Natwest/RBS to launch 3% cashback account

colsten

I commented because someone seemed to suggest the offer was for Scotland only - which is clearly not correct.

I have no more info than that is available to everybody on here. For details, we'll have to wait until Natwest/RBS release the T&Cs.

colsten

As I already said, we need to wait for the real T&Cs, but rumour has it that you need to build up £5 in cashback before you can either cash it in, trade it for shopping vouchers, or donate the money to charity. If true, I think it's a rather petty attempt at hoping that customer inertia - widespread amongst Natwest/RBS customers - will save the bank having to pay out.

kpearsoncj

i have spoken to rbs on live chat they said its only for scottish rbs customers and english natwest customers.

DragonQ

Archi_Bald wrote: »

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

Surely it depends on what your bills are? Even if you kept your Santander 123 account purely for savings, you'd be paying £8/mo in fees rather than £5/mo by having both accounts, and could probably quite easily recoup that extra £3/mo with the higher cashback rate. Even council tax alone would nearly cover this for most people I imagine - I'd gain an extra £2.90ish cashback each month just for that.

alanq

http://www.dailymail.co.uk/money/saving/article-3256329/NatWest-RBS-launch-new-cashback-current-account-attempt-compete-rivals.htm

20aday

colsten wrote: »

As I already said, we need to wait for the real T&Cs, but rumour has it that you need to build up £5 in cashback before you can either cash it in, trade it for shopping vouchers, or donate the money to charity. If true, I think it's a rather petty attempt at hoping that customer inertia - widespread amongst Natwest/RBS customers - will save the bank having to pay out.

I know with Cashback Plus you had to accrue £5 in 'rewards' before you could redeem them (as you point out: cash it in/trade it for vouchers/donate to charity) but I'm considering opening an account with NatWest solely for my bills.

badger09

colsten wrote: »

Natwest/RBS have been leaking info about their plans selectively for a couple of months now. That's why the Press is starting to talk about it - see link in the OP. Actual T&Cs will not become publically available before the launch but you can rest assured that the offering will be available to Natwest and RBS customers. And who knows, may be also Ulster Bank ones.

:shocked:

gt94sss2

st999 wrote: »

I'm not sulking, I just want to know what account that the selected Natwest/RBS customers have that the OP is referring to?

As colsten has kindly stated, some fee paying Natwest/RBS accounts have offered a cashback option on bills for a while and have been mentioned on these boards (as well as the Natwest website).

I suspect Natwest were making sure their IT systems worked before launching the new product nationally next week.

I should state that I don't work for RBS etc. so all the information I have is from the public domain but many newspapers have now reported on this in the last couple of days - no doubt prompted by their press release - http://www.rbs.com/news/2015/october/natwest-and-rbs-launch-new-personal-current-account-.html

Regards
Sunil

colsten

Just looking at the RBS press release: you gotta love (not!) the Marketing bods and their spin.

rbs wrote:

There are no catches and no complicated terms and conditions – once customers have earned £5 in Rewards, they can cash it in, trade it for shopping vouchers, or convert to cash to then donate to charity.

So immediately after they said there are no catches, they go on to list the major catch! If you don't claim, you don't ever get your cashback.

Also, if the terms are anything like their existing Cashback Plus terms, they are way too long for most people to read from beginning to end, and therefore fall into the "complicated" category.

Makes me angry that they seem to think people are stupid.

Archi_Bald

DragonQ wrote: »

Surely it depends on what your bills are?

You are absolutely right. That's why I said there's no financial case for me