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RBS Rewards account
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[Deleted User]
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My mother is 88 and I help her look after her finances.
She used to be a Gold Cheque account holder with RBS. This paid a small amount of credit interest, 0.1% at the end if I recall correctly.
Earlier this year, she got a letter from RVS saying that they were rationalising their range of current accounts and duscontinuingvthe Gold Cheque account. From 8 May 2015, she was to become a Select account holder. The main change (to her) was no credit interest.
The Select account is basic: no credit interest, no cash back on direct debits and no monthly fee (unless overdrawn).
I now see the Rewards account, launched on 12 October, widely advertised, including last night on a TV as break. For £3 a month fee, it gives 3% cashback on household bills. My mother would earn more on CB than the fee.
What I can't understand is why RBS haven't written to existing select current account holders inviting them to consider the new account. Do they just want switchers from other banks?
Anyway, my mother is going to make an appointment at her local branch to go along (with me) to discuss changing. Thank goodness that she has someone to help her, I don't know how elderly RVS customers cope if alone.
She used to be a Gold Cheque account holder with RBS. This paid a small amount of credit interest, 0.1% at the end if I recall correctly.
Earlier this year, she got a letter from RVS saying that they were rationalising their range of current accounts and duscontinuingvthe Gold Cheque account. From 8 May 2015, she was to become a Select account holder. The main change (to her) was no credit interest.
The Select account is basic: no credit interest, no cash back on direct debits and no monthly fee (unless overdrawn).
I now see the Rewards account, launched on 12 October, widely advertised, including last night on a TV as break. For £3 a month fee, it gives 3% cashback on household bills. My mother would earn more on CB than the fee.
What I can't understand is why RBS haven't written to existing select current account holders inviting them to consider the new account. Do they just want switchers from other banks?
Anyway, my mother is going to make an appointment at her local branch to go along (with me) to discuss changing. Thank goodness that she has someone to help her, I don't know how elderly RVS customers cope if alone.
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Comments
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They obviously have to write to holders of accounts that are being discontinued but can't reasonably be expected to notify all account holders as a matter of course every time they introduce a new product that may or may not be relevant to their needs.Deleted_User wrote: »What I can't understand is why RBS haven't written to existing select current account holders inviting them to consider the new account. Do they just want switchers from other banks?0 -
I am previous rbs customer retuned to rbs approx 2 years ago.
I think rbs are changing for the better -maybe they don't want to be 'seen as trying to upgrade customers'Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb0 -
Deleted_User wrote: »Earlier this year, she got a letter from RVS saying that they were rationalising their range of current accounts and duscontinuingvthe Gold Cheque account. From 8 May 2015, she was to become a Select account holder. The main change (to her) was no credit interest.
We still have an RBoS Gold Cheque account and have politely declined their offer to move to a more modern account. Our new manager called me last week and he again confirmed that they intend to leave us on the Gold Cheque account.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
That's interesting, gadgetmind. I have in front of me as I type a letter sent to my mother in April 2015 saying that she was being moved to Select account as the gold cheque account was being discontinued. No choice offered, other than to close the account if she didn't want to be on Select. What's going on here?0
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And I have here a recent statement for our RBoS Gold Cheque account, so it clearly wasn't discontinued for everyone!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Ah, hang on, changed on very latest statement. Let me do some digging.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
I feel a complaint letter to RBS coming on. They mucked up a rollover of a maturing fixed rate ISA of my mother's in May and I wrote two letters of complaint for her and she received all the lost interest and £140 for her (my!) trouble.0
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Hmmm, online shows "Account name" ending with "Gold CQ" but account type "Select Account", so maybe I missed the latest missive? I'll do some hunting but we still get a named manager as he called me.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
My mother's statements still call the account Gold Cheque Account but the letter said she was being moved to Select Account. A clue, gadgetmind, might be if you have received any credit interest recently. My mother used to receive a pound or so a month, (0.15%pa) but that stopped since she became Select in May (no credit interest paid on Select).0
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