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Natwest/RBS to launch 3% cashback account
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MiserlyMartin wrote: »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.
I agree they want people to get used to paying a fee, but I don't think it's "sneaky" - they are very clear in their marketing that this account costs £3 per month and if you look on their website they still offer the free Select Silver account too.0 -
MiserlyMartin wrote: »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 notice
I went in-branch yesterday and they were asking why I'd not switched our joint account to this yet.
Said to them for the sake of earning about £3 net a month, I didn't want to open myself to telemarketing from NatWest, trying to push me up their range of paid-for accounts.
They assure me this is not the case, but can anyone who's switched to one of these accounts confirm they've not received any further marketing about swapping to other paid-for current accounts at NatWest?0 -
I went in-branch yesterday and they were asking why I'd not switched our joint account to this yet.
Said to them for the sake of earning about £3 net a month, I didn't want to open myself to telemarketing from NatWest, trying to push me up their range of paid-for accounts.
They assure me this is not the case, but can anyone who's switched to one of these accounts confirm they've not received any further marketing about swapping to other paid-for current accounts at NatWest?
I have an RBS reward account, and at net of the £3 fee, I get at least £10 per month cashback, so it is worth having for me for as I route all my household bills through here and have other DD on other accounts for other benefits.
You only receive marketing about other ways to earn even more cashback rewards (offers with retail partners like Cafe Nero).0 -
Another upvote for RBS Reward. No SPAM marketing, just cashback that far exceeds the £3pm (with some offers to exchange for more than "face value" at some locations).I’m a Forum Ambassador and I support the Forum Team on the Credit Cards, Savings & investments, and Budgeting & Bank Accounts 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 MoneySavingExpert.0 -
I went in-branch yesterday and they were asking why I'd not switched our joint account to this yet.
Said to them for the sake of earning about £3 net a month, I didn't want to open myself to telemarketing from NatWest, trying to push me up their range of paid-for accounts.
They assure me this is not the case, but can anyone who's switched to one of these accounts confirm they've not received any further marketing about swapping to other paid-for current accounts at NatWest?
What makes you think the type of account you have affects any 'telemarketing' as you refer to it?
If you don't want marketing you can opt out of it no matter what account you have.0 -
What makes you think the type of account you have affects any 'telemarketing' as you refer to it?
If you don't want marketing you can opt out of it no matter what account you have.
For the reasons cited previously by myself and other posters - they'll see you're prepared to pay a fee for a monthly account, and then try and upsell. A lot of sales teams at large organisations do similar - it's far cheaper to upsell to existing customers than it is to acquire new ones.
I've gone for it, allegedly would have earned £10 last month.0 -
For the reasons cited previously by myself and other posters - they'll see you're prepared to pay a fee for a monthly account, and then try and upsell. A lot of sales teams at large organisations do similar - it's far cheaper to upsell to existing customers than it is to acquire new ones.
I've gone for it, allegedly would have earned £10 last month.
If you opted out of marketing communication at any point, you will not get anything other then actual further rewards earning opportunity.
The rewards accrual is always a bit behind because as per T&C there is a time lag from earning it to become available, but you can track this within your reward account.0
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