Is Nat West's e-savings account paying 6.31% ?

[bosque]

I read in one of the weekend papers that Nat West's e-savings account is paying 6.31%, with a (presumably) pro-rata monthly payment. When I rang my local Nat West to check this I was told the rate was 4.05%, the girl didn't seem too clued-up (was foreign, could have been the telephonist and may have misunderstood my strong English accent). Anyway, I've moved some money from my Nationwide e-savings account and I'll see what happens at the end of the month. As NatWest are a UK bank (I think !) the cash should be a bit safer than putting it in an overseas account.

[Coolio]

The e saver I believe is 6.5 but doesn't start paying until the end of the month after you apply. So I have sent back my signed form, and it won't pay 6.5% until the end of November, before then it's less the balance. A slightly easier one is Tesco (http://www.thedvdforums.com/affiliatelink.php?localaffiliateid=79), who also throw out some clubcard points too. A straight 6.5% for 12 months from opening.

[gunner]

As they are RBS, they probably need the assets, so this would not surprise me (not saying it is not safe as houses, but it makes sense).

[bosque]

The e saver I believe is 6.5 but doesn't start paying until the end of the month after you apply. So I have sent back my signed form, and it won't pay 6.5% until the end of November, before then it's less the balance. A slightly easier one is Tesco (http://www.thedvdforums.com/affiliatelink.php?localaffiliateid=79), who also throw out some clubcard points too. A straight 6.5% for 12 months from opening.

I already had £27 in what I thought was a closed Nat West e-saving account and that was the final month's interest when I moved the lot out out earlier in the year when they were paying peanuts so with luck mine might start paying from day one.

[KennyVader]

Hmmm, seems to be for new customers only.

http://www.natwest.com/personal/savings/g1/instant-access/e-savings.ashx#tabs=section3

Which is kind of expected I suppose, but a bit silly, to essentially turn away existing customers' cash (like mine) to their competitors.

[bosque]

Thanks for the lnk, JV. Limiting it to new accounts doesn't make much sense if they need to get hold of a lot of cash fast, I'll try closing my existing e-savings account and opening a new one for the extra 2% interest.

[megatron]

Alliance & Leicester gives 6.60% with it's esaver. Is there any advantage with Natwest. I need a new account after ditching KE.

[Dick Long]

Alliance & Leicester gives 6.60% with it's esaver. Is there any advantage with Natwest. I need a new account after ditching KE.
A & L are Santander now so should be out of danger.

I've had their e-saver for a couple of years but am now dumping them as their online security is clumsy and complicated and has, for reasons of its own, locked me out of my money. On calling the assist number the (non-native English speaking) person was amazingly rude saying my passwords etc. - including asked-for PIN - failed security. Told me I didn't know my correct date of birth!

Ended up having to go to an A & L branch where they couldn't get in either, despite having all my original password details on screen. So they're having to re-establish security again from scratch before we can close the account down to get our money back! Up to week until they manage to send out a new PIN apparently.

To add insult to injury I found that the 6.60 rate doesn't apply to the 'old' esaver accounts which they've cut to 5.50 without telling anyone.

[bosque]

Looks like all you have to do is open a new e-savings account with NatWest to qualify for the 6.31%, customers can open more than one e-savings account but only the latest account attracts the higher rate, the existing account is limited to 4.05%. As you can open an account and get the higher rate, why would anyone keep their money in their existing e-savings account ? though the bank isn't promoting this new rate so maybe they hope most relevant customers won't notice.