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Natwest/RBS to launch 3% cashback account
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gt94sss2
Posts: 6,049 Forumite


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)
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
from hereThe 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.
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
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I got an email the other day saying Cashback plus was being renamed to my rewards, I will deffo move over to this account.0
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Unless Natwest also offer 3% AER, there's no financial case for me to move my DDs.0
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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/RBS0
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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.0
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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.0 -
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.0 -
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.0 -
Bear in mind this won't be available via RBS in England.0
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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.0 -
It will be available at Natwest outside Scotland.0
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