Natwest £50 savings cashback loophole

Sinc19

Had a quick read through this thread, and I'm slightly confused - some people are saying that you don't need to be a NatWest customer to take up this offer, but their terms and conditions say:
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.
Who is right? If you don't need to be a customer, I want my £50!

Ignore the above - I think I've worked it out - you can open one of these new accounts, and then set up a new standing order to the account.

bristolleedsfan

Sinc19 wrote: »

Had a quick read through this thread, and I'm slightly confused - some people are saying that you don't need to be a NatWest customer to take up this offer, but their terms and conditions say:
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.
Who is right? If you don't need to be a customer, I want my £50!

If you open one of the listed accounts then you will be a customer.

If you fulfill the conditions of the 50.00 offer as detailed on page 1 then you will be entitled to the 50.00 cashback.

adyb_3

Better still, if you have a child you can operate the account in your childs name and benefit from a 5% gross interest rate.
I am thinking about doing this and bouncing the £100 around to make the most out of it. Ie from my current a/c to my natwest savings, out of my natwest savings back to my current account then out to my childs account. Bit messy and needs watching to prevent bank charges but it makes £100 that way.

Just my thoughts.

Rogerb_2

brookerbabyisababy wrote: »

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?

It says in one of those books they send with the paperwork that the £1 opening cheque is either payable to yourself or the bank. My cheque was banked today and it was made payable to myself with nat west e savings acc in brackets afterward.

goodquestion

I have an ISA with natwest already would I be better off opening an esavings account with them then?

Crabman

goodquestion wrote: »

I have an ISA with natwest already would I be better off opening an esavings account with them then?

Not if you're planning to move money out of your ISA account. If you do, you'll lose the tax benefit on the ISA cash (remember you can only deposit £3,600 into a cash ISA each year). Read the ISA Guide for full info and better explanation

LongTermLurker

goodquestion wrote: »

I have an ISA with natwest already would I be better off opening an esavings account with them then?

Remember, to get the £50 bonus, you only need to dedicate £101 pounds for the entire year to this. Make a single payment of £1 to open it, transfer IN £100 by SO at the beginning of each month, withdraw £100 a day after it appears and put it into somewhere more rewarding for 3 weeks (high interest current account?), before starting again.

Better still, if you have a free overdraft, you can do it with another bank's money

stuzhunter

See what you can earn

Natwest= You+wife/partner+kid= 3 x£50= £ 150
Cooperative bank= You+wife/partner= 2x £100= £200
Alliance & Lecester (through Quidco)= You+wife/partner= 2 x (£100+50)= £300
Capital one Savings (through quanti.co.uk)= You+wife/partner= 2 x £20= £40
HSBC (through various cashback sites)= You+wife/partner= 2 x £50= £100

So at the end of 12 months you'll have £790 minimum or approx £400 for single application

funkyhitman

As of today my standing order has showed up in my Natwest online banking so if yours isn't showing up yet it should soon. Laters.

YorkshireBoy

stuzhunter wrote: »

See what you can earn

Natwest= You+wife/partner+kid= 3 x£50= £ 150
Cooperative bank= You+wife/partner= 2x £100= £200
Alliance & Lecester (through Quidco)= You+wife/partner= 2 x (£100+50)= £300
Capital one Savings (through quanti.co.uk)= You+wife/partner= 2 x £20= £40
HSBC (through various cashback sites)= You+wife/partner= 2 x £50= £100

You've missed out a pair of A&L eSavers @ £20 each...another £40

Do 3 or 4 a year and that's an extra £160 per year.