Switching Accounts

rgwhunter

Whilst reading the article about the best incentives to switch bank accounts i thought i would look at what RBS was offering as i have been with them for about 8 years.

I discovered the rewards account which is £3 a month and pays 3% cashback on household bills coming off by direct debit.

My current spending, according to their calculator, would mean i receive approx £280 a year - the £36 a year fee. leaving me with £244 a year - far more than any incentive to switch.

Does anyone have any experience of the reward account?

I've been paying the £16 a month for royalties gold for years now but have only ever used the mobile insurance once so it makes sense to me to move to the base reward account(£3p.m)

grumbler

rgwhunter wrote: »

...
I discovered the rewards account which is £3 a month and pays 3% cashback on household bills coming off by direct debit.

My current spending, according to their calculator, would mean i receive approx £280 a year ...

Are you saying that your qualifying household bills amount to £288/3%=£9.6K p.a. or £800 p.m.?

WillPS

I switched a dormant Graduate account to Reward immediately after it was released.

It's brilliant, massively underrated in my opinion. Best part is the Reward credit card which you get the annual fee waived on - so 1% cashback at supermarkets, 1% on contactless and 0.5% elsewhere. 1% cashback at Aldi/Lidl is fantastic.

rgwhunter

grumbler wrote: »

Are you saying that your qualifying household bills amount to £288/3%=£9.6K p.a. or £800 p.m.?

Apologies, typo - £188 per year so £152 after fees, i must have put an extra 0 in somewhere on their calculator! the household bills includes our council tax, 2 mobiles, tv,phone broadband, tv licence, gas & electricity, so approximately £6300 p.a

Still looks pretty good to stay where i am and have that building up in my rewards account, plus the 1% cashback on all debit and credit card transactions