Natwest £50 savings cashback loophole

vicky_kidder · 29 August 2008 at 11:03AM

Hi everyone, I got a letter to fill in about a standing order, but i have no current acc with natwest and gave them the details of my hsbc acc. I got a letter yesterday to say that they had set it up (the acc, not the so). What do i do now? Do i have to get in touch with my bank to organise the so, or is that why i filled in the letter?

10_66 · 29 August 2008 at 5:58PM

It's probably what you filled in with the letter they sent. In which case they'll send it to your bank. During the application process you'd have been asked if you wanted to make regular payments into your new e-savings account. If you said yes to that and completed your bank details accordingly, the standing order NatWest sent would have been partially completed, just needed your signature. The only thing missing on the pre-printed standing order would be the NatWest account number, which they're supposed to fill in when you return it to them, they then forward this to your bank.

redagila · 29 August 2008 at 7:00PM

vicky_kidder wrote: »

Hi everyone, I got a letter to fill in about a standing order, but i have no current acc with natwest and gave them the details of my hsbc acc. I got a letter yesterday to say that they had set it up (the acc, not the so). What do i do now? Do i have to get in touch with my bank to organise the so, or is that why i filled in the letter?

If you signed the form to say you wanted a s/o to be set up on your account with another provider, Natwest should send the form on to them. However, from other posts on here, there do seem to be some delays at Natwest end
If you have online banking with your own bank, why don't you set up a s/o online for the monthly transfer to Natwest so that you know it has been done? You can always cancel the second s/o if it also gets set-up afterwards.

redagila · 30 August 2008 at 10:49PM

Just checking my Natwest on-line & wonder what they are doing. I set up my s/o on my Natwest c/a for 1st September & the debit is already showing on the transaction details to be paid out on the 1st September. But the e-saver a/c is showing the £100 credited on 30 Aug, which makes a 2nd credit of £100 in August!
Suggest if anyone is setting up a s/o that they make it for about 5th of the month, to avoid this kind of problem.
Looks like a phone call will be needed on Monday am to sort them out.

mary · 30 August 2008 at 10:55PM

10_66 wrote: »

It's probably what you filled in with the letter they sent. In which case they'll send it to your bank. During the application process you'd have been asked if you wanted to make regular payments into your new e-savings account. If you said yes to that and completed your bank details accordingly, the standing order NatWest sent would have been partially completed, just needed your signature. The only thing missing on the pre-printed standing order would be the NatWest account number, which they're supposed to fill in when you return it to them, they then forward this to your bank.

Well I filled in the SO application form, returned it to Nat West. Have just got a letter from Lloyds (my bank) saying that they received my request for a standing order, but "we need a six digit sort code and an eight digit account number for you...." So don't know what NatWest sent them - a blank bit of paper with my name on perhaps! Anyway I will now set it up myself on line, and could have done that in the first place, but didn't want to run the risk of having it set up twice. Now that I know my bank can't do it without the details, I'll do it instead.

Strapped · 31 August 2008 at 10:47AM

I've activated my account, but I'm still waiting for NatWest to "pay in" my original £1 cheque. Guess the 1st Sept SO has no chance. :rolleyes:

Kavanne · 31 August 2008 at 11:13AM

Strapped wrote: »

I've activated my account, but I'm still waiting for NatWest to "pay in" my original £1 cheque. Guess the 1st Sept SO has no chance. :rolleyes:

I think the SO needs to be set up by then but the first payment needs to be before 4th October or something.

From Natwest site:

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.

redagila · 31 August 2008 at 6:50PM

Strapped wrote: »

I've activated my account, but I'm still waiting for NatWest to "pay in" my original £1 cheque. Guess the 1st Sept SO has no chance. :rolleyes:

If you have your account no. & sort code for the e-saver & have on-line banking with your existing bank, why don't you just set up a s/o yourself with a payment date of say 4 September?

If the 2nd s/o also goes through the system & is set up, just cancel it. Remember you have control of s/o instructions not the bank.

Strapped · 31 August 2008 at 8:53PM

Yes, I have done (for 2nd Sept). Bit pointless filling in the piece of paper though.

latecomer · 1 September 2008 at 8:10AM

Well my saga with this damn account continues. I finally made it into our "local" branch (not that many in Scotland!) and got them to take certified copies of my passport and the letter. Hopefully that will be enough to get it set up. If not then I'm going to give up and just send a strongly worded letter stating how poor the whole experience has been.

Natwest £50 savings cashback loophole

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free