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  • FIRST POST
    • Sconeyj
    • By Sconeyj 10th Jan 18, 1:56 PM
    • 7Posts
    • 38Thanks
    Sconeyj
    NatWest £125 switch incentive
    • #1
    • 10th Jan 18, 1:56 PM
    NatWest £125 switch incentive 10th Jan 18 at 1:56 PM
    Just as I thought I'd exhausted every bank...up pops NatWest with a switch offer! £125 for switching, and no direct debits required. All you need to do is:
    • switch a non-NatWest account
    • deposit £1,500
    • log into online or mobile banking
    All before 16 March (although you need to apply for the account by 16 February).


    Happy days!
Page 6
    • ToTo Man
    • By ToTo Man 11th Jan 18, 5:36 PM
    • 103 Posts
    • 30 Thanks
    ToTo Man
    From the Apply page of the Select account it says:

    "Just choose 'switch' when you apply below. You'll need to pay in at least £1,500 and log in to Online Banking or our Mobile Banking app by 16 March 2018. We'll pay the £125 cash into your new account by 13 April."

    From: https://beta.natwest.com/personal/current-accounts/select_account.html#switchoffer
    Originally posted by KTF
    Just found this on the NW Reward page:

    "To earn Rewards on your household bills, you need to:
    - Log into Online or Mobile Banking at least once every three months
    - Pay in £1,500 in total every calendar month to any personal current account(s) you have with us (as long as it’s not a Foundation, Basic or mortgage account).
    - Please note, the £1,500 can’t be transferred from another NatWest current account or savings account that you have with us.

    If you are unable to meet the above criteria we may look to convert your Reward account to our Select bank account which has no monthly fee.
    "

    The last paragraph suggests to me that the £1,500 is just a one-off requirement for the Select account. The reason I ask is I'd like to switch my partner to the Select account but I don't know if they'll be accepted due to having a low income? (we hold both joint and sole current accounts with a few banks but it's the sole accounts we want to switch).

    EDIT - Is it possible to open the new account as a joint account if the donor account being switched is a sole account?
    Last edited by ToTo Man; 11-01-2018 at 5:44 PM.
    • Consumerist
    • By Consumerist 11th Jan 18, 5:38 PM
    • 4,729 Posts
    • 2,351 Thanks
    Consumerist
    The point was when you originally chipped in we were comparing like for like, in other words would the Nat West reward give a better return than the Santander Lite. I was saying the 5% regular saver tipped the balance FOR ME.

    Now then, what was your point?
    Originally posted by Marvo5
    Sorry, I must have misunderstood.

    I thought you were saying that if you switched the 123 Lite account, you would then lose the 5% interest rate on the Regular eSaver. From the Ts&Cs, this is not the case - once you qualify for the 5% rate you keep it and any Santander current account can be used to keep up the monthly payments.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • KTF
    • By KTF 11th Jan 18, 5:42 PM
    • 4,561 Posts
    • 1,873 Thanks
    KTF
    Just found this on the NW Reward page:

    "To earn Rewards on your household bills, you need to:
    - Log into Online or Mobile Banking at least once every three months
    - Pay in £1,500 in total every calendar month to any personal current account(s) you have with us (as long as it’s not a Foundation, Basic or mortgage account).
    - Please note, the £1,500 can’t be transferred from another NatWest current account or savings account that you have with us.

    If you are unable to meet the above criteria we may look to convert your Reward account to our Select bank account which has no monthly fee.
    "

    The last paragraph suggests to me that the £1,500 is just a one-off requirement for the Select account. The reason I ask is I'd like to switch my partner to the Select account but I don't know if they'll be accepted due to having a low income? (we have joint and sole current accounts but it's the sole accounts we want to switch).
    Originally posted by ToTo Man
    If you open a select account there is no min pay in a month.

    If you open a select account as a means of getting the switch incentive then you must switch in an account and:

    Pay in at least £1,500 (one time for the select account)

    and

    Log in to Online Banking or our Mobile Banking app by 16 March 2018.

    Other accounts may have monthly pay in requirements but I am not interested in those as only want the switching bonus.
    • Consumerist
    • By Consumerist 11th Jan 18, 5:53 PM
    • 4,729 Posts
    • 2,351 Thanks
    Consumerist
    That's handy for me. I already have a Select account which receives my income so I meet the Reward account pay-in requirements already.

    This offer has arrived in the nick of time. I was considering closing the Select account sometime soon.
    Last edited by Consumerist; 11-01-2018 at 5:56 PM.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • YorkshireBoy
    • By YorkshireBoy 11th Jan 18, 6:18 PM
    • 29,666 Posts
    • 17,623 Thanks
    YorkshireBoy
    EDIT - Is it possible to open the new account as a joint account if the donor account being switched is a sole account?
    Originally posted by ToTo Man
    If the incentive T&Cs don't answer that particular question it's one best put to NatWest.

    However, in my opinion that would be throwing £125 away!

    Why not at least open two sole accounts, then one of you open a sole account elsewhere to switch in.

    At the moment at least, you have loads of time to comply. But you must at the very minimum get the accounts opened...because this offer will surely be pulled shortly? EDIT: In fact, probably the only reason it hasn't been pulled already is that it didn't make the weekly MSE email sent early yesterday?
    Last edited by YorkshireBoy; 11-01-2018 at 6:21 PM.
    • ToTo Man
    • By ToTo Man 11th Jan 18, 6:32 PM
    • 103 Posts
    • 30 Thanks
    ToTo Man
    I know I'm going off-topic here, but I would be grateful for advice on the following please.

    - I have a Bank of Scotland Reward current account held in joint names with my wife.
    - I have a sole B current account with Clydesdale.
    - My wife has a sole current account with Bank Of Scotland.
    - All bills are currently paid from joint Bank of Scotland account.

    - I want to switch my sole B account to sole NatWest Reward account for £125 incentive, and manually move all bill DDs from our joint Bank of Scotland account to NatWest Reward account for 2% monthly cashback.

    - I also want to switch my wife's sole Bank of Scotland account to NatWest Select account for £125 incentive.

    Would there be any legal issues (either from the bank's or bill issuer's standpoint) in manually transferring bill DDs currently paid out from a joint current account to a sole current account, if some of the bills are not solely in my name? e.g. council tax which is in both our names, or my wife's mobile phone contract?
    • Consumerist
    • By Consumerist 11th Jan 18, 6:43 PM
    • 4,729 Posts
    • 2,351 Thanks
    Consumerist
    . . . Would there be any legal issues (either from the bank's or bill issuer's standpoint) in manually transferring bill DDs currently paid out from a joint current account to a sole current account, if some of the bills are not solely in my name? e.g. council tax which is in both our names, or my wife's mobile phone contract?
    Originally posted by ToTo Man
    I can't see any issue providing the bill-payer's name is also a name on the bank account.
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • youngretired
    • By youngretired 11th Jan 18, 6:43 PM
    • 133 Posts
    • 63 Thanks
    youngretired
    Applied for a joint account and was accepted and like a previous post my husband got the email and not myself (guessing because I was the 1st applicant), though we haven't received any email re signature and ID.

    Sister opened a sole yesterday, sent ID earlier and account is already open.

    Has anyone else that opened a joint account received another email re signature? I did request online documentation.
    • buyhighselllow
    • By buyhighselllow 11th Jan 18, 7:05 PM
    • 27 Posts
    • 25 Thanks
    buyhighselllow
    I have been accepted. My wife has applied as an existing Natwest current account holder to switch but just had a message on screen she will be contacted...does this offer apply to existing customers switching their current natwest account ????
    Last edited by buyhighselllow; 11-01-2018 at 7:34 PM.
    • blindman
    • By blindman 11th Jan 18, 7:40 PM
    • 5,011 Posts
    • 4,040 Thanks
    blindman
    I have been accepted. My wife has applied as an existing Natwest current account holder to switch but just had a message on screen she will be contacted...does this offer apply to existing customers switching their current natwest account ????
    Originally posted by buyhighselllow
    Yes it does, so long as she switches a NON Natwest account into her existing one.

    T&C's for switching
    • ceredigion
    • By ceredigion 11th Jan 18, 7:43 PM
    • 2,481 Posts
    • 3,123 Thanks
    ceredigion
    I have been accepted. My wife has applied as an existing Natwest current account holder to switch but just had a message on screen she will be contacted...does this offer apply to existing customers switching their current natwest account ????
    Originally posted by buyhighselllow


    Switching a Natwest account to a Natwest account to get the incentive really is taking the preverbal
    • EachPenny
    • By EachPenny 11th Jan 18, 8:02 PM
    • 3,943 Posts
    • 8,064 Thanks
    EachPenny
    Before I do something stupid....

    Has anyone tried opening a current account while logged in to Natwest online banking and had a problem opening the account and arranging the switch?

    Or is it easier to open the account direct from the website (not logged in to online banking)?
    "In the future, everyone will be rich for 15 minutes"
    • Consumerist
    • By Consumerist 11th Jan 18, 8:04 PM
    • 4,729 Posts
    • 2,351 Thanks
    Consumerist
    I have been accepted. My wife has applied as an existing Natwest current account holder to switch but just had a message on screen she will be contacted...does this offer apply to existing customers switching their current natwest account ????
    Originally posted by buyhighselllow
    You need to switch a non-NatWest account to NatWest and use their Current Account Switching to get the £125
    Warning: In the kingdom of the blind, the one-eyed man is king.
    • Noctu
    • By Noctu 11th Jan 18, 8:24 PM
    • 1,498 Posts
    • 1,689 Thanks
    Noctu
    Strange question - I'm an existing Natwest customer and trying to open a brand new Natwest account to switch into (I do my normal banking with another bank)

    Going through the application process and it's offering me the Reward (PRIVATE) and Select (PRIVATE) as well as the standard Reward and Select accounts.

    I've been told that the PRIVATE accounts are for Premier customers only. I'm not a Premier customer and don't meet the income criteria, solely or jointly. I definitely gave my monthly net income correctly on the form.

    Any idea why I'm being offered this? Should I accept and just count myself lucky, or are they likely to close it once they realise I'm not a baller? (!)
    • Zanderman
    • By Zanderman 11th Jan 18, 8:29 PM
    • 1,330 Posts
    • 3,789 Thanks
    Zanderman
    Strange question - I'm an existing Natwest customer and trying to open a brand new Natwest account to switch into (I do my normal banking with another bank)

    Going through the application process and it's offering me the Reward (PRIVATE) and Select (PRIVATE) as well as the standard Reward and Select accounts.

    I've been told that the PRIVATE accounts are for Premier customers only. I'm not a Premier customer and don't meet the income criteria, solely or jointly. I definitely gave my monthly net income correctly on the form.

    Any idea why I'm being offered this? Should I accept and just count myself lucky, or are they likely to close it once they realise I'm not a baller? (!)
    Originally posted by Noctu
    Dunno, but why not just switch into your existing account?
    • madgagoo
    • By madgagoo 11th Jan 18, 8:36 PM
    • 345 Posts
    • 173 Thanks
    madgagoo
    Strange question - I'm an existing Natwest customer and trying to open a brand new Natwest account to switch into (I do my normal banking with another bank)

    Going through the application process and it's offering me the Reward (PRIVATE) and Select (PRIVATE) as well as the standard Reward and Select accounts.

    I've been told that the PRIVATE accounts are for Premier customers only. I'm not a Premier customer and don't meet the income criteria, solely or jointly. I definitely gave my monthly net income correctly on the form.

    Any idea why I'm being offered this? Should I accept and just count myself lucky, or are they likely to close it once they realise I'm not a baller? (!)
    Originally posted by Noctu
    Just go for it, once itís open they wonít close the account just because you donít meet the criteria. What might happen is that the account will be downgraded to a Ďnormalí account (but still remain open with same account number).
    • Noctu
    • By Noctu 11th Jan 18, 8:42 PM
    • 1,498 Posts
    • 1,689 Thanks
    Noctu
    Dunno, but why not just switch into your existing account?
    Originally posted by Zanderman
    It's a joint account for bills, hubby and I maintain separate current accounts for our own spendies
    • Noctu
    • By Noctu 11th Jan 18, 8:44 PM
    • 1,498 Posts
    • 1,689 Thanks
    Noctu
    Just go for it, once itís open they wonít close the account just because you donít meet the criteria. What might happen is that the account will be downgraded to a Ďnormalí account (but still remain open with same account number).
    Originally posted by madgagoo
    I was poised to do it but then noticed the Reward (Private) account isn't on the eligible list of accounts to get the £125?

    I was also offered the Reward (Black) account.

    All very confusing
    • ToTo Man
    • By ToTo Man 11th Jan 18, 8:51 PM
    • 103 Posts
    • 30 Thanks
    ToTo Man
    Just completed the application process for the Select account and got the following confirmation:

    Your application has been submitted and will be valid for the next 28 days. To get your account opened follow 'Next Steps' below.
    Next Steps:
    1. You will receive your application pack in the post in the next few days.
    2. Follow the instructions within the covering letter in your pack
    3. Check and sign your application
    4. Return your application in the pre-paid envelope including original copies of the paperwork if requested, in your covering letter. Alternatively, you can also take this information into your local branch to complete the account opening process.
    Once we receive the necessary paperwork, we'll complete your application and send you a letter confirming your new account number. Your PIN, card and cheque book (if applicable) will then be sent to you separately. We will send you a welcome pack either by post or email.


    Other posters have indicated they were asked to upload identity documents. I'm wondering why I wasn't asked for this?

    EDIT - Just received the following email:

    Hello xxxxxxxx,
    Thanks for applying for a Select Account, we've received your application.
    We'll be in touch within the next 3-5 days
    Once we've checked your application we'll get back to you if we need any more information.
    Your application reference number is xxxxxxxxxxxxxxx.
    Please keep a note of this reference number as you will need it if you want to discuss your application with us.


    Does this mean approval is still pending?
    Last edited by ToTo Man; 11-01-2018 at 8:55 PM.
    • binaryuniverse
    • By binaryuniverse 11th Jan 18, 8:51 PM
    • 530 Posts
    • 303 Thanks
    binaryuniverse
    At this rate, this account is going to be open, and switch complete before my M&S account (applied 2nd Jan) is even open.
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