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Natwest/RBS to launch 3% cashback account
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any one got any ideas of roughly how long a Nat West account takes to open??0
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Sorry ronbell I don't know the definitive answer but didn't like to read and run. I seem to recall it was quite quick last time I opened a second account but the fact I already had an account may have influenced that. It may be indicative that whilst upgrading to this account there was a statement that it could take five days, but the account has already switched from Select to Reward within 24 hours.“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 -
ronbell101 wrote: »any one got any ideas of roughly how long a Nat West account takes to open??
My RBS account was open to use within a couple of working days of applying.0 -
I don't have time to visit a branch at the moment - can i open a Select current account online then upgrade this to Rewards?0
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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've decided not worth it for me to do Natwest for the higher DD rate as the 1% extra on gas/elec and 2% extra on council tax and water compared to San123 would only generate an extra £13-14 pa net of the Natwest £3 monthly fee (and I would be paying the San123 fee anyway for the 3% interest).0 -
My RBS account was open to use within a couple of working days of applying.
My RBS was opened immediately following online application as can verify your ID online using passport and debit card. My Natwest took a couple of weeks due to the turnaround of forms being posted to sign and return etc. (These were both Select accounts though not the Reward ones.)0 -
I don't have time to visit a branch at the moment - can i open a Select current account online then upgrade this to Rewards?
You can but there's not much to gain doing it that way as you'll need to visit a branch and see someone to do the conversion to Reward. Opening the account new doesn't take much longer.0 -
I've decided not worth it for me to do Natwest for the higher DD rate as the 1% extra on gas/elec and 2% extra on council tax and water compared to San123 would only generate an extra £13-14 pa net of the Natwest £3 monthly fee (and I would be paying the San123 fee anyway for the 3% interest).
My figures are different, but same result. The additional cashback with NW/RBS wouldn't cover the additional account fee- additional because, like you, I would continue with Santander for the 3% on 20k.
I'm surprised NW/RBS has chosen to not offer any interest. Most do at least 3% on 2k.0 -
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This account seems to me to be a sneaky way of getting people used to paying a monthly fee. In preparation of the end of free banking.
Do they think we are stupid? We can 'earn' cashback yet they charge you £3 a month for the privilege. Eventually they will increase the fee and/or reduce the cashback rates or cap it and hope people won' t notice0
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