Natwest £50 savings cashback loophole

Babafette

My NatWest saga continues.....I logged into my online banking last week to see whether the SO was showing as the deadline has now passed. After they missed my first SO date of 26th August, I requested a monthly SO of £100 to begin on 3rd September. The SO has now been set up; however it was showing as an SO for £100 annually on 3rd October. Then even more confusingly, I logged in yesterday and noticed that £100 was transferred by SO into the savings account on 12th September....

I went into my local branch today to query it. The manager was helpful and admitted that it was obviously because NatWest had missed both SO dates I had requested. He amended the SO manually for me on screen but advised me to call the helpline and ascertain from them whether I would definitely be eligible for the £50 cashback. With this in mind, does anyone have a screen grab of the full Terms & Conditions please? If so, I'd be really grateful if you could PM me; I want to make sure I have every angle covered.

Thanks.

johnmoney05

Babafette wrote: »

With this in mind, does anyone have a screen grab of the full Terms & Conditions please? If so, I'd be really grateful if you could PM me; I want to make sure I have every angle covered.

Thanks.

Here you are. Two of them. Hope they help.

http://cid-5df68b0a765eb870.skydrive.live.com/self.aspx/Public/NatWest%20%e2%80%93%20Get%20our%20e-Savings|2.pdf

http://cid-5df68b0a765eb870.skydrive.live.com/self.aspx/Public/NatWest%20%c2%a350%20cashback%20with%20y|2.pdf

By the way, I think you are alright. Since your £100 was credited in your account before 4 October. Just keep an eye on the £100 go in every month for 12 months.

brookerbabyisababy

Natwest have increased the interest rate on this account to a market leading 6.50% including Bonus. Does this new rate apply to us also or just new customers?

Babafette

johnmoney05 wrote: »

By the way, I think you are alright. Since your £100 was credited in your account before 4 October. Just keep an eye on the £100 go in every month for 12 months.

Thanks johnmoney05. However, I'm not sure I will get the cashback as the T&C's stated 'you will need to set up a standing order of a minimum of £100 a month between 7 July 2008 and 6 September 2008' which obviously did not happen in my case through no fault of my own.

funkyhitman

brookerbabyisababy wrote: »

Natwest have increased the interest rate on this account to a market leading 6.50% including Bonus. Does this new rate apply to us also or just new customers?

I have emailed Natwest and will report my findings. Probably won't get a reply until after the weekend though!

LongTermLurker

brookerbabyisababy wrote: »

Natwest have increased the interest rate on this account to a market leading 6.50% including Bonus. Does this new rate apply to us also or just new customers?

Flat rate – the interest rate stays the same, no matter how much you save

So I suspect not. Nice spot, anyway.
Edit -

Earn an extra 2.09% bonus for 12 months when you open an e-Savings account – giving you a great rate of 6.50% AER (variable).

Maybe that first quote just means it's not a tiered rate - the second quote states that it's variable, so maybe...

LongTermLurker

It's just been pointed out to me that the bonus is payable when you "open an account" (thanks Kavanne), meaning that it's for new accounts only - Ts & Cs permit you to have 2 e-savers, so you could open another to get the bonus.

natman

Hi Guys.

I have just closeD MY New Natwest Account -
Nothing but hassle, I opened it begining of August and still now, no Standing order been set up( set it up twice with Natwest)
They advised me to set it up myself, Natwest then said if they dont set it up with official paperwork, it would not be an official Natwest Standing order and i may not get the £50.00 cashback becasue Natwest had not set the standing order up.......................Cant beleive it !!!
What a load of numties!!!!!
Get out and stay out

Counter55

[Apologies if I have missed this being posted already in this thread]

Having had a problem with the Tesco internet savings account - Tesco card reader thread - I checked this account for the same problem (the Tesco account is run by RBSNatwest)

To set up a payment to withdraw your money you need a card reader. You only seem to get told this when you go to set up a new payee. This may not apply to customers with a Natwest current account.
If you haven't yet started to take out the money deposited by standing order you may want to log in and order a card reader (and card). It can be 2-3 weeks before you can access your money.

LongTermLurker

Counter55 wrote: »

[Apologies if I have missed this being posted already in this thread]

Having had a problem with the Tesco internet savings account - Tesco card reader thread - I checked this account for the same problem (the Tesco account is run by RBSNatwest)

To set up a payment to withdraw your money you need a card reader. You only seem to get told this when you go to set up a new payee. This may not apply to customers with a Natwest current account.
If you haven't yet started to take out the money deposited by standing order you may want to log in and order a card reader (and card). It can be 2-3 weeks before you can access your money.

It has been said before (apology accepted ) - the work around is to phone up CS and they will set up a payee, which you can then use time and again.