Natwest Mini Cash ISA Review

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2.7 stars
Average rating for this product is: 2.7 out of 5

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iannapier's Review of Natwest Mini Cash ISA

16th Oct 2008

Overall Rating

4 stars
  • Value for money
    4 stars
  • Customer Service
    4.5 stars
Good Points

Very easy to open in-branch (helpful staff).
Fast and Efficient transfer-in of my old ISA
Interest rate is good, with 2% bonus for 12 months from date of transfer in of funds.
On-Line banking set up quickly.


Bad Points

High interest rate only lasts 12 months, then less attractive.


General Comments

ISA providers tend to tempt you in with good rates, which reduce after a period. This NatWest account is no exception, with a 2% 12 month bonus. As a saver then, it is necessary to review each year and probably move the ISA to a better rate elsewhere. The receiving institution must do this for you; the rules do NOT allow the saver to close an account and take the money elsewhere themselves without loss of tax free status. One of the most important factors then is the smoothness and speed with which the receiving institution (Nat West in this case) make this happen. I went to a branch, the staff member filled in a simple form for me and my money was transferred in within 15 days, with only a 2 day gap between my old ISA closing (with Coventry BS) and the funds appearing in my new NatWest ISA. This was acceptable in my view. Good overall service so far and an attractive bonus rate.

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LenderAccountDescriptionInterestAEROverdraft  
Overdraft RateOverdraft Limit
NatWeste-ISAAvailable to existing Natwest Customers Only. The longer you save the more you can earn, save up to £3,600 in a tax year. See site for details.Monthly2.00%N/A
AbbeyDirect ISASave from just £1 to receive 2.00 AER (variable) tax free.Annually2.00%N/A
NatWestCash ISAAvailable to existing Natwest customers only. Transfer your previous years ISA's into this great cash ISA. Earn up to 2.0% AER tax free.Monthly2.00%N/A