NatWest £125 switch incentive

eschaton

Steve_xx wrote: »

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!

I'm not going to hold onto an account just in case they ever offer a regular saver with a decent rate.

I'm not really concerned if RBS (Natwest) think that I only opened if for the incentive. I'll never have an RBS product that doesn't benefit me.

As for making incentives harder to attain in the future - this must have been one of the easiest.

davethorp

davethorp wrote: »

Well my experience of this has been far from smooth

Applied when the offer first was posted here and was accepted online for the select account with a decent sized overdraft.

Day after I applied I was asked to upload documents to their site which I did immediately. After this radio silence from NatWest.

I eventually raised a complaint only to be told the account hadn!!!8217;t been opened following their internal checks. Which to me begs the question why offer the account online (with a sizeable overdraft) only to decline it later and why did they not communicate that decision to me

Just to update on this, I referred the complaint to the FOS as I was not happy with Natwest’s response to my complaint especially concerning that they didn’t communicate their decision not to offer the account to me after I’d submitted my ID

The FOS whilst unable to challenge their decision not to open the account, which I never expected them to do, upheld my complaint about NatWest not conveying that decision to me and NatWest have to apologise and pay me £100 so I’ve ended up with most of the switch incentive anyway

18cc

I predict the incentives will be paid on the 13th of April remember you heard it here first....

[Deleted User]

davethorp wrote: »

Just to update on this, I referred the complaint to the FOS as I was not happy with Natwest’s response to my complaint especially concerning that they didn’t communicate their decision not to offer the account to me after I’d submitted my ID

The FOS whilst unable to challenge their decision not to open the account, which I never expected them to do, upheld my complaint about NatWest not conveying that decision to me and NatWest have to apologise and pay me £100 so I’ve ended up with most of the switch incentive anyway

That was good to go from a complaint to FOS decision in 6 weeks!

ValiantSon

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?

I am unaware of anyone who has received the NatWest switching bonus. They have until 13th April to pay it, so need to be worrying.

ValiantSon

EachPenny wrote: »

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.

HSBC and First Direct don't require the physical card. Their smart tokens work independently of the card, and if you use the mobile app for verification then it is a password rather than a PIN that you enter.

ValiantSon

Steve_xx wrote: »

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,

Surely not? The horror!

Steve_xx wrote: »

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!

The banks are more than aware that a small proportion of account applicants will switch away once the incentive has been paid. They factor this in to their offer. The majority don't do this, however. You shouldn't assume that that you read about on this forum is representative of the wider population.

Some banks have found ways of keeping customers after a switch by paying interest on the current account and/or having an attractive regular saver. NatWest haven't done this, suggesting that they are as incompetent as I think they are!

davethorp

camelot1971 wrote: »

That was good to go from a complaint to FOS decision in 6 weeks!

Actually I had a few emails from the FOS apologising for the delay in responding to me !!!128514;

The response I got today was the FOS’s initial response. I could have referred the matter further for adjudication by the FOS but I was happy with the response I received today and their proposed rememdy

veryintrigued

18cc wrote: »

I predict the incentives will be paid on the 13th of April remember you heard it here first....

At 14:30hrs?

TheJackah

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?

I've not received my bonus yet for switching, despite meeting the requirements in early March. Just going to have to wait and see, and then provide proof if they don't pay up.