Natwest £50 savings cashback loophole

fablad75

Sorry if this has already been answered:

Does the standing order have to come from a Natwest account? I have a First Reserve account already, and would like to set up a standing order from my Nationwide account for the monthly £100. Would this qualify?

jamesd

It can come from any account. The e-savings account has its own sort code and account number.

bristolleedsfan

fablad75 wrote: »

Sorry if this has already been answered:

Does the standing order have to come from a Natwest account? I have a First Reserve account already, and would like to set up a standing order from my Nationwide account for the monthly £100. Would this qualify?

If u fund the account externally, e.g from your Nationwide account Natwest dont give you the account number until it has been funded with minimum 1.00 which means you have no choice to send the standing mandate back to Natwest as opposed to setting it up yourself via your online banking. You might like to bear this in mind when choosing the first 100.00 standing order payment date as the standing order mandate needs to go to natwest and then to the worlds most efficient financial organisation. :rotfl:

LongTermLurker

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?'

Further to this, 22.10 says you can withdraw using a 3rd party mandate, but 22.13 says standing orders aren't permitted on this account.

Does that mean you can only transfer single payments out?

tara747

I'm thinking of applying and just leaving the money there for about four months before moving any out in case they get suspicious, I know the rate is crap but with the £50 on top it works out a lot better.

LongTermLurker

tara747 wrote: »

I'm thinking of applying and just leaving the money there for about four months before moving any out in case they get suspicious, I know the rate is crap but with the £50 on top it works out a lot better.

I don't think suspicion's anything to worry about - it either is or isn't permitted (and it clearly is) so 4 months or 4 days makes little difference.

funkyhitman

Hi, I set up my standing order to start on 29th July.

This is the first time I have ever set one up so I am wondering what happens in February Will the SO occur on 28th Feb or 1st March?

Thanks.

LongTermLurker

funkyhitman wrote: »

Hi, I set up my standing order to start on 29th July.

This is the first time I have ever set one up so I am wondering what happens in February Will the SO occur on 28th Feb or 1st March?

Thanks.

I think it would go out on the first working day in March - that's why a lot of places set up Direct Debits to be the 28th, as that's a consistant date.

funkyhitman

LongTermLurker wrote: »

I think it would go out on the first working day in March - that's why a lot of places set up Direct Debits to be the 28th, as that's a consistant date.

Will that mess up the offer? If Natwest deem I didn't do a SO every month then I won't get my £50!

LittleVoice

funkyhitman wrote: »

Hi, I set up my standing order to start on 29th July.

This is the first time I have ever set one up so I am wondering what happens in February Will the SO occur on 28th Feb or 1st March?

Thanks.

Where is the money coming from? Are you sure that an amount leaving that account on the 29th of the month will reach your NatWest account by the following day (there are quite a few months with 30 days!) and are you even sure that the funds would reach it by the 31st? Even if it is from another NatWest account, are you sure it would work on an "instant" transfer?