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Natwest £50 savings cashback loophole
Comments
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That would be my understanding, but why not ring them and ask. Anything you see here will be opinion and speculation won't it?So, if I opened an esaver and made manual monthly transfers from my external current account, this would qualify ?
That would be a direct debit...not a standing order, and the information on the NatWest site says it has to be a standing order.Or, the SO mandate is created on the esaver and draws money in, automatically, from your external account ?0 -
Seems any savings account
Start saving this summer and get £50 cashback after 12 months when you set up a new monthly standing order of £100 or more into almost any NatWest savings account for 12 months.
Savings £50 cashback offer terms and conditions:- To benefit from the cash incentive, you will need to set up a standing order of a minimum of £100 a month between 7 July 2008 and 6 September 2008, to start no later than 4 October 2008, and keep this in place for 12 consecutive months.
- The value of the Standing Order can vary over the 12 months but must not fall below £100.
- Available to customers with the following accounts: e-Savings, First Reserve, Reward Reserve, Advantage Reserve, 30 Day Bonus Reserve, Young Saver, Private Banking Savings Account, Advantage Private Reserve and Savings Direct. Offer excludes Cash ISAs and Fixed Rate Bonds.
- Not available on NatWest savings accounts that have existing standing orders in place as at 4 July 2008.
- Only one cashback payment per person and per savings account. In the case of a joint account, only one cashback will be paid.
- We will pay £50 cash into your savings account within 1 month after 12 consecutive monthly payments of at least £100 have been made.
- You will lose the right to benefit from the offer if we deem that you have not used your account in accordance with the terms and conditions above.
- Offer subject to change and can be withdrawn at any time.
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Sounds like a stupid question......but I am wanting to transfer my rent money into the e-saving account until nearer the time the rent is due.
Is it possible to set up a standing order FROM the saving account to my landlord? Or would i have to manually transfer it back and then transfer it across0 -
Sounds like a stupid question......but I am wanting to transfer my rent money into the e-saving account until nearer the time the rent is due.
Is it possible to set up a standing order FROM the saving account to my landlord? Or would i have to manually transfer it back and then transfer it across
I think that is possible.0 -
Condition 22.13 answers this question...Is it possible to set up a standing order FROM the saving account to my landlord? Or would i have to manually transfer it back and then transfer it across
http://www.natwest.com/content/global_options/terms/Terms_Conditions.pdf
...but it's no!
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chris_langs wrote: »as far as i can see there is no penalty to the £50 cashback for withdrawing your money out of the e-saver during the 12months, so couldnt you set up the standing order of £100 and just transfer the money back out again to a better savings account, and still collect your £50 after 12months?
This is exactly how I see it too; however, I wouldn't bet on NATWEST paying the £50 if this were to be done.... They should; based on the terms and conditions, but whether they would, is a different matter...... It would be a hell of a loophole if it worked though.....:D0 -
crazy_guy, you can set up transfers to your current account up to about four months in advance. Then can do standing order from the current account. Easier to do recurring payments from a savings account elsewhere that offers a higher interest rate, though.0
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Deleted_User wrote: »This is exactly how I see it too; however, I wouldn't bet on NATWEST paying the £50 if this were to be done.... They should; based on the terms and conditions, but whether they would, is a different matter...... It would be a hell of a loophole if it worked though.....:D
I fully intend on trying it out and they'll hear from me if it doesn't pay out If you are going to have an offer and leave loopholes, expect them to be exploited by the few people who can be bothered to! 0 -
I fully intend on trying it out and they'll hear from me if it doesn't pay out If you are going to have an offer and leave loopholes, expect them to be exploited by the few people who can be bothered to!
The T&C's are clear as a bell; and in theory the "plan" should definately work.. It's always nice to play the banks at their own game!:j
Best of luck everyone...:money:0 -
Hi,
I did not understand the following:-
To benefit from the cash incentive, you will need to set up a standing order of a minimum of £100 a month between 7 July 2008 and 6 September 2008, to start no later than 4 October 2008, and keep this in place for 12 consecutive months.
Can anyone explain what the above means? and is it possible to setup SO from external account?
Thanks
MS0
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