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Natwest/RBS to launch 3% cashback account
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Have quidco or Topcashback offered any cash back incentives for signing up recently?0
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The account looks interesting.
A way to do it might be to have standing orders coming in from external accounts that cover the Direct debits so that cash isn't sitting around for too long. This is an account where you simply want the cash in to cover DDs as there is no interest on it.
The breakeven point if you can keep the account perfectly funded is £1200 (36/0.03) in DDs per year whereas with Santader it is £2000 p.a.
If I was to put council tax onto DD (It isn't currently), gas elec and broadband I'd be well in with the £1200 (As would most people). Of course they're going to make their money not with the £3 fee but I assume because the account pays no interest and people may put salary in there for convienience etc.
I assume the bank account doesn't need a "switch" ?
To go further you'll need to be earning £24 pa in interest with the 123 over and above this account and also over and above what you could earn anywhere else in FSCS protected investments. For me personally since my FD account effectively pays out at 2.39%, that's not going to be worth my while... (123 being tiered means I assume this figure will be > ~ £10k)0 -
I applied to upgrade my Select account to Reward this morning - it did say something about taking 5 days to confirm the change but I've just logged back in and it has already changed the account type to Reward from Select. No email confirmation yet though.
I actually only use the account to receive my salary and pay my main DD's - all money over and above that needed for DDs is transferred out to another bank the day I get paid so I can earn some interest on it. I kept thinking I might switch the account but was loathe to do so as I've been with them for almost 30 years but now I will make some money out of it I'm glad I decided to keep it! Granted it will only be about £3 per month after the fee has been paid but its still better than I would have got with Santander at the old fee rate and with the new 123 fee, it would cost me money at Santander.
ETA: I'm in England and am an existing Natwest customer0 -
RBS (or rbs as they are soon to be known) say you MUST go to branch to open the account.
Very long winded I think I will carry on paying £10 per month (or is it £12 now?) until the branches are moved over. If its going up to £12 for existing they can !!!!!! off.This account is not available to apply for online, to apply for this account please visit one of our RBS branches located in Scotland.
Please note this account type is not available at any of our Future Williams and Glyn (RBS England & Wales) branches.
No mention of England branches that will remain under rbs.0 -
@Paul_1977, thanks for pointing that out - I forgot the natwest/rbs england/scotland issue so have added to my post to confirm I'm in england and an existing natwest customer0
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I'm an existing Natwest customer in England and already registered with Cashback Plus. I looked into this yesterday and I would like to point out that some of the smaller energy firms (Green Star for example) are not a part of this MyRewards scheme and therefore you won't get cashback on gas/electricity direct debits. Sad really, as that's my second highest monthly payment after council tax.
Also, remember that if you pay your council tax for 10 months not 12 you will need to multiply your monthly payment by 10 then divide by 12 to get an accurate figure.
However, as I bank with Natwest already I will be switching.“And all shall be well. And all shall be well. And all manner of things shall be exceeding well.”
― Julian of Norwich
In other words, Don't Panic!0 -
lisa110rry wrote: »I'm an existing Natwest customer in England and already registered with Cashback Plus. I looked into this yesterday and I would like to point out that some of the smaller energy firms (Green Star for example) are not a part of this MyRewards scheme and therefore you won't get cashback on gas/electricity direct debits.
According to Natwest's 'supplier tool' Green Star Energy is covered by the scheme.
If a relevant supplier isn't covered, you canf you’re still unable to find your supplier to check if you can earn Rewards, you can log in to Cashback Plus and let us know in the missing suppliers section.
which is a similar system to that Santander use.
Regards
Sunil0 -
You're a pal Sunil, thanks for that! The bank clearly doesn't know it. I'll check again just to be sure I can get to where you saw that and also to check my other suppliers/dds. I telephoned the number given on screen as I was at work and didn't want to waste the time finding the way in to the supplier list.
Cheers!
edit: you were luckier than I Sunil, I just get blank screen when following through on line banking to Cashbackplus using the link you gave me!“And all shall be well. And all shall be well. And all manner of things shall be exceeding well.”
― Julian of Norwich
In other words, Don't Panic!0 -
lisa110rry wrote: »The bank clearly doesn't know it.
Why do you say that when it Green Star Energy is clearly on the Natwest list?0 -
Because when I phoned yesterday they said it was not. However, Sunil to the rescue, and it's on the list.“And all shall be well. And all shall be well. And all manner of things shall be exceeding well.”
― Julian of Norwich
In other words, Don't Panic!0
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