Headsup: NatWest and RBS ISA account holders

Discussion in 'General Chat' started by pandemic, Feb 4, 2014.

  1. pandemic

    pandemic
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    Just had a look at my NatWest Isa account and noticed they've paid the incorrect interest for last month. Roughly, 10 times less than should have been paid, this takes into account the fact NatWest/RBS reduced the rates at the start of this year.
    Turns out I'm not the only one and it's a glitch in the system due to the lowering of rates at the beginning of this year. Glitch causes problems with Natwest and RBS Isa accounts | This is Money

    Thought I'd let people know, hoping they sort it over the next few days.
     
  2. johntheexpat

    johntheexpat
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    A bank that can't do simple maths? That's worrying. Or is it actually normal these days? They have to make their profit somewhere.
     
  3. redcat1

    redcat1
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    I noticed this yesterday aswell. Phoned up customer services and they said i should've recieved a letter in the post informing me of interest changes (i didn't). I'm currently awaiting a phone call from a savings adviser to see what they can offer, might end up transferring my isa to someone else
     
  4. pandemic

    pandemic
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    ^ The customer service person you spoke to is not up to date, they seem to think you're complaining about the reduced rate. Basically, at the start of this year they converted all their eISA accounts to CashISA accounts, so people with existing CashISA should be seeing rate increasing from 0.5% to 1% and those with eISA will see their rates drop to 1% from at least 1.75%. What they have managed to do on their system is incorrectly set the rate to 0.1%. Muppets.

    Unfortunately, for me competitions interest rates are the same or lower. Having been a long term customer I get an additional bonus rate for a few more months so transferring is not an option at the moment.
     

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