apr 18, 3:47 PM
    • 4,949 Posts
    • 13,202 Thanks
    EachPenny
    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.
    Originally posted by Alexland
    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"
    • Hattie625
    • By Hattie625 13th Apr 18, 3:50 PM
    • 714 Posts
    • 572 Thanks
    Hattie625
    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.
    Originally posted by EachPenny
    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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

36Posts Today

2,652Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin