NatWest £125 switch incentive

18cc

In theory, using a card reader thingy or security token (Natwest, FD, HSBC, Nationwide, 'B' etc) makes your account a little bit safer from hackers. Using a OTP system (Santander, Lloyds) sacrifices a slight increase in convenience for a slight decrease in security.

This is because a hacker/thief etc could possibly get hold of your phone or SIM and, if not locked, access the OTP codes. It is more difficult for them to get hold of your debit card and PIN to use the card reader.

The card readers are universal. The security key is not - when I closed my 'B' account I asked if I could give the security token thing to a friend so he could have it as a spare but they told me no, throw it away, as it is unique to your account.

schiff

18cc wrote: »

This is because a hacker/thief etc could possibly get hold of your phone or SIM and, if not locked, access the OTP codes. It is more difficult for them to get hold of your debit card and PIN to use the card reader.

Don't the OTP codes expire in a few minutes if not used? The hacker/thief would need to be waiting at your shoulder!

bluehydrangeas

I completed my switch to Natwest in late January 2018. I quickly deposited the required £1500 into the account as per the terms of the switching offer. Since then, I have made additional deposits just to make doubly sure I meet the requirements. As of March 26th, two months after I switched, I have not received the £125 incentive from Natwest. I sent them a secure message using the app and I received a response telling me not to worry and that the money will be paid in before April 13th. I remain unconvinced. It seems like everyone else who switched got their money within a few weeks. Can anyone allay my concerns regarding the incentive payment?

EachPenny

schiff wrote: »

Don't the OTP codes expire in a few minutes if not used? The hacker/thief would need to be waiting at your shoulder!

Not if they've got hold of your phone or SIM first as 18cc suggests.

My preference is for the card reader system. Remembering a 4 digit PIN is easy, and using it requires the physical card to be used. I don't mind a bit of inconvenience if it causes a proportionally greater inconvenience to fraudsters and thieves.

EachPenny

bluehydrangeas wrote: »

I remain unconvinced. It seems like everyone else who switched got their money within a few weeks. Can anyone allay my concerns regarding the incentive payment?

Nobody has had the incentive payment yet. Or if they claimed they have, no evidence of this has been forthcoming.

MABLE

bluehydrangeas wrote: »

I completed my switch to Natwest in late January 2018. I quickly deposited the required £1500 into the account as per the terms of the switching offer. Since then, I have made additional deposits just to make doubly sure I meet the requirements. As of March 26th, two months after I switched, I have not received the £125 incentive from Natwest. I sent them a secure message using the app and I received a response telling me not to worry and that the money will be paid in before April 13th. I remain unconvinced. It seems like everyone else who switched got their money within a few weeks. Can anyone allay my concerns regarding the incentive payment?

This appeared on Natwests site.

Just choose 'switch' when you apply below. You'll need to pay in at least £1,500 and log in to Online Banking or our Mobile
Banking app by 16 March 2018. We'll pay the £125 cash into your new account by 13 April"

Steve_xx

bluehydrangeas wrote: »

I completed my switch to Natwest in late January 2018. I quickly deposited the required £1500 into the account as per the terms of the switching offer. Since then, I have made additional deposits just to make doubly sure I meet the requirements. As of March 26th, two months after I switched, I have not received the £125 incentive from Natwest. I sent them a secure message using the app and I received a response telling me not to worry and that the money will be paid in before April 13th. I remain unconvinced. It seems like everyone else who switched got their money within a few weeks. Can anyone allay my concerns regarding the incentive payment?

Myself and a friend completed our switches in similar timing to you. Neither of us has had the incentive paid as I write.

eschaton

bluehydrangeas wrote: »

I completed my switch to Natwest in late January 2018. I quickly deposited the required £1500 into the account as per the terms of the switching offer. Since then, I have made additional deposits just to make doubly sure I meet the requirements. As of March 26th, two months after I switched, I have not received the £125 incentive from Natwest. I sent them a secure message using the app and I received a response telling me not to worry and that the money will be paid in before April 13th. I remain unconvinced. It seems like everyone else who switched got their money within a few weeks. Can anyone allay my concerns regarding the incentive payment?

Where are these 'everyone else's' ?

eschaton

I'll definitely be closing mines once I get the £125.

I have other accounts that I can transfer later if required so have no use for it. Now only if they had a decent regular saver or something.

Steve_xx

eschaton wrote: »

Now only if they had a decent regular saver or something.

If you close it, you'll probably exclude yourself from that, should they offer it in the future. By closing it you may also cause the banks to think that people are simply shuffling account for the incentive, and so they may stop incentivising in this way, or they may make it harder to attain the incentive.

In short, don't go killing the goose that is actually laying the golden egg that used to be called interest!