Natwest £50 savings cashback loophole

YorkshireBoy

LongTermLurker wrote: »

You could even use the same £100

A couple of years ago we had a pair of Halifax HICA's and a pair or Barclays current accounts, chasing 4 x £100 opening/regular funding incentives.

I spent 2 or 3 months bouncing the same £1,000 around all 4 accounts.

The icing on the cake was that, due to a mix up, one of the Barclays accounts paid out the £100 twice...£500 (or 50%) profit in 3 months.

d10

"To benefit from the cash incentive, you will need 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."

The above was taken from the Natwest website..Does this mean that a Standing order has to be in place by the 6th of Sept ..if that is so then what is the October date for??

:question:

Many thanks

YorkshireBoy

d10 wrote: »

Does this mean that a Standing order has to be in place by the 6th of Sept ..if that is so then what is the October date for??

Because NatWest set up the SO for you (beats me why they want to create a paper trail for an online 'E-Savings' account? ), the September date is the latest you can set up the SO with them to give them chance to write to your external current account provider.

The October date is the date by which the first SO payment must be received in the account.

I wouldn't worry, there's ample time in which to complete. That said, just watch for the posts in September saying "drat, am I too late?" :rolleyes:

DeepSporran

d10 wrote: »

The above was taken from the Natwest website..Does this mean that a Standing order has to be in place by the 6th of Sept ..if that is so then what is the October date for??

This means that Natwest have to receive the standing order form by September 6, so that they can then send it on to your bank. The standing order form has to indicate that the first payment is to be made on a date no later than October 4.

d10

DeepSporran wrote: »

This means that Natwest have to receive the standing order form by September 6, so that they can then send it on to your bank. The standing order form has to indicate that the first payment is to be made on a date no later than October 4.

Ok thanks for that!
Well my partner and I have both applied so its just waiting for Natwest now..

Cheers..thanks & take care everyone!

The_Edible_Dormouse

Marvellous. Already have esaver and current with NatWest, and sit my rent and bill money in the esaver each month to earn me the interest. Now they can earn me an extra £50 for something I'm already doing anyway. Brilliant spot!

Dagobert

susiesss wrote:

... I ... spoke to a very helpful young lady. She told me that I could open an e-savings account BUT in order to qualify for the £50 the standing order had to come from a Nat West account.

I spoke to NatWest and they confirmed that setting up a standing order from an external account will qualify me for the offer. It was also confirmed that the SO can be set up AFTER the account has been opened; in other words it does not have to be set up the SO via NatWest.

I have a recording of the call.

LongTermLurker

YorkshireBoy wrote: »

A couple of years ago we had a pair of Halifax HICA's and a pair or Barclays current accounts, chasing 4 x £100 opening/regular funding incentives.

I spent 2 or 3 months bouncing the same £1,000 around all 4 accounts.

The icing on the cake was that, due to a mix up, one of the Barclays accounts paid out the £100 twice...£500 (or 50%) profit in 3 months.

LOL Is that what you call successfully confusing the system?

LongTermLurker

Dagobert wrote: »

I have a recording of the call.

I hope you opened the conversation with "Hello this is Dagobert; please note that calls may be recorded and monitored"

On the other hand, when they say "calls may be recorded and monitored", is that an invitation?

goodquestion

Just set up my esavings account. Already a natwest customer so took less than 5 minutes and set up my monthly payment at the same time (Im assuming its an SO but will check my current account) much easier then I thought it would be!