Natwest/RBS to launch 3% cashback account

gt94sss2

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

Paul_1977

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

Unless Natwest also offer 3% AER, there's no financial case for me to move my DDs.

planteria

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

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

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

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

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.

chambta

Bear in mind this won't be available via RBS in England.

r2015

Bear in mind this won't be available via RBS in England

Good job I stay in Scotland.

colsten

It will be available at Natwest outside Scotland.