NatWest £125 switch incentive

Ashen

Helonwheels wrote: »

I saw this on the Best Bank Accounts page with an end date of 16th March, I did not see anything about having to open the account before 16th February.

I applied using the link from that page on 27th February and the switch completed on 7th March and I have met all the other criteria, will I still get the £125?

The terms are pretty awfully worded.

https://beta.natwest.com/content/dam/natwest/personal/current-accounts/documents/Switching_Offer_Terms_2018.pdf

It says (a) or (b) - and you don't meet the terms for (a) - however technically you still meet the wording of (b) since it doesn't have a date restriction.

That said, I imagine if you didn't get the bonus paid, they may well argue that there is a date restriction implied by (a).

ValiantSon

Ashen wrote: »

The terms are pretty awfully worded.

https://beta.natwest.com/content/dam/natwest/personal/current-accounts/documents/Switching_Offer_Terms_2018.pdf

It says (a) or (b) - and you don't meet the terms for (a) - however technically you still meet the wording of (b) since it doesn't have a date restriction.

That said, I imagine if you didn't get the bonus paid, they may well argue that there is a date restriction implied by (a).

Part (b) refers to holding an existing account, not opening a new one. The wording isn't ambiguous. If you opened a new account to get the incentive, then it needed to be done by 16th February 2018.

[Deleted User]

Honestly can't wait for my bonus to come so I can close my account. I loathe the card reader and it took me 40 minutes on the phone to them to get an answer to a simple question. There's no incentives to keep me there.

ValiantSon

[Deleted User] wrote:

Honestly can't wait for my bonus to come so I can close my account. I loathe the card reader and it took me 40 minutes on the phone to them to get an answer to a simple question. There's no incentives to keep me there.

I too have been underwhelmed by their customer service. The card reader doesn't really bother me (although why they don't make it clear that you pretty much need one is beyond me - I did know, but lots of people could easily not until they came to make a transaction). Other aspects have been more annoying. More significant, however, is that the account offers me nothing and so there is little point keeping it. The Reward Accounts are not particularly competitive and easily beaten by other accounts, which I prefer, therefore, to hold. The Select Account has no advantages and so there is no point having money in it beyond getting the switch incentive. I won't, however, be closing my account. It costs me nothing to hold it and causes me no inconvenience to do so. Far more sensible is to keep the account until a favourable switching offer comes along and I can make good use of this account to gain more than just the £125 bonus from NatWest.

To be honest, I don't find any of the offerings from NatWest to be compelling. I'm amazed that they are not having more problems (although I believe that there has been something of a haemorrhaging of customers which prompted this offer, and the new refer a friend offer trial). I would only refer friend on the understanding that this was just a short term option for them to make a "quick" buck from RBS, rather than it was actually worth having one of their accounts longer term.

18cc

totally agree with everything you have said . .

[Deleted User]

I transferred in my £1,500 and only found out about the card reader when I tried to transfer it out again! I'm just lucky I didn't need the money immediately. Ridiculous. All of my other bank accounts don't require some silly plastic thing to move my money around.

ValiantSon

[Deleted User] wrote:

I transferred in my £1,500 and only found out about the card reader when I tried to transfer it out again! I'm just lucky I didn't need the money immediately. Ridiculous. All of my other bank accounts don't require some silly plastic thing to move my money around.

NatWest are by no means the only bank to use security tokens. First Direct, HSBC and Nationwide definitely all do (and quite possibly others). They are, however, the only ones who don't actually tell you this until you try to make a transaction.

[Deleted User]

I have an account with FirstDirect too. You can set up your phone to be used as your authenticator instead of a doodad. Much better than Natwest but I find their overall banking to be convoluted with about 4 or 5 different security answers to remember - or write down! I'm happy with the mobile banking options from Halifax and Santander as they offer Touch ID, easy set ups of payees and standing orders, and have no card reader thingies. I don't ask too much of my online banking but these features are basic enough.

ValiantSon

[Deleted User] wrote:

I have an account with FirstDirect too. You can set up your phone to be used as your authenticator instead of a doodad. Much better than Natwest but I find their overall banking to be convoluted with about 4 or 5 different security answers to remember - or write down! I'm happy with the mobile banking options from Halifax and Santander as they offer Touch ID, easy set ups of payees and standing orders, and have no card reader thingies. I don't ask too much of my online banking but these features are basic enough.

It is true that you can use the mobile app as an alternative with First Direct and HSBC, but that doesn't actually change the fact that you do need a security token (and not everyone has a smartphone!). Nationwide also require use of security token (which is exactly the same type as NatWest).

First Direct and HSBC log in requires you to remember your password, one other piece of security information (which is straightforward and something you should just know, rather than a complicated password) and enter your security code as generated by the token. I don't find it cumbersome at all.

Roseanne1

[Deleted User] wrote:

I transferred in my £1,500 and only found out about the card reader when I tried to transfer it out again! I'm just lucky I didn't need the money immediately. Ridiculous. All of my other bank accounts don't require some silly plastic thing to move my money around.

I did the same for my mum. :rotfl: Luckily, when I phoned up, I got it transferred back out quick enough. :T