Natwest offering 2% cashback to new customers

MoneySaverLog

Milarky wrote: »

Re. RBS 2% cashback on spending till February. There has been an invitation-only(?) offer during September for accounts opened to the end of October gone out to selected customers (I got a letter, applied for one and my account has been now been opened and the PIN letter arrived today. Just need the card now)

Similar letter from NatWest from 1st October to 28th February 2% cash back up to £125 but the limits on card use make it near impossible to get that unless you go shopping for £6,250 worth of goods.

Does not count a) atm withdrawls b) point of sale cash back c) money transfers d) gambling transactions e) electronic cash transfers f) branch counter withdrawls.

So everything really is taken out the equation except purchases :-(

mrmajika

MoneySaverLog wrote: »

So everything really is taken out the equation except purchases :-(

I can confirm that, if your saving institution allows it, you can make debit card payments into savings.

You can also pay your credit card bill.

These transactions qualify.

MoneySaverLog

mrmajika wrote: »

I can confirm that, if your saving institution allows it, you can make debit card payments into savings.

These transactions qualify.

I'd have thought that was covered under money transfers or electronic cash transfers or branch counter withdrawls.

In that case would I be able to transfer in a Natwest branch at the counter using my debit card money to a savings account with them, and would that qualify?

noh

MoneySaverLog wrote: »

I'd have thought that was covered under money transfers or electronic cash transfers or branch counter withdrawls.

In that case would I be able to transfer in a Natwest branch at the counter using my debit card money to a savings account with them, and would that qualify?

No you will have to transfer the money to an external account via debit card.
I obtained the maximum cash back with a single £6500 debit card payment to a Yorkshire BS savings account all carried out online.
You could open an account with them specifically for this purpose and then transfer the money back again. It must be worth it to get the £125.

samwsmith1

noh wrote: »

No you will have to transfer the money to an external account via debit card.
I obtained the maximum cash back with a single £6500 debit card payment to a Yorkshire BS savings account all carried out online.
You could open an account with them specifically for this purpose and then transfer the money back again. It must be worth it to get the £125.

I wish I'd known you could do this when the offer was on otherwise I'd have done it!

MoneySaverLog

noh wrote: »

No you will have to transfer the money to an external account via debit card.
I obtained the maximum cash back with a single £6500 debit card payment to a Yorkshire BS savings account all carried out online.
You could open an account with them specifically for this purpose and then transfer the money back again. It must be worth it to get the £125.

Just opened a YBS account up for this purpose, do I have to initiate the transfer online at Natwest, if so where is the option to make the debit card transaction in nat west online banking, or does this have to be requested through YBS. The only option I can see in NatWest is for a transfer from my Natwest Bank Account rather than by debit card.

Also will the payment go by Faster Payments?

noh

Has to be initiated from YBS after you have logged into your account.
Click "Add to Savings"
It is a debit card payment so it is an instant transfer.
See the YBS online service demo.
http://www.ybs.co.uk/savings/demo/index.html

mrmajika

noh wrote: »

Has to be initiated from YBS after you have logged into your account.
Click "Add to Savings"
It is a debit card payment so it is an instant transfer.
See the YBS online service demo.
http://www.ybs.co.uk/savings/demo/index.html

noh has it spot on. It must be done as a debit card transaction, otherwise it will not qualify.

I believe Egg savings accounts also allow for debit card deposits.

chanz4

I swear I got a letter in september from rbs pay in £1k a month and get 2% cashback on debit card transactions and I have a current account with them