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NatWest/RBS cashback, Egg Savings 'loophole'?
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Richard019
Posts: 461 Forumite
I've had a quick look to see if this has been mentioned elsewhere and can't see it, so apologies if I'm going over old ground.
Looking at the offer NatWest/RBS are offering new customers for their current accounts (2% cashback for 6 months upto £125) it looks like Egg might provide a way of maximising the gain.
I remember a few years ago the Egg Money credit card (not the relaunched one) used to do cashback on all the purchases on the card. At the time it could have positive balances so people were preloading it with money out of their savings and then transferring it back to the savings account to get paid the cashback, and it worked because when you deposit money into Egg Savings you can do it as a card transaction.
Now NatWest/RBS are offering cashback on all debit card transactions. If we pay in the £1,000+ to our current account, then transfer it to Egg it'll show up as a debit card transaction, so unless I'm missing something will qualify for the cashback and we could be £125 up quite quickly. Combine it with the BOS £5 reward loophole in the main guide and you've got £155 in 6 months for zero actual expense.
Looking at the offer NatWest/RBS are offering new customers for their current accounts (2% cashback for 6 months upto £125) it looks like Egg might provide a way of maximising the gain.
I remember a few years ago the Egg Money credit card (not the relaunched one) used to do cashback on all the purchases on the card. At the time it could have positive balances so people were preloading it with money out of their savings and then transferring it back to the savings account to get paid the cashback, and it worked because when you deposit money into Egg Savings you can do it as a card transaction.
Now NatWest/RBS are offering cashback on all debit card transactions. If we pay in the £1,000+ to our current account, then transfer it to Egg it'll show up as a debit card transaction, so unless I'm missing something will qualify for the cashback and we could be £125 up quite quickly. Combine it with the BOS £5 reward loophole in the main guide and you've got £155 in 6 months for zero actual expense.
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Comments
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I have money with Natwest, so it's a case of whether I could get the same offer with RBS (who I have nothing to do with)
Any info?💙💛 💔0 -
i like your thinking! i can't see any flaws? anyone else?0
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Don't yet know if it will work. It depends on the Merchant Category Code used. If it is identified as a money transfer or electronic cash transfer then there will be no cash back.
I opened an account about 10 days ago and have run £2000 through to egg savings and a YBS Internet saver account by debit card. Will see what cashback I receive if any.
Previous thread here:- https://forums.moneysavingexpert.com/discussion/32788360 -
Previous thread on the subject here:- https://forums.moneysavingexpert.com/discussion/3249816CKhalvashi wrote: »I have money with Natwest, so it's a case of whether I could get the same offer with RBS (who I have nothing to do with)
Any info?0
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