Natwest £50 savings cashback loophole

baby_boomer

bristolleedsfan wrote: »

Young Saver account is included in the offer, so as long as the other accounts are available to 11-17 year olds then they couldnt possibly be excluded from the offer.

Thanks for that, blf.

As you know doubt know, young Saver is for under 11s.

Unfortunately for 11-17s NatWest would appear to have the worst young person's savings account in the country - "Adapt". I think it comes with a debit card, but otherwise the interest is even worse than such stalwarts as the Hinckley & Rugby BS's ludicrously named "Flying Start" account :eek:

bristolleedsfan

baby_boomer wrote: »

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Unfortunately for 11-17s NatWest would appear to have the worst young person's savings account in the country - "Adapt". I think it comes with a debit card, but otherwise the interest is even worse than such stalwarts as the Hinckley & Rugby BS's ludicrously named "Flying Start" account :eek:

Id have thought it was still adequate for 100.00 standing orders to fly in once a month and fly back out at the earliest opportunity in order to gain 50.00 each for the junior members of the baby_boomer family at the end of the 12 months.

Milarky

brookerbabyisababy wrote: »

Are you referring to the First Direct reference provided in the direct debits and standing order section of internet banking on the First Direct website? The reason I ask is I wanted to know if the standing order initiated by Natwest would show up in that section allowing you to cancel it anytime or would it be under Natwest's control?

Yes. Therefore it can be amended or cancelled by myself if needs be. The main thing though is that Natwest know that they set it up

LongTermLurker

Milarky wrote: »

Yes. Therefore it can be amended or cancelled by myself if needs be. The main thing though is that Natwest know that they set it up

What's the significance of them setting it up? Have you read something I haven't or is there a dastardly rumour flying round? Just wondering because all I read was you have to pay in £100 by standing order every month. Are you just being cautious so that they don't say "that's not a standing order, it's 12 one-off BACS transfers!"?

riad_2

As I had a more or less dormant Natwest current a/c and online banking login lying around, thought I'd take advantage of this offer and apply for an e-saver online.

When it came to the part of initial deposit and regular payments, I did the £1 initial and £100 regular pymnt (beginning on 5th Aug) from my Natwest current a/c.

But then the thought occured to me, if I've set the regular payment up in this way, will it be classed as a "standing order"... as opposed to just a "regular payment" or some kind of regular instant transfer between Natwest accounts??

Once the account is set up and showing on the online banking... should I somehow cancel the £100 regular payment and set up just a "normal" standing order from the current a/c for 12 months?

Thanks!!

Milarky

LongTermLurker wrote: »

What's the significance of them setting it up? Have you read something I haven't or is there a dastardly rumour flying round? Just wondering because all I read was you have to pay in £100 by standing order every month. Are you just being cautious so that they don't say "that's not a standing order, it's 12 one-off BACS transfers!"?

Yes, I'm just being cautious in wanting Natwest to set up the details for me. I just don't see how Natwest can 'guarantee' now to automatically credit all new and existing savings accounts with £50 that have received a payment each calendar month for 12 months of at least £100 - and not have been told about these accounts [by the customer] in the first place. In effect, their system will have to sweep all the potentially eligble accounts (100s of thousands?) and make a payment in the case of each one where it 'looks right'. So much simpler one would have thought to set a list of 'registered' accounts and then just check those after a year.

baby_boomer

bristolleedsfan wrote: »

Id have thought [3% gross interest] was still adequate for 100.00 standing orders to fly in once a month and fly back out at the earliest opportunity in order to gain 50.00 each for the junior members of the baby_boomer family at the end of the 12 months.

I didn't say I wasn't going to do it

LongTermLurker

Milarky wrote: »

Yes, I'm just being cautious in wanting Natwest to set up the details for me. I just don't see how Natwest can 'guarantee' now to automatically credit all new and existing savings accounts with £50 that have received a payment each calendar month for 12 months of at least £100 - and not have been told about these accounts [by the customer] in the first place.

Ah, I can see where you're coming from re existing accounts, but for new accounts, opened during the offer period??? You're more sceptical than I am :rolleyes:

Anyway, they set it up for me, but I didn't use your cunning secret reference ploy . However, if things got really desparate, a print out of your standing order should show the set up date (I think Hx does anyway) and you'd then have your evidence in 13 months' time when you queried it.

oliver_m_2

riad wrote: »

Once the account is set up and showing on the online banking... should I somehow cancel the £100 regular payment and set up just a "normal" standing order from the current a/c for 12 months?

That would be exactly my question. Is there a difference between a "regular payment" and a normal "standing order"? Thus, if there is, it is advisable to cancel the regular payment and set up a standing order once the account is set up, right?
It would be much appreciated if someone can answer this. Thanks!

funkyhitman

Hi, my E-Saver account has been set up and shows on my online banking and I got a letter saying the account is fully opened and the initial £1 deposit has gone though but I have no confirmation of the standing order and under the SO section of my online banking it says there are no SO's set up. Does anyone know if this is normal? I applied for my SO to start 1st Sept so will I have to wait for then for it to appear on my account?

Thanks for the help.