Loyalty/Moving Bank accounts (Natwest)

WCN87

I've been with NatWest for over 10 years now for my current and savings account, having seen a lot of incentives from other banks to move to them such as cash payments. Would you suggest it's worth it? We plan on buying a house next year so didn't want to jeopardise that. But also has anyone experienced Natwest offering some cash incentive to keep you?

colsten

No bank is likely to pay you to keep your custom but why not ask them? Let us know what they say.

It will look good on your mortgage application if you have held an account for 10 years, so I wouldn't switch that account and potentially lose the history. Although in theory it should stay on your credit history for 6 years from closing date.

If you are after the switching bonuses, you could always open another account with NatWest and switch that one.

NB. What is the interest rate on your Natwest savings account?

System

It's only going to make a difference if the OP is already borderline.
Otherwise, the benefit is negligible.

colsten wrote: »

It will look good on your mortgage application if you have held an account for 10 years, so I wouldn't switch that account and potentially lose the history.

TrickyDicky101

I moved from NatWest to FirstDirect in 2014. Had been with NatWest for 22 years since University. Only made the change because of the £125 freebie joining bonus but also wanted to try out the FD reputed service.

I have to say I preferred the NW online banking but if you ever need to call your bank, FD just cant be beaten (or at least, not by NW) - phone answered within 2 rings on both occasions I have called.

robatwork

Why not just open a new current account (eg with hsbc) and keep your existing one... and then use the new one to switch and take advantage of the switching offers?

grumbler

I wouldn't lose the only long-standing current account for the sake of a switching bonus. As suggested above, open a new account, possibly with the same Natwest, then switch it.