NatWest £125 switch incentive

Consumerist

Deleted_User wrote: »

The point was when you originally chipped in we were comparing like for like, in other words would the Nat West reward give a better return than the Santander Lite. I was saying the 5% regular saver tipped the balance FOR ME.

Now then, what was your point?

Sorry, I must have misunderstood.

I thought you were saying that if you switched the 123 Lite account, you would then lose the 5% interest rate on the Regular eSaver. From the Ts&Cs, this is not the case - once you qualify for the 5% rate you keep it and any Santander current account can be used to keep up the monthly payments.

KTF

ToTo_Man wrote: »

Just found this on the NW Reward page:

"To earn Rewards on your household bills, you need to:
- Log into Online or Mobile Banking at least once every three months
- Pay in £1,500 in total every calendar month to any personal current account(s) you have with us (as long as it’s not a Foundation, Basic or mortgage account).
- Please note, the £1,500 can’t be transferred from another NatWest current account or savings account that you have with us.

If you are unable to meet the above criteria we may look to convert your Reward account to our Select bank account which has no monthly fee."

The last paragraph suggests to me that the £1,500 is just a one-off requirement for the Select account. The reason I ask is I'd like to switch my partner to the Select account but I don't know if they'll be accepted due to having a low income? (we have joint and sole current accounts but it's the sole accounts we want to switch).

If you open a select account there is no min pay in a month.

If you open a select account as a means of getting the switch incentive then you must switch in an account and:

Pay in at least £1,500 (one time for the select account)

and

Log in to Online Banking or our Mobile Banking app by 16 March 2018.

Other accounts may have monthly pay in requirements but I am not interested in those as only want the switching bonus.

Consumerist

That's handy for me. I already have a Select account which receives my income so I meet the Reward account pay-in requirements already.

This offer has arrived in the nick of time. I was considering closing the Select account sometime soon.

YorkshireBoy

ToTo_Man wrote: »

EDIT - Is it possible to open the new account as a joint account if the donor account being switched is a sole account?

If the incentive T&Cs don't answer that particular question it's one best put to NatWest.

However, in my opinion that would be throwing £125 away!

Why not at least open two sole accounts, then one of you open a sole account elsewhere to switch in.

At the moment at least, you have loads of time to comply. But you must at the very minimum get the accounts opened...because this offer will surely be pulled shortly? EDIT: In fact, probably the only reason it hasn't been pulled already is that it didn't make the weekly MSE email sent early yesterday?

ToTo_Man

I know I'm going off-topic here, but I would be grateful for advice on the following please.

- I have a Bank of Scotland Reward current account held in joint names with my wife.
- I have a sole B current account with Clydesdale.
- My wife has a sole current account with Bank Of Scotland.
- All bills are currently paid from joint Bank of Scotland account.

- I want to switch my sole B account to sole NatWest Reward account for £125 incentive, and manually move all bill DDs from our joint Bank of Scotland account to NatWest Reward account for 2% monthly cashback.

- I also want to switch my wife's sole Bank of Scotland account to NatWest Select account for £125 incentive.

Would there be any legal issues (either from the bank's or bill issuer's standpoint) in manually transferring bill DDs currently paid out from a joint current account to a sole current account, if some of the bills are not solely in my name? e.g. council tax which is in both our names, or my wife's mobile phone contract?

Consumerist

ToTo_Man wrote: »

. . . Would there be any legal issues (either from the bank's or bill issuer's standpoint) in manually transferring bill DDs currently paid out from a joint current account to a sole current account, if some of the bills are not solely in my name? e.g. council tax which is in both our names, or my wife's mobile phone contract?

I can't see any issue providing the bill-payer's name is also a name on the bank account.

youngretired

Applied for a joint account and was accepted and like a previous post my husband got the email and not myself (guessing because I was the 1st applicant), though we haven't received any email re signature and ID.

Sister opened a sole yesterday, sent ID earlier and account is already open.

Has anyone else that opened a joint account received another email re signature? I did request online documentation.

buyhighselllow

I have been accepted. My wife has applied as an existing Natwest current account holder to switch but just had a message on screen she will be contacted...does this offer apply to existing customers switching their current natwest account ????

blindman

buyhighselllow wrote: »

I have been accepted. My wife has applied as an existing Natwest current account holder to switch but just had a message on screen she will be contacted...does this offer apply to existing customers switching their current natwest account ????

Yes it does, so long as she switches a NON Natwest account into her existing one.

T&C's for switching

ceredigion

buyhighselllow wrote: »

I have been accepted. My wife has applied as an existing Natwest current account holder to switch but just had a message on screen she will be contacted...does this offer apply to existing customers switching their current natwest account ????

Switching a Natwest account to a Natwest account to get the incentive really is taking the preverbal