Natwest £50 savings cashback loophole

LongTermLurker

Kavanne wrote: »

Did she put you on hold or check with a manager at all? Where does it say this in the T&Cs?

It doesn't.

To get the £50, it says you need to have "almost any" NatWest savings account and you have to "set up a standing order of a minimum of £100 a month between 7 July 2008 and 6 September 2008, to start no later than 4 October 2008, and keep this in place for 12 consecutive months". Furthermore, "The value of the Standing Order can vary over the 12 months but must not fall below £100".

One viable account is e-savings; Term 22.9 says "Deposits after the initial deposit can only be made by electronic transfer from a NatWest account in your name ... or by regular standing order from any UK bank account".

Clear as the sky is blue, grey and a little bit of cream!

Why are there so many statements by people that conflict the documented, legal terms and conditions? It's a contract, end of. It's widely understood that the sales staff and call centre staff don't know the full ins and outs of the product and they just guess. It's human nature that people want to prove their knowledge, but with call centres, the employer (bank) only tells them what they need to know and what they don't need to know, some people will guess.

Stop panicing (how do you spell panicing? That doesn't look right )

Kavanne

LongTermLurker wrote: »

Stop panicing (how do you spell panicing? That doesn't look right )

Panicking

And yeah it sounds like the sales girl was just trying to hit her targets

d10

Thanks for the Natwest tip - good find!
I'm wondering whether my partner and I should both open one each and therefore get the £50 separately.
Has anyone else done this?

:money:

LongTermLurker

d10 wrote: »

Thanks for the Natwest tip - good find!
I'm wondering whether my partner and I should both open one each and therefore get the £50 separately.
Has anyone else done this?

:money:

No reason why not.

d10

Thank you for your very prompt reply LongTermLurker!

LongTermLurker

Kavanne wrote: »

Panicking

I thought that, but it looks wrong as well, though my spellchecker says it's right so who am I to argue with Mr Gates and his American spellchecker?

Jennifer_Jane

Received my documentation on Saturday which includes a standing order form for NatWest to take the money off my (other bank) current account. I don't see any problems so far with this.

Jen
x

LongTermLurker

d10 wrote: »

Thank you for your very prompt reply LongTermLurker!

You could even use the same £100
1st week external a/c --> your e-saver
2nd week your e-saver to external a/c
3rd week external a/c --> partner's e-saver
4th week partner's e-saver to external a/c
and so the year goes on...

Transfer £1 to each first as an account holder. If you can get a current a/c with a free overdraft (like me ) you're laughing

DeepSporran

Castle_Rock wrote: »

I have £1500 in my isa, surely I would be better off just putting away £100 every month into my existing isa?. You would then get better interest, no?

You don't need to leave the monthly £100 with Natwest for very long.

Set up your SO to pay the £100 to Natwest each month. Then withdraw the £100 from Natwest a day after it reaches Natwest so you can pay it into your ISA.

Your ISA pays (maybe) 6.5%, and the Natwest esaver pays only 4.3%. However, you'll get £50 from Natwest after a year, which will (by far) outweigh the difference in interest between the 2 accounts, since you'll only have been losing this for a few days on each payment.

If you only got round to moving the £100 from natwest to your ISA each month just before the next payment was due to go in (so the balance left in the Natwest was £100 for the whole year) the interest lost would be only £2.20 gross for a year. Compare that with the £50 gross you'll make from Natwest and you'll see that it's worth it.

d10

"You could even use the same £100
1st week external a/c --> your e-saver
2nd week your e-saver to external a/c
3rd week external a/c --> partner's e-saver
4th week partner's e-saver to external a/c
and so the year goes on..."

I will try and get my head (and timings) round that one and see if I can set it up right..thanks again!