NatWest £125 switch incentive

EachPenny

Consumerist wrote: »

Ok. i received the Account Application Form today for a REWARD (PRIVATE) current account. I spoke to the switching team who advise that if you do not qualify for the PRIVATE account they will open a standard Reward account anyway.

Not sure that I trust them not to turn this into a dogs breakfast so I'll be watching progress carefully.

I posted about this earlier in the thread. The advice I got from the account opening team is that people applying for the PRIVATE version will have their applications declined unless they meet the criteria for Private banking. I asked if there was any way to convert the private application into a standard one and was told no, it is not possible because the systems are separate. Myself and another poster were advised to start afresh with a new application - but there remains an issue about whether this second application will also convert into a PRIVATE one.

Did you select an option for a PRIVATE account, or did it just happen?

If it was the switching team you spoke to then you might want to go back to the account opening team and ask for clarification. The different teams don't appear to be fully aware of each other's policies and processes.

KTF

What is the private version? Do you mean the Premier account which has different qualifying criteria?

EachPenny

KTF wrote: »

What is the private version? Do you mean the Premier account which has different qualifying criteria?

From what I understand 'Premier' is a service available to certain customers which gives you access to various current accounts which are referred to with "PRIVATE" added after the account type name (e.g. Select, Reward).

The key 'feature' of being a PRIVATE account holder is not being eligible for the switching bonus offer.

KTF

Premier is for 'high net worth' individuals (£100k+ income, etc). I cant see why anyone here would bother applying for them just to get the switching offer.

Regardless, you can get the switching bonus on them as well if you meet the opening criteria: https://personal.natwest.com/private/current-accounts/reward-black-account.html

Edit: Click 'Find Out More' under any one of the accounts to see that you can get switching bonus on them: https://personal.natwest.com/private/current-accounts.html

badger09

badger09 wrote: »

LOL

This morning I received my activation code, 96 hours after it was promised 'within 48 hours'.

Girding my loins as I think I now have the final piece required for access to my account.

Wish me luck with OLB.

Managed to log in this afternoon with only a minor hiccup. 1st attempt took me straight from customer number to request for selected characters from PIN & password, rather than for access code:cool: As I'd had a FRISA with NatWest years ago, I used that PIN, but noticed it wanted 9th character from password, whereas mine had only 8. Tried a different route, used access code and set up new PIN & password.

1st thing I noticed was last log in details April 2015, so NatWest obviously remember me and it looks like I won't need a new card reader as it asked if I'm ordering an additional or replacement.

I've paid a small amount in, and it has arrived. The payees from my soon to be switched account also appear so nothing else to do at the moment. Switch should happen on 22nd. Assuming it does, I'll pay in £1500 and try to get most of it out again.

The whole process has seemed strewn with hurdles and multiple unclear messages, but in fact I only applied on 11th, so not too bad:o

Missus_Hyde

Update (if anyone’s interested)

The debit card arrived yesterday, the PIN no. arrived today, so from the point of quickness in my case, it has been very swift (even allowing for our very slow and unreliable post.) I applied on Sunday afternoon and by Thursday the whole thing was up and running, online banking, mobile app and switch all organised and I was able to pay £5.00 into the account with no trouble. Thankfully, we didn’t experience the problems with identification with which other posters have had trouble.

However, getting the money out again was much more difficult due to the NatWest having such a cloak and dagger approach. Theoretically, I should have been able to withdraw money on the app after getting an activation code, which I put in, but no luck, although it accepted the code, it absolutely refused to make the payment and gave a range of excuses. Then the internet banking wouldn’t recognise our Lloyds account (despite them having the details already.)

Anyway, I persevered and managed to activate the debit card and also confirm the payment with an old Co-op card reader, which I had knocking around and hallelujah!!....a payment of £3.00 went back successfully to our Lloyds account. What a palaver!! (Lloyds are certainly no saints, but their method of making payments is much smoother and easier.)

Once the switch has gone through successfully, I’ll put £1500.00 into the account (now I’m reasonably confident I can get it out again! )

EachPenny

KTF wrote: »

Premier is for 'high net worth' individuals (£100k+ income, etc). I cant see why anyone here would bother applying for them just to get the switching offer.

I don't think anyone has.

KTF wrote: »

Regardless, you can get the switching bonus on them as well if you meet the opening criteria: https://personal.natwest.com/private/current-accounts/reward-black-account.html

That isn't what NatWest were telling customers about the Select and Reward accounts, but the offer might be available for the Reward Black one. The T&C's list the eligible accounts and 'Select Private' and 'Reward Private' are not on the list.

KTF wrote: »

Edit: Click 'Find Out More' under any one of the accounts to see that you can get switching bonus on them: https://personal.natwest.com/private/current-accounts.html

When you do that the url changes to the "beta.natwest.com/personal" location which is the same one as for the standard (i.e. not Private) accounts.

Katiehound

twiglet98 wrote: »

The MSE newsletter is incorrect, I think, in stating that £1500 is the minimum MONTHLY pay-in?

New. BEST FOR BILL ACCOUNTS: Free £125 + 2% bills cashback. For the first time since 2009, NatWest is paying a switch bonus (£125) on many of its current accounts to new and existing customers. The standout is NatWest Reward* which, for a £2/mth fee, gets you 2% bills cashback on council tax, energy, broadband etc that you pay from the account by direct debit.

For average bills you'd earn £66/yr cashback after the fee, higher bills well over £100/yr. So for those with bigger bills it can beat HSBC in the first year alone (if you've a Santander mortgage, its 123 Lite account can beat NatWest on cashback).

Am I eligible for the free cash? When applying at NatWest*, you get a long account list - ensure you pick the 'Reward Account'. To get the cash you'll need to switch and log in to online or mobile banking by 16 Mar. Min pay-in is £1,500/mth, effectively a way of saying you need a salary of £21,650+ going in.

If you don't want to try the 'Reward' cashback route-for example too many DDs already you can choose a Select account

veryintrigued

veryintrigued wrote: »

Signature mandate form received by post.

That's pretty good service in my book.

Oh dear - almost a week after returning the first one I've weirdly received a second one....

YorkshireBoy

veryintrigued wrote: »

Oh dear - almost a week after returning the first one I've weirdly received a second one....

Two more and you'll be matching me!

On the plus side, I'm fully operational as of today, and I applied on the 10th (evening of launch day).