Natwest Rewards - What's the catch?

TheBanker

colsten wrote: »

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.

That's how I work it - I use Natwest as a traditional style current account for paying bills and I use other accounts for savings. The 'profit' I make from Natwest cashback (including the 1% on contactless payments and the occasional extra cashback through their special offers) more than makes up for any lost interest.

It's not a good account for keeping large sums in but it's fine for earning the cashback.

I've been with Natwest for years and never really had any problems with the service.

jinkster

Is it cash back or some voucher for gift selection (like AMEX?).

Kernel_Sanders

Sharon87 wrote: »

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.

That's how I worked it out too so what are MSE on about here when they state 'If you don't have any savings and spend over £270 each month on your household bills, then NatWest's new Reward Account could be a good option for you.' ?

TheBanker

jinkster wrote: »

Is it cash back or some voucher for gift selection (like AMEX?).

You have a choice - you can either take cash or choose from a limited selection of vouchers. Typically the vouchers give you twice the value of cash, but the selection of retailers is not amazing.

zharrt

I have all my bills coming out of the one account, so this is a no brainer for me, never have any savings in it as I only ever transfer in enough to cover the bills.

Its not big money (only about £6.50 a month after the fees) but as I have seen from my Quidco account it all adds up)

mummyroysof3

I've just moved to one of these accounts...how do you get the 3% back and how often please?

knack92

mummyroysof3 wrote: »

I've just moved to one of these accounts...how do you get the 3% back and how often please?

http://personal.natwest.com/personal/myrewards.html

knighter

What is stopping anyone upping their Direct Debits to pay for gas / electricity etc. and effectively earning 3%?


The utilities companies will refund you any excess credit in your account so in theory it sounds a no brainer.

fuzzgun19

Do standing orders count? I pay council tax that way.

And what happens if you change the amount?

colsten

knighter wrote: »

What is stopping anyone upping their Direct Debits to pay for gas / electricity etc. and effectively earning 3%?

How do you "up your Direct Debits"?

fuzzgun19 wrote: »

Do standing orders count?

I have not seen SOs mentioned in the T&Cs. Have you?