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Natwest/RBS to launch 3% cashback account

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gt94sss2
gt94sss2 Posts: 6,049 Forumite
Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
edited 3 October 2015 at 10:35PM in Budgeting & bank accounts
I know this has been available to selected Natwest/RBS customers for a while, but it now looks as if they are ready for a national rollout (launches 12 October)
The NatWest/RBS account, which carries a fee of £3 a month, will offer customers 3% cashback on seven types of household bill – council tax, gas, electricity, water, phones, TV and broadband – with no limit to the amount that can be earned. The majority state-owned RBS said, on average, customers would be able to earn £90 a year, and anyone paying eligible bills totalling more than £100 a month via direct debit would earn enough to cancel out the fee.
from here

Will be interesting to see how it fares given the pending changes to the Santander 123 account - Natwest/RBS are paying more in cash back on a number of categories (where Santander only pay 1% or 2%) and for a lower monthly fee.

However, the Santander account does pay up to 3% interest on balances (max:£20,000) so is likely to be better for savers as I see no reference to Natwest/RBS matching this.

Regards
Sunil
«13456789

Comments

  • Paul_1977
    Paul_1977 Posts: 992 Forumite
    I got an email the other day saying Cashback plus was being renamed to my rewards, I will deffo move over to this account.
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Unless Natwest also offer 3% AER, there's no financial case for me to move my DDs.
  • planteria
    planteria Posts: 5,322 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    nor for me Archi.. cashback on debit card spending with TSB, backing Amex, and credit interest with TSB, Nationwide and Lloyds.. they all appeal far more than this from NatWest/RBS
  • a&akay
    a&akay Posts: 526 Forumite
    With 4 household 123 accounts, each paying gross, even with £20 a month fees it's still very worthwhile with £65k, much of it stooze, in them out of the max £80k. I take the view that the Club, Plus, Vantages and Tescos can just as easily be pulled/varied at any time so the 123s can take up some of the slack if needs be.
  • st999
    st999 Posts: 1,574 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    You could receive 3% in Rewards on selected household bills paid by Direct Debit until the 31st December 2015. To earn Rewards & benefit from this offer you must activate your Cashback Plus account before 5th October 2015.

    Not worth it for 3 months.
  • Old_Bill
    Old_Bill Posts: 170 Forumite
    Part of the Furniture
    st999 wrote: »
    You could receive 3% in Rewards on selected household bills paid by Direct Debit until the 31st December 2015. To earn Rewards & benefit from this offer you must activate your Cashback Plus account before 5th October 2015.

    Not worth it for 3 months.



    This new account is not available until 12th October, the t&cs you quote are from a different product.
  • r2015
    r2015 Posts: 1,136 Forumite
    Home Insurance Hacker! Cashback Cashier
    I originally left the RBS because they stopped my interest on my current account, still has 1p in it.


    If this is better than the 123 Santander account I might go back, however if they don't pay 3% interest I won't bother as I get more interest in my 123 account than I get in my ISA.
    over 73 but not over the hill.
  • chambta
    chambta Posts: 2,770 Forumite
    Part of the Furniture Combo Breaker
    Bear in mind this won't be available via RBS in England.
  • r2015
    r2015 Posts: 1,136 Forumite
    Home Insurance Hacker! Cashback Cashier
    Bear in mind this won't be available via RBS in England


    Good job I stay in Scotland.
    over 73 but not over the hill.
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    It will be available at Natwest outside Scotland.
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