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  • FIRST POST
    • Steve_xx
    • By Steve_xx 12th Oct 18, 12:47 PM
    • 6,629Posts
    • 2,799Thanks
    Steve_xx
    Natwest v Marcus
    • #1
    • 12th Oct 18, 12:47 PM
    Natwest v Marcus 12th Oct 18 at 12:47 PM
    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
    Last edited by Steve_xx; 12-10-2018 at 12:53 PM.
Page 1
    • verybigchris
    • By verybigchris 12th Oct 18, 12:50 PM
    • 447 Posts
    • 619 Thanks
    verybigchris
    • #2
    • 12th Oct 18, 12:50 PM
    • #2
    • 12th Oct 18, 12:50 PM
    It's not really "targetted at" Marcus because it pre-dates it, although they have raised the ceiling from 5k relatively recently.
    • Rheumatoid
    • By Rheumatoid 12th Oct 18, 12:52 PM
    • 481 Posts
    • 1,252 Thanks
    Rheumatoid
    • #3
    • 12th Oct 18, 12:52 PM
    • #3
    • 12th Oct 18, 12:52 PM
    unless you have got to 85k in Marcus and don't want to risk more
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter, Geo Solo II Monitor. Installed 29/9/2015 - 4700 (Norfolk Solar Together Scheme)
    Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:
    Year 1 = 4152kWh; Year 2 =4169; Year 3 = 4389
    • Steve_xx
    • By Steve_xx 12th Oct 18, 12:55 PM
    • 6,629 Posts
    • 2,799 Thanks
    Steve_xx
    • #4
    • 12th Oct 18, 12:55 PM
    • #4
    • 12th Oct 18, 12:55 PM
    It's not really "targetted at" Marcus because it pre-dates it, although they have raised the ceiling from 5k relatively recently.
    Originally posted by verybigchris
    I thought it was a completely new offering, having just read about it here!

    https://personal.natwest.com/personal/savings/savings-builder.html
    • Rheumatoid
    • By Rheumatoid 12th Oct 18, 1:00 PM
    • 481 Posts
    • 1,252 Thanks
    Rheumatoid
    • #5
    • 12th Oct 18, 1:00 PM
    • #5
    • 12th Oct 18, 1:00 PM
    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 10k
    16 Panel (250W JASolar) 4kWp, facing 170 degrees, 40 degree slope, Solis Inverter, Geo Solo II Monitor. Installed 29/9/2015 - 4700 (Norfolk Solar Together Scheme)
    Year target (PVGIS-CMSAF) = 3880kWh - Installer estimate 3452 kWh:
    Year 1 = 4152kWh; Year 2 =4169; Year 3 = 4389
    • soulsaver
    • By soulsaver 12th Oct 18, 2:37 PM
    • 2,147 Posts
    • 999 Thanks
    soulsaver
    • #6
    • 12th Oct 18, 2:37 PM
    • #6
    • 12th Oct 18, 2:37 PM
    You don't have to keep below 10k - just that you get 1.5% on up to 10k and 0.2% on anything over..
    Last edited by soulsaver; 12-10-2018 at 2:40 PM.
    • No_Name
    • By No_Name 12th Oct 18, 3:36 PM
    • 105 Posts
    • 2 Thanks
    No_Name
    • #7
    • 12th Oct 18, 3:36 PM
    • #7
    • 12th Oct 18, 3:36 PM
    I've had an account from around June 2018; is the 1.5% up to 10k now also applicable to me?
    • Sea Shell
    • By Sea Shell 12th Oct 18, 3:41 PM
    • 1,055 Posts
    • 1,687 Thanks
    Sea Shell
    • #8
    • 12th Oct 18, 3:41 PM
    • #8
    • 12th Oct 18, 3:41 PM
    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!!??
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • RG2015
    • By RG2015 12th Oct 18, 3:46 PM
    • 1,479 Posts
    • 923 Thanks
    RG2015
    • #9
    • 12th Oct 18, 3:46 PM
    • #9
    • 12th Oct 18, 3:46 PM
    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!!??
    Originally posted by Sea Shell
    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.

    PS. As long as you satisfy the 50 condition, interest is calculated on the daily balance.
    Last edited by RG2015; 12-10-2018 at 3:51 PM.
    • Sea Shell
    • By Sea Shell 12th Oct 18, 4:17 PM
    • 1,055 Posts
    • 1,687 Thanks
    Sea Shell
    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?!
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • RG2015
    • By RG2015 12th Oct 18, 4:35 PM
    • 1,479 Posts
    • 923 Thanks
    RG2015
    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?!
    Originally posted by Sea Shell
    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%.

    It is particularly useful as my main bank account is also with NatWest.
    • EachPenny
    • By EachPenny 12th Oct 18, 7:17 PM
    • 8,753 Posts
    • 23,875 Thanks
    EachPenny
    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?!
    Originally posted by Sea Shell
    Marcus has made the Savings Builder account a bit redundant, unless you are looking to have more than 85k saved at 1.5% (or don't like online/phone only banks)...

    ...but you have misunderstood the T&Cs of the account and how it works. The whole balance can be withdrawn on an instant access basis at any time, except for the crucial 'second last working day' when they check whether the balance is 50 more than it was the previous month.

    If managed strategically, you will have enough 'room' to add 50 per month for over 16 years before the balance needs to exceed the 10,000 interest threshold.

    Or with the new 10,000 threshold and 50/month increase a less strategic management approach still means you can run the account for some time before the 50 top ups drag the average rate down to the level of some other instant access accounts.

    The account is discussed at some length in this thread.
    https://forums.moneysavingexpert.com/showthread.php?t=5800316
    My post #4 explains how the 16 year thing works - except you need to substitute 10,000 for 5000 for the balance, and 50 for 100 for the monthly increment.
    "In the future, everyone will be rich for 15 minutes"
    • DeanYorks
    • By DeanYorks 13th Oct 18, 4:29 PM
    • 27 Posts
    • 4 Thanks
    DeanYorks
    I have had a Savings Builder with Natwest for about 2 years. You don't have to pay in 50 per month. As long as the balance grows by fifty, that's all that matters. So on 10 grand the interest each month is about 12.50. So I just pay in about 38 quid or so.

    I'm considering a Marcus account, but can't make my mind up, as the Charter Savings Bank are offering 1.75% on a 95 Day Notice Account. Three months isn't that long to lock your brass away! And 1.75% is pretty good considering.
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