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Natwest/RBS to launch 3% cashback account

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  • Westie983
    Westie983 Posts: 5,215 Forumite
    Tenth Anniversary 1,000 Posts I've been Money Tipped! Name Dropper
    Looks like you have to already have a packaged account so you pay £10 a month to then pay £3 to then get the cashback....

    have I understood this correctly?
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
  • colsten
    colsten Posts: 17,597 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Westie983 wrote: »
    Looks like you have to already have a packaged account so you pay £10 a month to then pay £3 to then get the cashback....

    have I understood this correctly?

    No you have not. The account they launch on the 12th costs £3 a month, and you do not need to be an existing premier account holder in order to get it.
  • gt94sss2
    gt94sss2 Posts: 6,084 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    michaels wrote: »
    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?

    Depends on the level of your bills and if the £3 charge will be outweighed by the higher cashback that Natwest offer?
  • gt94sss2
    gt94sss2 Posts: 6,084 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 7 October 2015 at 11:54AM
    ratechaser wrote: »
    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...

    The MSE article on the account states:
    If you hold a Reward credit card, the annual fee will also be refunded if you also hold the Reward current account.
    I presume they are referring to the card with the £24 annual fee - no idea how good the card is (haven't looked).

    A real shame the account doesn't include any cashback on Natwest mortgage payments, even if they are not doing credit interest.

    Regards
    Sunil
  • ratechaser
    ratechaser Posts: 1,674 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    gt94sss2 wrote: »

    A real shame the account doesn't include any cashback on Natwest mortgage payments, even if they are not doing credit interest.

    Regards
    Sunil

    Yep, the £10 that santander pay me each month for a DD to what is now a totally manufactured mortgage with them is really a nice touch :D

    I really wish their mortgages would allow multiple DDs in, now THAT could be lucrative if you have multiple 123 accounts!
  • Zanderman
    Zanderman Posts: 4,878 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Thrugelmir wrote: »
    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.

    I know I shouldn't be rising to this but, as I said before... you can't call a trend from that!

    A bank CEO (they don't really have a good reputation for seeing the future you know) told you 'some years ago' that fees on current accounts would become the norm. And now, er, some years later, they, er, haven't. They really really haven't.

    The new NatWest/RBS account discussed in this thread charges a fee, but that's clearly to help cover the costs of the cashback they offer - it is, in effect, a packaged account, for which fees have always been the norm. Santander is the same - they charge a fee for an account that offers significant discounts. It's effectively a package - for which a fee is obviously reasonable.

    Meanwhile, in the same few weeks, Tesco abolish their current account fee. Is that a trend?

    And most current accounts, especially those that don't offer cashbacks, discounts etc simply don't have fees. Some, like Halifax rewards, actually pay you to have the account!

    There is, at least at present, no trend (either way)!
  • chambta
    chambta Posts: 2,770 Forumite
    Part of the Furniture Combo Breaker
    Archi_Bald wrote: »
    Where did you get that idea from?

    It isn't being offered via divested RBS branches in England and Wales.

    Did you think differently?
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    chambta wrote: »
    It isn't being offered via divested RBS branches in England and Wales.

    Did you think differently?

    That isn't the same as your blanket statement "Unless you're in Scotland the new scheme won't be available."

    The new account will be available for people outside Scotland.
  • chambta
    chambta Posts: 2,770 Forumite
    Part of the Furniture Combo Breaker
    Archi_Bald wrote: »
    That isn't the same as your blanket statement "Unless you're in Scotland the new scheme won't be available."

    The new account will be available for people outside Scotland.

    I was responding directly to someone who was an RBS customer so my statement, in context, was correct.
  • gt94sss2
    gt94sss2 Posts: 6,084 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Details of the new account are now on the Natwest and RBS websites
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