MSE News: RBS and NatWest launch limited cashback on debit cards: is it any good?

chambta

This specific offer is short term but likely to be a prelude to a new account launch in NatWest and RBS Scotland.

stclair

chambta wrote: »

This specific offer is short term but likely to be a prelude to a new account launch in NatWest and RBS Scotland.

How will that work as Natwest will cease to exist in Scotland by end of 2016.

chambta

stclair wrote: »

How will that work as Natwest will cease to exist in Scotland by end of 2016.

RBS Scotland, NatWest England.

edinburghlad

RBS Scotland & NatWest England will launch a new account later in the year called a "reward account". For £2 a month you will get 3% cashback on council tax, utilities, TV/mobile/phone/broadband.

The current offer is available to new / existing customer with a fee paying current account or are a private banking customer of either bank.

Archi_Bald

edinburghlad wrote: »

RBS Scotland & NatWest England will launch a new account later in the year called a "reward account". For £2 a month you will get 3% cashback on council tax, utilities, TV/mobile/phone/broadband.

The current offer is available to new / existing customer with a fee paying current account or are a private banking customer of either bank.

Who will the 'reward account' be available to? All customers, or again just those with a fee-paying or private banking?

edinburghlad

Archi_Bald wrote: »

Who will the 'reward account' be available to? All customers, or again just those with a fee-paying or private banking?

I'm sorry I don't know the answer to this at the moment but will keep you posted.

As the reward account will come with a £2 monthly fee itself I would expect it to be available to all customers who are eligible for a full service bank account (e.g excluding basic accounts).

edinburghlad

The reward account will be available to all RBS Scotland & NatWest England & Wales customers who meets the banks credit score for a full service bank account.

Paul_1977

I have just upgraded for the cash back so I hope when this new account comes out they will let me change over.

But Im RBS England so doubt I can get it.

stclair

Paul_1977 wrote: »

I have just upgraded for the cash back so I hope when this new account comes out they will let me change over.

But Im RBS England so doubt I can get it.

You can transfer your account to a Scottish Branch on request.


Only downside is if you ever need to visit branch a you`ll need to go to Scotland.

TheTracker

dalesrider wrote: »

End of the day while you may go for a cashback credit card. Switching your whole banking just to get a few £ is a very large step to make.

Im not sure what "whole banking" is but even if it meant your complete in/out transactions I don't think it's a big deal at all. CASS is simple. It will get even simpler, at least behaviourally, if account number portability (ANP) recommendations are taken up.

Back to whole banking. I use different current accounts for different purposes and even bristle at the term "current account". One of the purposes is to pay direct debits. I distribute them across accounts in line with Ts&Cs and benefits payable. Quite simple really.

I reckon the days of cashback credit cards are dwindling. I've already stopped using my Capital One since it stopped paying cashback due to the impact of European legislation on reduced point of sale charges to vendors. That's what few realise about cashback, it is funded by punters who both do and don't receive cashback, not really the bank. The legalisation will cap the charges at 0.2% whereas it has been 0.8%. That has to have an effect on cashback promotions.