Natwest £50 savings cashback loophole

obsessed_saver

Dagobert wrote: »

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.

I have also just been told this on the phone about 15 minutes ago. I was calling to see if I can get them to send me an SO form, but the lady went offline to speak to someone, and came back to say all I have to do is put in £100 every month by standing order.

I have no idea how they will find out whether it's just a regular payment I'm clicking "Send" every month from my external current account, or whether it's an SO.

Anyway, I'm glad Dagobert has a recording of the message. We might need it in a year's time.

RoughRook

How long have applications taken to process?

Myself and my wife applied 3 weeks ago for the Young Savers accounts for our 2 young kids. The only ID we initially sent was our kids birth certificates.

My wife (she's not on the electoral register) received a reply last week asking for ID evidence. She sent back a Child Tax credit letter addressed to herself.

I have yet to hear anything about the application for the account i'm trying to open in trust for my son.

Dagobert

Dagobert wrote:

it [the SO] does not have to be set up the SO via NatWest

obsessed_saver wrote: »

I have no idea how they will find out whether it's just a regular payment I'm clicking "Send" every month from my external current account, or whether it's an SO.

They don't. A SO is just a repeated payment for your convenience. It uses the underlying payment mechanism (BACS or possibly FP these days).

I have had dozens of regular savings accounts, most of which state that payments need to be made via SO. I make all payments manually and they mature nicely.

obsessed_saver wrote: »

I'm glad Dagobert has a recording of the message. We might need it in a year's time.

Ofcom on phone recordings: The relevant law, RIPA, does not prohibit individuals from recording their own communications provided that the recording is for their own use.

Dagobert

You can only set up payees online if you request a card and card reader.

If you set up a payee over the phone, will this be available for online payments?

Payees the RBS has set up over the phone for me are not available online.

LongTermLurker

Dagobert wrote: »

You can only set up payees online if you request a card and card reader.

If you set up a payee over the phone, will this be available for online payments?

Payees the RBS has set up over the phone for me are not available online.

Yes - see my post on 15 Aug: Just phoned them, asked to set up a payee, logged out, logged in and transferred a quid

You say it's not available online - give them a ring tomorrow to check it has gone through properly, but mine was available instantly I logged back in.

John_0771

So, I want to get this straight, I can put £100 in each month after doing so I can take it out again and place it in another bank.
Would it be possible to 'Recycle' the £100, for example if I put £100 into it from my Nationwide account then took it out and put it back into my Nationwide then next month do the same?

LongTermLurker

John_0771 wrote: »

So, I want to get this straight, I can put £100 in each month after doing so I can take it out again and place it in another bank.
Would it be possible to 'Recycle' the £100, for example if I put £100 into it from my Nationwide account then took it out and put it back into my Nationwide then next month do the same?

Yes, that's what a lot of people (I suspect) will be doing. I'd suggest you leave £1 in, and leave the money in at least 24 hours before transferring it back out again.

(edited cos YB pointed out I'm a div! )

YorkshireBoy

LongTermLurker wrote: »

I'd suggest you leave £1 in, and don't forget to leave the money in at least 24 hours before transferring it back out again.

I think you may have missed a couple of words out LTL?

LongTermLurker

YorkshireBoy wrote: »

I think you may have missed a couple of words out LTL?

Ah, you know what I meant . Actually, I put in a word too many

Reminds me of a quote on a certain fund manager's website (I shouldn't say who): "Past performance is necessarily a guide to future returns" - DOH!

oscarhugo

I opened accounts in (1) my name and (2) wife's name a coupla weeks ago & filled in the forms to set up S/Os. The S/O in my name has appeared OK in my Halifax current a/c but, more than one week later, wife's S/O still fails to appear in her cahoot a/c. So, we have got fed up of waiting & have set up the cahoot S/O ourselves on-line [now that we know the Natwest a/c no. & sort code].