Natwest balance transfer cheques

jah262

Newbie - I've tried search but don't see the answer so starting a new thread - sorry if this is wrong!

I recived today 'balance transfer cheques' from Natwest with a 'Sale' marker showing 0% interest till Sept 09 and 'no balance transfer fee'. The small print says I can effectively use the cheques for any purpose.

I phoned up and asked if the 0% interest and fee applied if I used a cheque but not for a balnce transfer. After a consultation with a colleague the answer was 'Yes'

So I can write a cheque for £5k and pay it into say a Nationwide BS savings account? In any case how would they know its not being used for a balance transfer?

I realise I need to pay monthly min payment and the capital back before Sept but this seems too good to be true?

The card currently has no balance and is not used often.

Am I missing something?

Would appreciate any help

YorkshireBoy

Mint & RBS (same group as NatWest) are running similar offers at the moment...

http://forums.moneysavingexpert.com/showthread.html?t=1289209

...but yes, just pay it into your current account.

david78

I got these cheques from NatWest too. I had a balance of a few hundred pounds on my account so I cleared this first. The T&Cs mean you can't pay a cheque into your NatWest account, and as I didn't have another account which would take cheque deposits I rang NatWest to do a transfer over the phone (number provided with the cheques). I moved 95% of my limit to my Egg Money card. Subsequently I moved half of this to my Egg Savings account (earning 1% cash back = £40) and left the other half in Egg Money where it is earning 4%.