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NatWest cuts cashback on Reward account and introduces hefty minimum pay-in
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Former_MSE_Faye
Posts: 147 Forumite
1.7 million customers will earn lower cashback on bills from June - though the monthly fee will also be cut...
Read the full story:
'NatWest cuts cashback on Reward account and introduces hefty minimum pay-in'
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'NatWest cuts cashback on Reward account and introduces hefty minimum pay-in'
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Comments
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I have an RBS rewards account and have seen no communications regarding this. Still make about £10 net a month as it is so worth the £3. I guess it will still be worth for £2 at 2% cashback0
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Same here - no word from RBS. I'm guessing still worth it though for now, seeing as what the other guys are doing to prune back any benefits.I’m a Forum Ambassador and I support the Forum Team on the Credit Cards, Savings & investments, and Budgeting & Bank Accounts boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
RBS are doing the same cut to their reward account:
http://personal.rbs.co.uk/personal/current-accounts/compare-current-accounts/reward-account.html0 -
Can't see any mention of changes on the attached link for RBS? As an RBS Rewards customer from early on, I've had no notification although it may be coming by snail mail. At least the minimum pay-in only seems to apply to new customers.
**Update. Other half has just checked at work (he works for the parent group), and the changes are applicable to all Rewards accounts in the group i.e. Natwest, RBS, & Ulster Bank (NI only, there is no Rewards account for other Irish Ulster Bank customers).
Letters are to be sent out up to 25th of April informing customers. **0 -
I went from an account which had a £15 charge each month, to a £3 rewards account, when they introduced them.
I normally only just make £4 a month, so I guess it'll still be worth it for me to keep it, as the fee is coming down also.
What with instant saver rates being cut down Natwest, it may be time to start to switch banks. A shame as I've been with them for 30 years or so and not really had much to complain about.0 -
Mature-Student wrote: »Can't see any mention of changes on the attached link for RBS? As an RBS Rewards customer from early on, I've had no notification although it may be coming by snail mail. At least the minimum pay-in only seems to apply to new customers.
**Update. Other half has just checked at work (he works for the parent group), and the changes are applicable to all Rewards accounts in the group i.e. Natwest, RBS, & Ulster Bank (NI only, there is no Rewards account for other Irish Ulster Bank customers).
Letters are to be sent out up to 25th of April informing customers. **
you mist have missed the dark blue box
From the 26th June 2017, the Reward Account monthly account fee will reduce to £2 and you will earn 2% back in Rewards on any qualifying household bill Direct Debit0 -
I haven't seen anything on Natwest online banking or the app etc...
I get a notice to tell me, I'm likely to be approved for a Natwest Rewards Credit Card with them, perhaps they are going to focus on credit card customers.
Won't be taking them up on it, because I've just had my last card account with them closed down, after not using it for 3 plus years. They'll probably reduce the cashback on the card, soon as well.0 -
It comes to something when you find out about account changes from the media before the actually account provider!
Opened one of these two months ago for my household bills. Not sure how much the change will affect me as it doesn't produce life changing amounts of money anyway.
I use it as another savings pot for Christmas as some of the Reward retailers are outlets I am likely to be spending with anyway.0 -
I still seem to be paying £3 a month, what I can't tell is whether the cash back rate has dropped or not0
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