Natwest £50 savings cashback loophole

Babafette

MoneyWorries wrote: »

Just thought I would add that I set my E-savings Account, to get the £50, up online yesterday afternoon - and I was given my account number & sort code for the new savings account at the end of the signing up process. That may have been because I have a current account with NatWest already, have a card reader and do online banking.

This morning the new savings account had appeared in my list of accounts on online banking and I was able to set up the standing order.

I too already have a current account with NatWest, plus online banking and a card reader, yet I have still been sent paperwork via post and a Standing Order Mandate to fill in and return.

MoneyWorries_2

Babafette wrote: »

I too already have a current account with NatWest, plus online banking and a card reader, yet I have still been sent paperwork via post and a Standing Order Mandate to fill in and return.

Thanks Babafette - I thought that I would have to do it by post too because of what everyone had posted on here - but I thought I would report my different experience. I will keep an eye out for something in the mail too - perhaps I will have to confirm it in writing as well??? I wouldn't like to miss out on the cashback - so thanks for the heads up.

Oldgeek

You have to work for your £50.00! After yesterday's battle to sort out the standing order which they send you to fill in and return to them for them to send it to your bank, I now find I have to order and learn how to use a card reader to get my money out! Here's the link if you want to start your studies now: http://www.natwest.com/microsites/general/card-reader-user-guide/index.asp
What's the next surprise?

Dagobert

Dagobert wrote:

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

LongTermLurker wrote: »

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

Even after the initial phone transfer payments can still not be made online. I just ordered the card reader.

mary

pinkfluffybabe wrote: »

I seem to be in a similar boat to others, my account is opened but there is no SO set up on my Lloyds current account and my £1 cheque hasn't been cashed.
.

Similar to you, but the £1 has been cashed but no sign of the SO set up, which I requested for 1st September. I rang Natwest about a week ago and was told that the SOs are sent through to another department to be done and was assured that it was in the process. So don't know what happens if it goes past the due date you requested. Whether it skips a month or not.

LongTermLurker

I don't understand all this about a card reader - is everyone talking about esavings? I've transferred £102 in and £101 out, all online. All I did was what Dagobert's quoted above.

redagila

RobLondon1984 wrote: »

I just opened the account on Monday, I am confused with how it works

When does the e-savings account open? and will I recieve anything through the post?

What day of the month does the £100 comes out of my Current account? and how do I withdraw money from the e-savings account?

Do I get a seperate bank statement sent to me? and can I view the e-savings from online banking?

If anyone can answer those questions, that would be great. I was going to ring Natwest, but wasn't sure what to ask them.

Thanks

To try and answer your questions:
The e-savings a/c should be opened immediately and you will receive paperwork through the post, even if you open online & are an existing Natwest customer.
If you are already a Natwest customer you should be able to see your a/c online within a day or two of opening.
Your s/o will come out of your a/c on the day you requested.
Once the a/c is open, if you are new to Natwest you should register for online banking & will receive login details. Once you are setup for this, you will be able to transfer money out or you could just set up a s/o on the e-saver account for a regular payment out a few days after the cash goes in. However, if you want to set up a s/o you will need a card reader - see other posts about this. I already use one on my existing a/cs and it is not really a problem - just a nuisance, although it is extra security.
You will receive a separate bank statement - I received one almost immediately after I put the initial opening amount in!

I hope these answers help.

redagila

Babafette wrote: »

I too already have a current account with NatWest, plus online banking and a card reader, yet I have still been sent paperwork via post and a Standing Order Mandate to fill in and return.

I had your experience but just decided to ignore the paperwork and set my s/o up online. The transfer has been made without any problem.

But I was annoyed when I found that the card reader already issued to me does not allow us to transfer money from our joint account with Natwest to the e-saver we set up in my husband's name! Technology is a wonderful thing!

Babafette

redagila wrote: »

I had your experience but just decided to ignore the paperwork and set my s/o up online. The transfer has been made without any problem.

How long did it take for the savings account to show up online? I opened the account on Monday but there is still nothing showing when I log in to my online banking.

Thanks.

redagila

Babafette wrote: »

How long did it take for the savings account to show up online? I opened the account on Monday but there is still nothing showing when I log in to my online banking.

Thanks.

Sorry can't remember exactly how long. It was only a couple of days.
I see that Moneyworries new a/c showed next day so doesn't seem to be consistency here.
If they have had loads of applications, I suppose they could be updating online accounts in batches.
Keep looking & I hope it shows soon.