Natest Reward Account: worth it?

AirBerry

Hello!

Anyone here using Natwest's Reward account? I'm thinking of switching to it as they claim to
give 3% cashback on council tax, electricity, gas, water, phone and television bills.

Would it be really worth it? Natwest will be charging me £3 per month for using this account.

It would be interesting to hear from others who are already using it.

Super_Whiskey

It depends how much you would benefit for it. Have you totalled up all the applicable direct debits to see how much cashback you'd get?

grumbler

>> RBS to launch cashback current account, but is it any good?

Dird

TV licence isn't included, only Sky/Virgin

For me it's worth it. If your bills are over £100/month then it's worth it for you also

Doctor_Duke

It's worth it if you have sufficient direct debits and won't have regular credit balance that could earn interest elsewhere, e.g. tesco, BoS, TSB classic plus etc. I use it just to get the fee refunded on the Natwest Rewards Credit Card so I can get free cashback on purchases. I also think the Natwest mobile app is one of the better ones including being able to withdraw cash in an emergency just using the mobile app without a debit card.

20aday

If, using the calculator, you find you wouldn't earn enough in Rewards (and the remaining balance wouldn't earn interest) you could also consider the following (subject to minimum monthly deposits):

1. Barclays Blue Rewards: for a £3 monthly fee, a deposit of £800/month and at least two Direct Debits set up you could get £7/month back (there's scope for more if you have a Mortgage w/them or Home Insurance plus a potential to earn even more using their Smart Spend loyalty scheme).

2. Halifax Rewards Current Account: You could earn £125 for switching to the Halifax (if you've not previously switched since January 2012) using the Current Account Switching Service, deposit at least £750/month with a minimum of two Direct Debits. If you meet this criteria each month you can earn a further £5/month.

[Deleted User]

I was wondering this too. When I've logged into my account today it now tells me that I could have earnt £5 in rewards for January, so they take £3 and I get £2 per month. Is it worth it? Not sure. Does anyone know if they take the £3 monthly or all in one go, and would I get credited each month with my £2 profit? Thanks.

tizerbelle

purpleposting4 wrote: »

I was wondering this too. When I've logged into my account today it now tells me that I could have earnt £5 in rewards for January, so they take £3 and I get £2 per month. Is it worth it? Not sure. Does anyone know if they take the £3 monthly or all in one go, and would I get credited each month with my £2 profit? Thanks.

Are you talking about the NatWest Rewards account still? If so the fee and rewards are completely separate.

The £3 month reward account fee is debited from your bank account automatically each month - mines taken around the 3rd of the month - don't know if that's a set date.

The rewards you earn (including the 3% cashback on bills) build up in your "MyRewards" account which you have to log into separately from your bank account. The money will build up there until you request it be converted to cash - then they'll transfer to your linked account in 1-2 days. It is not done automatically.

I just keep sufficient money in my NatWest account to pay the month's bills - everything else gets moved to other interest paying accounts.

Carnival789

Does anyone know how soon after a qualifying DD has been paid the cash back appears in the rewards section?


Slightly off topic so apologies for that - didn't think it warranted a new thread though!

lisa110rry

Yes, I'd like to know that, too.

Super_Whiskey

From what I can read, 35 days after the transaction has been authorised.