Natwest £50 savings cashback loophole

Milarky

msaquib wrote: »

Hi,

I have applied for e-saver account yesterday. During the application it asked me if I I wanted to setup a SO. I requested £100 monthly from my Natwest Current plus to esaver account starting from 5th August. Do you think should this work?

Thanks
MS

That sounds exactly how it is supposed to work!

LongTermLurker

Milarky wrote: »

Originally Posted by msaquib
Hi,

I have applied for e-saver account yesterday. During the application it asked me if I I wanted to setup a SO. I requested £100 monthly from my Natwest Current plus to esaver account starting from 5th August. Do you think should this work?

Thanks
MS

That sounds exactly how it is supposed to work!

But that's only if you already have a NatWest account? As you (I think) said above, if you're setting up the SO from an external account, NW don't need to know about it, surely? They just want to see £100 credited each month - have I missed something?

bristolleedsfan

Ive just applied as a non Nat West Customer, it asked if i wanted to save regularly which i replied yes and put in my Nationwide BS Current Account details indicating that monthly payments of 100.00 will commence on 28th July.

It stated that an initial deposit of 1.00 was required, as a non Nat West customer this initial 1.00 deposit has to be made by cash/cheque.

Application was accepted in principle, indicated application to be signed with further info would be sent by post.

IMO There is no way Nat West will wriggle out of the cashback offer its merely a loss leader which they hope will attract business whether it be in savings or selling other products.

tara747

Sounds good!!! Not sure about this one though, could cover a host of things. Is it an easy get-out for NatWest?

"You will lose the right to benefit from the offer if we deem that you have not used your account in accordance with the terms and conditions above."

YorkshireBoy

tara747 wrote: »

Not sure about this one though

Why?

To quote 'natweststaffmember' from an earlier post, the offer T&C's are as "clear as the sky is blue".

Why are people so doubtful?

bristolleedsfan

tara747 wrote: »

Sounds good!!! Not sure about this one though, could cover a host of things. Is it an easy get-out for NatWest?

"You will lose the right to benefit from the offer if we deem that you have not used your account in accordance with the terms and conditions above."

Covers NatWest against as an example a personal account being used for business purposes.

tara747

natweststaffmember wrote: »

The offer covers all savings account apart from the ISA's
Start saving this summer and get £50 cashback after 12 months when you set up a new monthly standing order of £100 or more into almost any NatWest savings account for 12 months.

Savings £50 cashback offer terms and conditions:

• 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 value of the Standing Order can vary over the 12 months but must not fall below £100.
• Available to customers with the following accounts: e-Savings, First Reserve, Reward Reserve, Advantage Reserve, 30 Day Bonus Reserve, Young Saver, Private Banking Savings Account, Advantage Private Reserve and Savings Direct. Offer excludes Cash ISAs and Fixed Rate Bonds.
• Not available on NatWest savings accounts that have existing standing orders in place as at 4 July 2008.
• Only one cashback payment per person and per savings account. In the case of a joint account, only one cashback will be paid.
• We will pay £50 cash into your savings account within 1 month after 12 consecutive monthly payments of at least £100 have been made.
• You will lose the right to benefit from the offer if we deem that you have not used your account in accordance with the terms and conditions above.
• Offer subject to change and can be withdrawn at any time.

Sorry to copy and paste what is on the natwest site already but it is clear as the sky is blue what the offer is. 12 monthly payments of at least £100 and you get £50 cashback.
Read the terms and conditions of the savings account you are paying into and the bank cannot wriggle out of it.

Just noticed your username! Do you work for NatWest?

I am going to open this, will be transferring money in and then getting it out again. How best to withdraw money from the e-saver? Can I just transfer it to another bank?

Megalomaniac

This is a great deal! I have a natwest current account and have signed up for the e-savings. I didn't say I would be transferring £100 from my Natwest account when I applied, but instead said I would transfer it from a different bank/building society.

I then entered my Natwest account details on the next page so that it would definitely set up a standing order from my Natwest current account to the e-savings rather than jsut do an instant transfer.

Then near the end of the month, I'll just transfer out the £100 back to my current account ready for it to be re-credited the next month!

YorkshireBoy

tara747 wrote: »

How best to withdraw money from the e-saver? Can I just transfer it to another bank?

Answered in condition 22.10

http://www.natwest.com/content/global_options/terms/Terms_Conditions.pdf

You can transfer it by third party mandate to ANY other UK bank account.

rail.link

I just got the forms in the post after applying online.
They have enclosed a pre-printed SO form to be signed and returned to them.
They will then pass this on to my external bank, presumably; details of which I had entered online when applying.