Natwest £50 savings cashback loophole

gratefulone

bristolleedsfan wrote: »

Young Saver account is included in the offer, so as long as the other accounts are available to 11-17 year olds then they couldnt possibly be excluded from the offer.

http://www.natwest.com/personal/save-and-invest/savings/g4/children/young-saver.ashx

Cashbacks and tax, question really is are all Cashbacks liable for tax ( strictly speaking) being as all income is supposed to be subject to tax after taking into account personal allowances etc.

To KTF, not sure if u are confirming what u are saying or asking for confirmation, in any event the answer is yes.

To PinkPig, U dont have to be an existing customer to open an e-saver, merely being as u wont have online access to log into Natwest site the initial 1.00 deposit has to be funded by cash/cheque and the standing order arrangements set up externally.

I rang the NatWest call centre to check if I could open a Young Saver savings account for my 13 year old daughter (to qualify for the cashback for her). They said I could. When I went into the branch to open a First Reserve account for myself (don't do online banking) they told me because she was over 11 I could not open a Young Saver account for her. So it appears there is no account I can open for her at NatWest that will qualify her for the £50 cashback. I even asked if I could open a First Reserve as a trustee for her but was told "no". It does not seem fair that she loses out on the cashback. Any advice? Thanks.

bristolleedsfan

gratefulone wrote: »

I rang the NatWest call centre to check if I could open a Young Saver savings account for my 13 year old daughter (to qualify for the cashback for her). They said I could. When I went into the branch to open a First Reserve account for myself (don't do online banking) they told me because she was over 11 I could not open a Young Saver account for her. So it appears there is no account I can open for her at NatWest that will qualify her for the £50 cashback. I even asked if I could open a First Reserve as a trustee for her but was told "no". It does not seem fair that she loses out on the cashback. Any advice? Thanks.

My quoted post was in reply to someone else, I did not say that 11-17 year olds could definitely have an account at NatWest, it was apparent that young saver account is " specially designed for children under 11."

LongTermLurker

LongTermLurker wrote: »

Just phoned them, asked to set up a payee, logged out, logged in and transferred a quid -

Will update shortly...

Bit pointless now because someone has already confirmed, but the payment only appeared in my current account this morning, though it was dated yesterday, so I think that's just a delay in my bank's online system being updated.

bowlesbargain

Not happy that Nat West do a credit score on my credit reference agency WHY should the do a credit check if I am opening a saving account. Can this cause problems with to many checks being made on my credit reference if I wanted a loan some time in the future!!!

YorkshireBoy

bowlesbargain wrote: »

Not happy that Nat West do a credit score on my credit reference agency WHY should the do a credit check if I am opening a saving account. Can this cause problems with to many checks being made on my credit reference if I wanted a loan some time in the future!!!

It's not a "credit score", it's an ID verification search and leaves no mark visible to other lenders because it's classed as an 'unrecorded enquiry' (meaning it's only visible to yourself and the credit reference agency).

Kavanne

YorkshireBoy wrote: »

It's not a "credit score", it's an ID verification search and leaves no mark visible to other lenders because it's classed as an 'unrecorded enquiry' (meaning it's only visible to yourself and the credit reference agency).

Try explaining that to customers on a daily basis :rolleyes:

brookerbabyisababy

Does the Standing Order form have to be sent to Natwest or your current account provider?

Careful_ly

brookerbabyisababy wrote: »

Does the Standing Order form have to be sent to Natwest or your current account provider?

You send it back to Nat west, I think you'll find they don't mention your account number for Nat west on the paperwork, so your current provider won't have enough info to set up.

HTH

Babafette

I've just applied today but am a little confused and worried that I have completed the application wrongly.

I am already a NatWest customer with internet banking - I assumed therefore that I would be accepted straight away without needing to provide any ID. I chose monthly payments to begin on 25th August, but at the end of my application it stated that I would be sent forms and would need to provide ID documents....:rolleyes:

I'm not sure whether a standing order will be set up or how the initial deposit will be credited to the account.

All in all it was not a very user-friendly experience, but £50 cashbask is not to be scoffed at!! :rotfl:

latecomer

If you think thats not a user friendly experience, I've now exhausted all forms of ID that qualify by post and have to go into a branch with either my passport or driving license.

One thing I dont understand is that it stated a tax coding notice from the HMRC would be fine but they rejected it as it didn't have my full name on it. Surely they are a standard format for everyone?

Anyway I'm going to try and make it in tomorrow as I'm now more determined that ever to get £50 out of them