Natwest £50 savings cashback loophole

averageguy11

Is this an existing customers only 'treat'?

lyndorset

Another great find on MSE - Thank you!!!

MSE_Martin

Hi folks,

Thanks for all the feedback on e-savings, its a wee bit annoying as we officially checked this with powers that be at Natwest, but the feedback seems to be you can open it. I'm going to tweak the first post and hedge slightly while we double-check with natwest again.

martin

billieboy_2

MSE_Martin wrote: »

Hi folks,

Thanks for all the feedback on e-savings, its a wee bit annoying as we officially checked this with powers that be at Natwest, but the feedback seems to be you can open it. I'm going to tweak the first post and hedge slightly while we double-check with natwest again.

martin

Seems like it's NatWest giving out differing information to different people then:rolleyes: .

bristolleedsfan

hoopla wrote: »

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.

Your quote is from NatWest general savings conditions, doesnt specifially refer to e-saver account.

Its common practice that where an account is opened on a non face to face basis then the opening deposit must be made either by personal cheque if a non existing customer or from an account that has already been subject to ID checks if an existing customer. Its an anti-money laundering procedure and in respect of non existing customers is an excellent additional ID check in addition to electronic ID verification.

NatWest Personal and Private Banking - Terms and Conditions (PDF File 302K ( General savings terms and conditions)

sailopio

Thanks for this I have just opened e-saver accounts for myself and my husband, I have applied online for two standing orders to come from our joint Natwest account - I hope this qualifies for £50 cashback on each new account.

bristolleedsfan

carolyn0903 wrote: »

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?

Yes, the SO for 100.00 minimum a month needs to be in force for 12 months, the monthly SO payments can however be withdrawn/transferred out of the account at any time.

I would like to join the chorus of thanks to both the O/P and the MSE forum team for bringing this promotion to our attention. :T :T :T :T :T

AddictedMoneysaver

Anyone know if you can open an account in trust for a child (my little-un's 4) and still get the bonus? I know this was asked further up but there was no answer and surely someone here must've already asked about it or done it?

MSE_Martin

We've now had confirmation from natwest that e-saver is open to everyone. Very annoying after earlier e-mails indicating it was only for existing customers.

brookerbabyisababy

Received my papers today. Two questions:-
1. Who does the cheque have to be made payable to?
2. I read on the second page they said that they may use credit searching agencies. Does this mean they will credit search me and will it affect future credit?