Natwest Rewards - What's the catch?

zharrt

Been with Natwest a number of years, I participate in their MyRewards for 1% cashback on contactless payments, so far so good.

I used to be with LloydsTSB and was over time upgraded to their Platinum Account with I believe a £12 or £15 a month fee, when I moved to Natwest I always believed these "Value Added Accounts" in turn didn't offer sufficient value so stuck to the basics.

However looking at the Rewards Select for £3 a month I would get 3% cash back on most household bills paid by DD, bit of a no brainers as I have a single account I use for all bills/direct debits which according to their calculator will mean £107 cash back a yeah.

On paper a bit of a no brainer, is there a catch? I know they can with draw the offer at any time (the 1% cashback on contactless keeps getting extended another 3 months at a time), I assume if I transfer I will have to commit to a 12 month minimum agreement, so as long as it goes for at least 4 months I should accure a years worth of fees and anything after that is a bonus.

colsten

The only "catch" with Natwest is that they do not pay any interest on credit balances.

You could use your Natwest account to pay the DDs, and their monthly fee. Then have another account, such as Tesco or TSB, that pays interest. TSB also pay up to £5 a month cashback for contactless transactions.

Having an account with another bank alongside my Natwest account would be mandatory for me, given the trouble they had over the years.

numbers123

zharrt wrote: »

I assume if I transfer I will have to commit to a 12 month minimum agreement.

What is this assumption based on?

Mr_Goodkat

No catch other than no interest on the money in the account.


You do not have to sign up for 12 months minimum term.


It would be a good account for you and give you more than you get currently.


You don't have to stick to just having one account, it makes sense to have multiple to protect yourself from system problems and maximise incentives and benefits. (I have 30+)


Subject to meeting the relevant t's&c's Halifax will pay you £5 a month, the likes of TSB will pay you 5% on the money in the account as well as lots other options out there

jhinks37

I have this account as well. Making about £9 cashback a month.

The only other Catch for me is actually that you can only convert rewards when at £5 chunks, so a little bit annoying. Still a no brainer for us as the cashback is bigger making us £6 a month net, but that is a tad annoying!

silvercar

I got this email too. Can't believe they are trying to persuade me from the black account that I pay £24 a month for to one that only pays them £3.

gt94sss2

silvercar wrote: »

I got this email too. Can't believe they are trying to persuade me from the black account that I pay £24 a month for to one that only pays them £3.

Natwest are offering the £3 Reward/cashback option as an extra on all their accounts - from the free one to the Black Account.

So if you really wanted you could have a Reward Black one..

Regards
Sunil

chambta

silvercar wrote: »

I got this email too. Can't believe they are trying to persuade me from the black account that I pay £24 a month for to one that only pays them £3.

As above you can have it as an 'add on' to the account you currently have.

Sharon87

The catch is that it costs £3/month nothing more than that! As long as you have more than £100 in household bills going out then you're in profit.

I use the 1% cashback on contactless payments too - I use it instead of my Oyster card now! But the 1% cashback appears to be separate from the £3/month thing, as I'm getting the cashback but not the £3/month charge. I used to have a Select Silver Account, but cancelled the fee paying part and downgraded to a normal current account.

silvercar

gt94sss2 wrote: »

Natwest are offering the £3 Reward/cashback option as an extra on all their accounts - from the free one to the Black Account.

So if you really wanted you could have a Reward Black one..

Regards
Sunil

Interesting, that account is £28 a month, so £4 more than the ordinary black account not £3.

Jimmy_Neutron

Might apply for this myself as according to Natwest I would earn £69.48 - £36 per year charge = £33.48 , compared to MINUS £21 per year from Santander come January if I don't include any savings. I assume Santander will accept 2 Tesco online savers as direct debits?