We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Natwest/RBS to launch 3% cashback account

Options
1235789

Comments

  • NatWest and RBS are launching a current account that will pay 3% cashback on household bills for a £3/month fee...
    Read the full story:

    RBS to launch cashback current account, but is it any good?

    OfficialStamp.gif


    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
  • kpearsoncj
    kpearsoncj Posts: 248 Forumite
    Part of the Furniture Combo Breaker
    For me no as u have to be with rbs scotland.
  • Pincher
    Pincher Posts: 6,552 Forumite
    1,000 Posts Combo Breaker
    No cashback on the mortgage, of course, so you are looking at about 3% on £3~£4,000 for the usual Council tax, gas, electric and water, plus phone/broadband/TV. 3% on £4,000 is £120.

    It's almost identical to a 6% Regular Saver, i.e. a £120 loss leader to get you to apply. Once on board, sell you more stuff.

    Too many accounts already, can't be bothered.
  • OllyM
    OllyM Posts: 370 Forumite
    Part of the Furniture
    ratechaser wrote: »
    Interestingly, last time I met my Natwest relationship manger, he was intimating that there was also a new cashback credit card coming from them - with an £80-ish fee, but non-amex, and supposedly with no foreign exchange fees too. Be interesting to see how that stacks up to Santander if it ever does materialise...

    It's been around for a while - info about it is here.

    It's terrible though, it earns the same cashback as the £24/year cashback card so you're paying £60 a year more for no foreign transaction fees...
  • ratechaser
    ratechaser Posts: 1,674 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    OllyM wrote: »
    It's been around for a while - info about it is here.

    It's terrible though, it earns the same cashback as the £24/year cashback card so you're paying £60 a year more for no foreign transaction fees...



    Aha, thanks for the link. Conceptually I quite like it as it does combine a flat 0.5% cashback minimum with the zero foreign fees aspect (and indeed suggests the 0.5% applies abroad too?). the one irritant I've found with my current Amex Plat/Sandander 123 CC combo is that there are too many spending holes where I can't earn any CB because the retailer doesn't accept amex and it's not on the list of Santander CB earners.


    And I really don't want to be fiddling around with more than 2 CCs either! Amex Plat + 1 more maximum... So I'll have to get the calculator out to decide whether I'd earn more CB from this Natwest card or from Santander. I suspect it will be very tight especially with the Santander fee increase on the way...
  • DragonQ
    DragonQ Posts: 2,198 Forumite
    Part of the Furniture 1,000 Posts
    OllyM wrote: »
    It's terrible though, it earns the same cashback as the £24/year cashback card so you're paying £60 a year more for no foreign transaction fees...

    Something one can get for free (Halifax Clarity credit card, Nationwide Select credit card, Metro Bank debit card, etc.).
  • chambta
    chambta Posts: 2,770 Forumite
    Part of the Furniture Combo Breaker
    AlisonGray wrote: »
    I asked about this in my branch yesterday, and after getting a blank look the staff member went away came back and told me the details, and sorry to say I don't think I will bother personally, as she said:

    1. Its is not available on Basic Accounts or the Select Account, but only the 'Added Value' accounts, so in order to get this 'Deal' I would need to upgrade to the Select Silver at £10 per month, and considering I have just Downgraded from the Platinum as I did not feel I was getting the benefits I don't fancy paying £10 a month just to get cash back !.

    2. She said only certain types of council tax bands would be eligible, and it would need to be a local authority council tax bill !, again that's me knackered as my branch is no longer in the same area as I live now.

    3. You would only be eligible if you already had Direct Debits set up for the bills, and not if you simply set them up now. I don't see how that part could be true as if I walked in to open an account as a brand new customer I would not have any Direct Debits set up !.

    Conclusions

    1. They don't know what they are talking about.

    2. They don't want a lot of customers joining the scheme so they are trying to make it difficult for them.

    To me it just seems too make hassle for what could be a very small reward if they do make you upgrade your account, and restrict what council tax group you are in.

    Someone certainly didn't know what they were talking about.

    Certain council tax band? In the area of your branch?

    Which branch did you go into? Unless you're in Scotland the new scheme won't be available.
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    chambta wrote: »
    Unless you're in Scotland the new scheme won't be available.
    Where did you get that idea from?
  • michaels
    michaels Posts: 29,110 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    So If you have a santander account with 20k in is it worth getting one of these as well for the higher DD rate on most bills given that you will still be paying the 1-2-3 fee to access the savings rate?
    I think....
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Zanderman wrote: »
    You can't really call a trend from this!

    I heard Ross McEwan (now CEO of RBS) speak some years back when he ran UK retail banking under Hester. Charging fees on current accounts was a topic back then. As his personal view was that free current account banking in the longer term as a business model was unsustainable.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.