Natwest £50 savings cashback loophole

bristolleedsfan

Anon wrote: »

Young Saver is available 11-17s in their own right, or set up by a trustee for under 10s (according to http://www.natwest.com/personal/save-and-invest/savings/g4/children/young-saver.ashx) .

Anon

" Young Saver savings account

An account designed for children under 11 "

http://www.natwest.com/personal/save-and-invest/savings/g4/children/young-saver.ashx

Anon

bristolleedsfan wrote: »

" Young Saver savings account

An account designed for children under 11 "

http://www.natwest.com/personal/save-and-invest/savings/g4/children/young-saver.ashx

I know ... but if you look at the page you and I linked:

Open in your child's name – you can arrange this for children aged 7-10. You will need to read and approve the application
Hold the account in trust – anyone over 16 can hold this account in trust for a child under 10

The account is shown as being eligible for the £50 promotion, therefore it would appear possible to have the same £100 circulating from my NatWest current account through a savings account for me and then Young Saver for each child if you get the SO timing right?

Anon

bristolleedsfan

Anon wrote: »

I know ... but if you look at the page you and I linked:



The account is shown as being eligible for the £50 promotion, therefore it would appear possible to have the same £100 circulating from my NatWest current account through a savings account for me and then Young Saver for each child if you get the SO timing right?

Anon

Doesnt say this though does it on the page u linked.

" Young Saver is available 11-17s in their own right"

Anon

I didn't quote verbatim what they said on their website - however, children can have it in their own name if 11-17 or it has to be a trustee if under 10 - or am I missing something ...? Never mind, it is late and the outcome is the same - it is available to people 11-17 despite it saying it is designed for people under 11 ...

Anon

hoopla_2

bristolleedsfan wrote: »

Just seems that the MSE team cant bear the thought of being seen to be ever incorrect or mistaken.


http://forums.moneysavingexpert.com/showthread.html?t=304878


“Although I believe this is an amazing forum with a huge wealth of information of benefit to many people, and most people are keen to help others, sometimes messages are posted that are poorly researched, ill-conceived, downright wrong or sadly even worse, misleading and deceptive”

In fairness, if you read the T&Cs the e-Savings account does look more restrictive if you're a non-NatWest customer, e.g...

22.8 If you pay some or all of your initial deposit by electronic transfer, the transfer must be made from a NatWest account in your name (or, if you are opening your account jointly, from a NatWest joint account in the same names or from the personal NatWest accounts of each party to the account).

...although it doesn't seem to mind you paying by cheque from another bank.

Merlin139

Just opened an account each for the wife and I. Good find from the original poster and well done Martin for bringing it to my attention.:beer:

Secondhand_Rose_2

Well spotted! Very easy to set up an account too. Thanks OP and thanks Martin!

carolyn0903

We will pay £50 cash into your savings account within 1 month after 12 consecutive monthly payments of at least £100 have been made
- Sorry if I am missing something here, but it looks like they will pay the £50 in after the 12 months have passed? So you have to keep this in s/o or dd in place then the £50 will be paid in?

pittspitch

Thanks everyone for their comments, in particulat on e-savings being OK for non NatWest which I've now aplied for. Is ID really req'd as it stated on my online application? Cannot recall reading anyone mentioning ID.

billieboy_2

PittsPitch wrote: »

Thanks everyone for their comments, in particulat on e-savings being OK for non NatWest which I've now aplied for. Is ID really req'd as it stated on my online application? Cannot recall reading anyone mentioning ID.

I didn't have to supply ID. I assume they do a check on you by your address.