Natwest £50 savings cashback loophole

wesley

Natwest £50 Cashback on 'Young Savers account'.

Can anyone shed some light on this one.

From my understanding Natwest were promoting on their website a £50 cashback after 12 months on a large number of their accounts, including the 'young savers' account. This was based on £100 being paid to the account each month for 12 months. Having set up the account we have now been told by our branch that there never was a deal of £50 cashback on the young savers account. I have disputed this with the bank but they are telling me that this was never an offer on the young savers and that I have missunderstood the offer. There is obviously no promotion at this time so there is no info on the natwest web site.

Has anyone else had this problem or have I got it wrong.

Many Thanks

Squibbler

King monkey posted this:

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• Offer subject to change and can be withdrawn at any time.

on page one of this thread. looks like he copied it from T&Cs somewhere. Did Natwest not send you any T&Cs?

wesley

In all the info recieved from natwest there is no reference to the cashback offer. I have also set up an e-save account to benefit from the cashback and again there is no mention of the offer in the correspondance from the bank.
I have again spoken to natwest through their website and they cannot confirm whether the young savers account would benefit from the cashback. It appears that no one knows anything about it and they are therefore saying it is not included in the offer. If I pay the £100 for 12 months I am sure I will not recieve the cashback on the young savers account.
I am making a formal complaint to natwest as I feel there are a lot of people out their who will be expecting a cashback of £50 on their young savers account in 12 months time and they will get nothing.
Thanks

Crabman

Has anyone experienced delays getting a PIN number for the online banking card?

I keep receiving the online banking card but the PIN never arrives, I'm on the third card now (just been offered a fourth as it's now 12 days since it was apparently sent out) and am still unable to make a payment from the esavings account! :wall:

oscarhugo

I had no problem with the card reader machine & card for self's & wife's accounts, And then, after they'd been used to set up a payment, they'd never been needed again!

i1189

wesley wrote: »

In all the info recieved from natwest there is no reference to the cashback offer. I have also set up an e-save account to benefit from the cashback and again there is no mention of the offer in the correspondance from the bank.
I have again spoken to natwest through their website and they cannot confirm whether the young savers account would benefit from the cashback. It appears that no one knows anything about it and they are therefore saying it is not included in the offer. If I pay the £100 for 12 months I am sure I will not recieve the cashback on the young savers account.
I am making a formal complaint to natwest as I feel there are a lot of people out their who will be expecting a cashback of £50 on their young savers account in 12 months time and they will get nothing.
Thanks

I have a screen print of T&Cs as they were on 12/08 if it's any use. It includes Young Saver.

7sefton

Does anyone know... will the £50 be made automatically upon 12 monthly SOs being made, or is a manual claim required?

funkyhitman

Automatic.

wizk1

This is a pretty good deal for those who've already done this, considering how rubbish interest rates are at the moment :-)

tonygee_3

Mines due JULY, seem to recall simply stated '£50 cashback' no mention of 'interest' so would expect full 50....or else:cool: