Natwest £50 savings cashback loophole
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kingmonkey wrote: »Seems any savings account
Nicely spotted.
I have an offset mortgage with NatWest which uses the First Reserve and Current Accounts; hence normally frequent the mortgage-free-wannabe board. Now obviously I don't earn interest on either as they are offset and I regularly move money to/from the First Reserve online. It seems I can set up an SO and simply collect £50 in 12months time for this alone as a payment not a taxed interest payment, and continue to operate the account as I do already as I usually transfer more than £100 into it each month manually?
So I would get the full £50 on average balance of £650 which is 8% return as it isn't subject to 40% tax?
Am I missing something here?
(Edit: Just set up the SO for 13 payments....)0 -
Which bit of it don't you understand?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?
Answered in the T&C's, which I suggest you read before deciding whether to go for it or not.and is it possible to setup SO from external account?
There's a link to them in post #14 above0 -
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It is not clear how you create a standing order in favour of a Natwest savings account - that Natwest will know about - from another bank -even though the terms are clear that you don't need a current account with Natwest. There is no facility to do this online - it seems.
I went to a branch of Natwest yesterday to ask for a standing order form - but they haven't got one. The 'Retail CSC' in Yorkshire whose sort code this account is might have such a form to send out - but there seems to be no telephone number for them.
(Any ideas - you non Natwest current account customers?).....under construction.... COVID is a [discontinued] scam0 -
An e-Savings account has a sort code and account number. To set up a standing order from a NatWest current account to the e-Savings account requires using those, so I assume that you can use them from other banks as well.
Note that this is a standing order, so you give the instruction to the bank that the money is coming from, not the one that it is going to. It's not like the direct debits that are used by many other savings accounts, where you set that up at the receiving account.0 -
This method of funding begs the question of how NatWest can 'know' that £100 appearing randomly in the account each month around the same day is meant to qualify the accountholder for the reward? Assuming they aren't told anything about it, they may have a monitor set up and automatically reward the accounts whose credits appear to be of this kind. But what sort of organisation does that make them - paying money to all and sundry. It only makes sense that you register your intention with them first - and for that I assume you must send your own bank's standing order form to Natwest's retail CSC in Leeds for them to forward after receipt?Note that this is a standing order, so you give the instruction to the bank that the money is coming from, not the one that it is going to. It's not like the direct debits that are used by many other savings accounts, where you set that up at the receiving account.
That' s what I will do anyway - giving me plenty of time to check that the standing has been set up.
(Anyone have a number for Natwest Leeds Retail CSC?).....under construction.... COVID is a [discontinued] scam0 -
I think I might set up a SO to transfer £100 per month, as required, and then a few weeks later, I'd transfer that £100 back into the current account so that I have the £100 for the following month's SO. Effectively, I'm playing with the same £100 each month - £50 for moving £100 back and forth for 12 months... Plus any interest I get for having the £100 in the esavings account for a few weeks each month.
And yeah, I wonder if they'll try to wriggle out of the £50 by saying that we weren't allowed to withdraw the money. Can anyone please save a copy of the Ts & Cs so that we all have proof? Once one of us gets the £50 after fighting them, they'll have to give the £50 to everyone who's done the same thing...
Having fun trying to save money without going over the top and living on budget food all the time...0 -
The offer covers all savings account apart from the ISA's
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.
Read the terms and conditions of the savings account you are paying into and the bank cannot wriggle out of it.0 -
natweststaffmember wrote: »The offer covers all savings account apart from the ISA's
- Offer subject to change and can be withdrawn at any time.
Read the terms and conditions of the savings account you are paying into and the bank cannot wriggle out of it.
That was my view; already with NatWest with current a/c and First Reserve which I will continue to use as previously with moving cash to/from/to current a/c as required. So the only thing I'm doing differently is automatically scheduling some of the monthly amount I would transfer manually online to earn £50.
Decided to set up SO to run from 29 July, as T&C note changes at any time. Do
keep a print out to show when you set up the arrangement if not with NatWest plus print the page of their offer with the date showing, as your "evidence" if there is any question of changes arising in future. My experience with them has been very good for some 25yrs so I would expect this public offer to have been considered carefully and to be honoured (but they could close it quickly of course if they see any "holes" in it from their point of view).0 -
Hi,
I have applied for e-saver account yesterday. During the application it asked me if I I wanted to setup a SO. I requested £100 monthly from my Natwest Current plus to esaver account starting from 5th August. Do you think should this work?
Thanks
MS0
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