Natwest £50 savings cashback loophole

trojjer

I'm tempted to try this with my NatWest Student Account. Sorry to repeat this, but you really can get £50 after 12 standing order payments of £100 to an e-Savings account, even if you transfer the money out again in the same month, in order to put it in a high interest ISA? I might split it into a couple of transactions from the savings account, just in case... But the terms are quite clear.

Just to check, I'm at £0 now while I'm waiting for my first combined student loan and grant payment in September (I haven't changed the bank account on the Student Finance Direct site; I think it should satisfy both Yorkshire Bank and Natwest if I just do a BACS transfer when the payments clear in the YB current account? The clause I've pasted below suggests that it doesn't have to be from the SLC...). Could I start the standing order now, with my £1250 student overdraft? I don't see any reasons why not to do so; although I was erring on the side of caution when I thought that it would be a good idea to wait until the first payment.

4.3: You must use your account as your main current account and
deposit regular amounts by way of local education funding,
parental contribution, salary, student loan or other funding,
such as sponsorship or bursary.

US4

similar poor experience for myself also, as a non Natwest C/A customer

Called Natwest today after my e-savings account had no £100 deposit for the 2nd month, was advised that the online application had no SO completed, yet I completed the regular savings part, so I advised them I'd not rec'd any forms to complete as SO and would not expect to as I could only set up an SO with my bank otherwise it'd be a DD and would not qualify for the £50.

So after almost an hour on the phone, got through to an Actionline CSA who knew about the £50 to clarify the fact that I'd get the £50 despite the SO not being setup via Natwest as it couldn't be and that evidence of setup prior to Sep 6 would not be required, all that is req'd is first £100 by 4th Oct and then 11 more and in month 13 I'd get the £50 credit.

The whole process has been a farce, and the online application should have said SO needs to be setup by yourself with your own bank, as I see it many applicants will have failed to set one up as they believed that the online application process would do this.

Cornwall2000

US4 wrote: »

similar poor experience for myself also, as a non Natwest C/A customer

Called Natwest today after my e-savings account had no £100 deposit for the 2nd month, was advised that the online application had no SO completed, yet I completed the regular savings part, so I advised them I'd not rec'd any forms to complete as SO and would not expect to as I could only set up an SO with my bank otherwise it'd be a DD and would not qualify for the £50.

So after almost an hour on the phone, got through to an Actionline CSA who knew about the £50 to clarify the fact that I'd get the £50 despite the SO not being setup via Natwest as it couldn't be and that evidence of setup prior to Sep 6 would not be required, all that is req'd is first £100 by 4th Oct and then 11 more and in month 13 I'd get the £50 credit.

The whole process has been a farce, and the online application should have said SO needs to be setup by yourself with your own bank, as I see it many applicants will have failed to set one up as they believed that the online application process would do this.

i had the same thing today and was told that i was too late (SO had to be setup by the 6th) and I wouldn't qualify for the bonus. I didn't get much time to set it up at all. as i only applied a week or so ago and was also given the impression that the SO would be set up. Natwest customers only, it is obvious in retrospect.

Well I'm going to set it up on the strength of what you said. The guy I spoke to didn't inspire much confidence.

Roger

archery

i opened my e savings account with a £1 deposit on the 18th August and my bank Halifax have advised that the first standing order payment will not be made until the 28th September as they did not sort it out in time for the August payment. Does anyone know if i will still qualify for the £50 as its over a month since the account was opened.

many thanks

bristolleedsfan

archery wrote: »

i opened my e savings account with a £1 deposit on the 18th August and my bank Halifax have advised that the first standing order payment will not be made until the 28th September as they did not sort it out in time for the August payment. Does anyone know if i will still qualify for the £50 as its over a month since the account was opened.

many thanks

Yes because you will be meeting the T+C of the 50.00 offer by making the first payment before the required date of 4th October.

" You must set the standing order up before September 2008, to start no later than 4 October 2008. "

oliver_m_2

oliver_m wrote: »

From the statement I'm *not* sure whether one can see that I've paid in the money by standing order. I guess paying in by standing order is a requirement to get the
£50.00 cashback. BAC is obviously not SO?!
Any help would be much appreciated! Thank you!

Looks like that noone knows the answer

I give it another try: Does anyone know whether "BAC" on my NatWest statement is good enough as to be read as "SO" (standing order) and to qualify for the £50 cashback?

Crabman

oliver_m wrote: »

Looks like that noone knows the answer

I give it another try: Does anyone know whether "BAC" on my NatWest statement is good enough as to be read as "SO" (standing order) and to qualify for the £50 cashback?

Logged in and my statement says "automated credit", did you actually set up a standing order? If so maybe you need to let Natwest know that's the case.

oliver_m_2

Crabman wrote: »

Logged in and my statement says "automated credit", did you actually set up a standing order? If so maybe you need to let Natwest know that's the case.

Yes, I've set up a standing order with Halifax to transfer money to Natwest.

What do you exactly mean when you are saying

Logged in and my statement says "automated credit"

?
Do you mean that your statement is also displaying "automated credit" when you are paying in by standing order?

Crabman

oliver_m wrote: »

Yes, I've set up a standing order with Halifax to transfer money to Natwest.

What do you exactly mean when you are saying
?
Do you mean that your statement is also displaying "automated credit" when you are paying in by standing order?

When I look at my natwest esavings statement and see the £100 credit, it says "automated credit" under description. That obviously refers to the fact it's a standing order, as opposed to a one-off BACS transfer.

There's no difference in how the money reaches Natwest, but for the purposes of the £50 bonus you may want to keep hold of any proof the standing order has been set up, just in case the £50 isn't paid out next year.

10_66

oliver_m wrote: »

Do you mean that your statement is also displaying "automated credit" when you are paying in by standing order?

I have a SO that was set up via NatWest with my bank for my e-savings account, and my statements show exactly what you mention in your post #372. On the initial statement page it shows as automated credit, but when you select full statement the amount that's been transferrred from my bank by SO shows as BACS. Hope this helps.