Natwest £50 savings cashback loophole

funkyhitman

LittleVoice wrote: »

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?

I didn't think about it. Woops. Can I change the date once set up?

Yes I have a Natwest account so why would an instant transfer not work?

LongTermLurker

funkyhitman wrote: »

I didn't think about it. Woops. Can I change the date once set up?

Yes I have a Natwest account so why would an instant transfer not work?

Most banks should allow you to change the date - but once you have the account number, there's nothing to stop you cancelling the original standing order and setting up a new one with your bank.

I usually set mine for 1st of each month - if you pay on 29 July and the 1 August, you can carry it on from there. If that's not possible, pay in £100 on the 29th, withdraw it around the 5th, pay it back in a few days later (in August), withdraw it again, and set up a SO for 1 Sept

LittleVoice

funkyhitman wrote: »

Yes I have a Natwest account so why would an instant transfer not work?

To be honest I don't know whether it would or not as I don't have a NatWest account myself.

I have experienced though that an SO can be treated differently from a transfer. It is as though a bank treats an SO to its own savings account as being just like one to an external account. For instance I think that for Abbey if you want a regular amount to go from a current account to a savings account you would need to set up a "regular transfer" rather than a Standing Order. I don't know whether NatWest work like that but, if it were my account and I didn't know for sure, I would check it.

However I would suggest that moving the money earlier in the month would be the safest thing to do if your cash flow allows it.

funkyhitman

LongTermLurker wrote: »

Most banks should allow you to change the date - but once you have the account number, there's nothing to stop you cancelling the original standing order and setting up a new one with your bank.

I usually set mine for 1st of each month - if you pay on 29 July and the 1 August, you can carry it on from there. If that's not possible, pay in £100 on the 29th, withdraw it around the 5th, pay it back in a few days later (in August), withdraw it again, and set up a SO for 1 Sept

Unless I'm not understanding you properly, manually transfering money to the esaver from my current account is not part of the deal. I have to have a standing order in place for 12 consecutive months, untouched. Fiddling about with money to and fro in August is pointless is it not? The only option is to redo my standing order as far as I can see.

Thanks for the help, don't mean to be rude if I appear that way .

gax23

As I already have a NatWest account, I can transfer the money from a current > savings account instantly (if they're on the same online banking login). I can already do this with my personal and business accounts. If I 'instantly' transferred the £100 back each month (literally the same day, so it was in the account for all of a minute), would this count? Or does it need to be in overnight?

LongTermLurker

funkyhitman wrote: »

Unless I'm not understanding you properly, manually transfering money to the esaver from my current account is not part of the deal. I have to have a standing order in place for 12 consecutive months, untouched. Fiddling about with money to and fro in August is pointless is it not? The only option is to redo my standing order as far as I can see.

Thanks for the help, don't mean to be rude if I appear that way .

Originally Posted by LongTermLurker
Most banks should allow you to change the date - but once you have the account number, there's nothing to stop you cancelling the original standing order and setting up a new one with your bank.

I usually set mine for 1st of each month - if you pay on 29 July and the 1 August, you can carry it on from there. If that's not possible, pay in £100 on the 29th, withdraw it around the 5th, pay it back in a few days later (in August), withdraw it again, and set up a SO for 1 Sept

Re-doing your standing order is what I was suggesting in the first paragraph of your quote. My idea is to set up a new standing order with your bank for 1st of the month and cancel the one for the 29th - NatWest won't know it's not the same one, other than it arrives on a different day.

The opening sentence is the easiest way - you have a standing order now, go to your bank's admin page, edit the standing order and see if you can change the date. There's nothing manual about it.

All the fiddling in August is intended to re-align your payments to the beginning of the month if you couldn't afford to pay £200 within a few days. It was just a method to recycle the same £100 in the first week or so.

funkyhitman

LongTermLurker wrote: »

Re-doing your standing order is what I was suggesting in the first paragraph of your quote. My idea is to set up a new standing order with your bank for 1st of the month and cancel the one for the 29th - NatWest won't know it's not the same one, other than it arrives on a different day.

The opening sentence is the easiest way - you have a standing order now, go to your bank's admin page, edit the standing order and see if you can change the date. There's nothing manual about it.

All the fiddling in August is intended to re-align your payments to the beginning of the month if you couldn't afford to pay £200 within a few days. It was just a method to recycle the same £100 in the first week or so.

I re-read it and thanks to my fresh morning head being screwed on, instead of my tired evening head, I now understand what you were saying in respect to the August payments! Thanks again.

YorkshireBoy

gax23 wrote: »

As I already have a NatWest account, I can transfer the money from a current > savings account instantly (if they're on the same online banking login).

The deposit has to be by standing order, not 'instant transfer'.

If I 'instantly' transferred the £100 back each month (literally the same day, so it was in the account for all of a minute), would this count? Or does it need to be in overnight?

It won't be in the account for "all of a minute"...unless you're up in the midde of the night to transfer it back as soon as it appears.

Personally, and after my 'bother' with FD's £100 incentive, I'd ensure I always had a closing balance of at least £100 for at least one day a month.

There are no withdrawal restrictions - either on the account itself (assuming you're going for the E-Saver?) or on the £50 incentive T&C's.

gax23

Thanks for the info, YorkshireBoy - have just set up my eSaver account

LongTermLurker

YorkshireBoy wrote: »

Personally, and after my 'bother' with FD's £100 incentive, I'd ensure I always had a closing balance of at least £100 for at least one day a month.

What was that, if you don't mind me asking?

Off topic, but I've just realised what a pain the co-op offer's going to be. To set up online access, you need to phone them and tell someone lots of security info, that I'd much rather were known only to me and the encryption process :mad:. Telephone banking would be the same, so the only way I can see to manage my money-shuffling is to push it in from my normal current account, go to a cash machine to check when the money's there and then use Egg to take a Debit Card payment in, and transfer from Egg back to my CA - seems the £100 will be harder work than I thought!