Natwest £50 savings cashback loophole

bristolleedsfan

baby_boomer wrote: »

Is the £50 cashback taxable?

And what about Under 18s? Under 16s?

Young Saver account is included in the offer, so as long as the other accounts are available to 11-17 year olds then they couldnt possibly be excluded from the offer.

http://www.natwest.com/personal/save-and-invest/savings/g4/children/young-saver.ashx

Cashbacks and tax, question really is are all Cashbacks liable for tax ( strictly speaking) being as all income is supposed to be subject to tax after taking into account personal allowances etc.

To KTF, not sure if u are confirming what u are saying or asking for confirmation, in any event the answer is yes.

To PinkPig, U dont have to be an existing customer to open an e-saver, merely being as u wont have online access to log into Natwest site the initial 1.00 deposit has to be funded by cash/cheque and the standing order arrangements set up externally.

bluu2k

KTF wrote: »

Just to confirm. You can put in the £100 then take it out again and repeat for 12 months rather than have to pay in £100 a month and keep it in there for the duration?

The way I read their T&C is:

"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."

Afraid that the money must be locked in. Pls somebody correct me if I am wrong?

Cheers,

billieboy_2

bluu2k wrote: »

The way I read their T&C is:

"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."

Afraid that the money must be locked in. Pls somebody correct me if I am wrong?

Cheers,

I've read it to be that the standing order must be kept in place for 12 months .

bristolleedsfan

billieboy wrote: »

I've read it to be that the standing order must be kept in place for 12 months .

:T .....:T

funkyhitman

bluu2k wrote: »

The way I read their T&C is:

"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."

Afraid that the money must be locked in. Pls somebody correct me if I am wrong?

Cheers,

No, this is not a fixed term account where you put a lump sum in and cannot touch it for the duration. This is simply a no notice savings account where you can deposit and withdraw any amount you please.

billieboy wrote: »

I've read it to be that the standing order must be kept in place for 12 months .

Yes, I can't see how it can mean anything else but this since you are allowed to withdraw any amount you wish at any time. There's no way they can make you keep in the £100 from the standing order...surely?

LongTermLurker

billieboy wrote: »

I've read it to be that the standing order must be kept in place for 12 months .

dddddditto

tara747

OK, I know this is not very MSE but... is it worth it for £50?

And once you've answered that one, there is the question: 'what on earth is a third party mandate (required to withdraw money from the e-saver) and is there a charge for it?' My current a/cs are not with NatWest btw.

jamesd

Whether it's worth it depends on the income of the person doing it. For those on a low income like benefits it can be very worthwhile. Same for those on debt repayment plans, where it's some extra income that's not part of the plan.

YorkshireBoy

tara747 wrote: »

OK, I know this is not very MSE but... is it worth it for £50?

2 minutes to fill an online form in. Maybe sign a couple of forms. Set up a standing order. Diarise to send back via same day FP (12 log-ins required). Your choice really.

And once you've answered that one, there is the question: 'what on earth is a third party mandate (required to withdraw money from the e-saver) and is there a charge for it?'

There are two parties to a bank account...the account provider and the account holder. The 'third party' is someone else...in this case another institution...in fact any other institution. A mandate is simply a payment instruction, as in salary mandate, standing order mandate, etc.

Edited to add: There's no charge for making a payment from this account.

LongTermLurker

YorkshireBoy wrote: »

And once you've answered that one, there is the question: 'what on earth is a third party mandate (required to withdraw money from the e-saver) and is there a charge for it?'

There are two parties to a bank account...the account provider and the account holder. The 'third party' is someone else...in this case another institution...in fact any other institution. A mandate is simply a payment instruction, as in salary mandate, standing order mandate, etc.

Except if the term is used to withdraw money, it must just mean a BACS transfer - never seen the term used like that; it's the sort of terminology ICICI might use, and then "intimate the same to you"