NatWest £125 switch incentive

GregK2

I have made multiple payments into the Natwest account that exceed £1,500 in total, but no single payment of that amount or above. Does that mean I am ineligible?

EachPenny

GregK2 wrote: »

I have made multiple payments into the Natwest account that exceed £1,500 in total, but no single payment of that amount or above. Does that mean I am ineligible?

On a common-sense reading of the T&C's you are fine.

huw01

Once the 13th has passed and they pay the £125 I will be closing the account. Natwest haven!!!8217;t got anything appealing as linked products or other incentives to keep the account open long term. I!!!8217;m also very surised that their app has been voted the best in some recent poll

ValiantSon

huw01 wrote: »

Once the 13th has passed and they pay the £125 I will be closing the account. Natwest haven!!!8217;t got anything appealing as linked products or other incentives to keep the account open long term. I!!!8217;m also very surised that their app has been voted the best in some recent poll

Might it not be a better idea to keep the account open as potential donor account for a switching incentive from another bank in the future?

GregK2

EachPenny wrote: »

On a common-sense reading of the T&C's you are fine.

That's what I thought, but will common sense prevail.. we shall see.

ValiantSon

GregK2 wrote: »

That's what I thought, but will common sense prevail.. we shall see.

Yes, it will. NatWest wouldn't stand a cat in hell's chance of arguing otherwise.

huw01

Yes, I suppose that is a good idea. However, I think that this offer won’t be repeated by another bank, i.e giving cash for switching but with no associated direct debits required to qualify for a reward. I think NatWest will regret not making the direct debits a part of this offer and thus I doubt will see an offer like this in the future.

ValiantSon

huw01 wrote: »

Yes, I suppose that is a good idea. However, I think that this offer won’t be repeated by another bank, i.e giving cash for switching but with no associated direct debits required to qualify for a reward. I think NatWest will regret not making the direct debits a part of this offer and thus I doubt will see an offer like this in the future.

You may be right, but you may not. First Direct, for example, continue to offer their switch incentive without any requirement for having direct debits on the account, and so do Halifax. The only recently withdrawn HSBC switch offer also didn't require direct debits for the switch (two standing orders were an acceptable alternative, and they are easily set up to pay to another of your accounts). I wouldn't bet on a suitable offer arriving at some point, and as it costs you nothing to keep the account then there seems little point in closing it.

huw01

The trouble is that I have already reaped the rewards from first direct, halifax, Yorkshire Bank, Nationwide and now NatWest. HSBC is the account I opened when I started working at 16 and still hold it.

I suppose I’m getting to the end of my current account tarting !!;)

ValiantSon

huw01 wrote: »

The trouble is that I have already reaped the rewards from first direct, halifax, Yorkshire Bank, Nationwide and now NatWest. HSBC is the account I opened when I started working at 16 and still hold it.

I suppose I!!!8217;m getting to the end of my current account tarting !!;)

I was giving those as examples of banks who currently offer switching incentives, without DDs being required, to show that it was not impossible that future offers may arise. I wasn't suggesting that you should currently switch to them. The point is that you have no idea what offers may come up in future and as the NatWest account costs nothing to hold there is no logical reason to close it.