Natwest £50 savings cashback loophole

stuzhunter

YorkshireBoy wrote: »

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.

yes thanks..already bagged these as well.:p

lucybenjamin

You will lose the right to benefit from the offer if we deem that you have not used your account in accordance with the terms and conditions above.

I don't want to sound pesimistic but surely the above T & C would help Nat West get out of paying the £50 to people that just withdraw the £100 back out every month??

Stephen_Leak

lucybenjamin wrote: »

You will lose the right to benefit from the offer if we deem that you have not used your account in accordance with the terms and conditions above.

I don't want to sound pesimistic but surely the above T & C would help Nat West get out of paying the £50 to people that just withdraw the £100 back out every month??

I noticed that, when doing my application earlier today.

However, there is still nothing in the T&C's saying that you cannot withdraw your money from your account. Such a clause would be totally unreasonable anyway.

I don't doubt that NatWest will squirm when they realise what they have done - and who could blame them? - but I don't see how they could use this clause to get off the hook completely.

LongTermLurker

lucybenjamin wrote: »

You will lose the right to benefit from the offer if we deem that you have not used your account in accordance with the terms and conditions above.

I don't want to sound pesimistic but surely the above T & C would help Nat West get out of paying the £50 to people that just withdraw the £100 back out every month??

No, because it is an instant access account - what else are you supposed to do with an IA account other than access it instantly (and as required/desired)?

I think you're reading too deep.

WELSH-DRAGON_2

Thanks for the tip just applied

welshy x

rail.link

Anybody tried making a withdrawal ?

Can't seem to do it online; tried setting up a new payee and it says to call telephone banking.
I'm guessing you need a card reader to set up and pay online.

tintoys

I have an existing reward reserve and had no standing orders into it so set up the standing order as detailed. However my branch have said that the account should show £1200 at the end of the 12 months to get the £50 bonus which is not what this thread appears to say.

So it will be interesting to see if the bonus still is paid if withdrawls are made,

jo_b_2

tintoys wrote: »

I have an existing reward reserve and had no standing orders into it so set up the standing order as detailed. However my branch have said that the account should show £1200 at the end of the 12 months to get the £50 bonus which is not what this thread appears to say.

So it will be interesting to see if the bonus still is paid if withdrawls are made,

Your post has reminded me that I've got a dormant reward reserve with Natwest. (I had to keep it open to maintain my ISA apparantly. Yes - I know I should transfer my ISA. It's on my to-do list!)

Did you set up the standing order in branch as an existing customer?

TehJumpingJawa

rail.link wrote: »

Anybody tried making a withdrawal ?

Can't seem to do it online; tried setting up a new payee and it says to call telephone banking.
I'm guessing you need a card reader to set up and pay online.

Transfering from my Natwest current account, into the e-saver & back again seemed to work fine using the 'quick transfers' thing.
Not tried transfering it to another bank though...

I must say Natwests online system fails big time from a user interface point of view...

I now have an e-saver & a first reserve. Both have the same name (e.g. "SURNAME AB"), so when they appear in the 'quick transfers' drop-down list box, there is no way to distinguish the 2 :T

Stephen_Leak

LongTermLurker wrote: »

No, because it is an instant access account - what else are you supposed to do with an IA account other than access it instantly (and as required/desired)?

I think you're reading too deep.

It is good to be suspicious though. When you find a gold mine, you should always expect a shaft.