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Angry_James

All, I have a question about switching to Natwest to pick up the £125.

I have an existing Natwest account but not an "eligible" account - ie a Select, Reward, Reward Silver, Reward Platinum or Reward Black account.

Therefore, as I read the terms and conditions I am neither a new customer, nor an existing "eligible" customer to get the cash back. Note, I have not benefitted from previous cash back offers.

Question: Could I switch my Natwest account to sister bank RBS and pick up the £125 switching bonus? I have read the terms and conditions and nothing appears to say that I can't do this (only needs to be a non-RBS account)...anybody tried it?

nik_k

@Steve_xx Further to your advice above, in terms of the £1k, do you think I could transfer in £500, transfer it out again, then transfer it back in? If that works, best to do it over a number of days, or will it work if it's all done on the same day?

Steve_xx

nik_k wrote: »

@Steve_xx Further to your advice above, in terms of the £1k, do you think I could transfer in £500, transfer it out again, then transfer it back in? If that works, best to do it over a number of days, or will it work if it's all done on the same day?

Which account are you referring to? Im unsure as to whether you are referring to Natwest or First Direct, but when I think about it, the answer would be yes in both circumstances!

nik_k

Steve_xx wrote: »

Which account are you referring to?

Sorry...First Direct. Opened FD account, have switched my old dormant Nationwide account, now need to pay in £1k...haven't quite got £1k to pay in though, so thinking £500 in, £500 out, £500 back in again. Just wondering whether best to do on different days, or if can all be done on same day

RG2015

nik_k wrote: »

Sorry...First Direct. Opened FD account, have switched my old dormant Nationwide account, now need to pay in £1k...haven't quite got £1k to pay in though, so thinking £500 in, £500 out, £500 back in again. Just wondering whether best to do on different days, or if can all be done on same day

You don't need to pay in £1,000 to avoid the £10 monthly fee. Just open a savings account and keep £1 in it.

I assume that you also have the 5% FD regular saver as well.

nik_k

RG2015 wrote: »

You don't need to pay in £1,000 to avoid the £10 monthly fee. Just open a savings account and keep £1 in it.

I assume that you also have the 5% FD regular saver as well.

It's not to avoid the £10 monthly fee, it's to qualify for the welcome gift

RG2015

nik_k wrote: »

It's not to avoid the £10 monthly fee, it's to qualify for the welcome gift

Okay, my mistake. I had not realised that FD had added conditions for the welcome gift.

I cannot really comment on the FD requirements for the £1,000 monthly pay in but I would have thought that as long as your bank statement has £1,000 paid in during the month that the timing of the credits is irrelevant.

soulsaver

nik_k wrote: »

@Steve_xx Further to your advice above, in terms of the £1k, do you think I could transfer in £500, transfer it out again, then transfer it back in? If that works, best to do it over a number of days, or will it work if it's all done on the same day?

Do the T&Cs say it has to stay overnight or owt? If not in the same nanosecond qualifies.. literally .

Steve_xx

nik_k wrote: »

Sorry...First Direct. Opened FD account, have switched my old dormant Nationwide account, now need to pay in £1k...haven't quite got £1k to pay in though, so thinking £500 in, £500 out, £500 back in again. Just wondering whether best to do on different days, or if can all be done on same day

Yes, whizz it in and out a time or two and it will do the job. In actual fact you only need fund it with £1000 over 3 months, not £1000 per month. However, if you keep it for more than 6 months you would need to fund it with £1K per month if you want to avoid an account charge. As someone else pointed out, you can avoid the monthly charge by having a savings product with them.

YorkshireBoy

RG2015 wrote: »

I had not realised that FD had added conditions for the welcome gift.

For as long as I can remember they've always said you had to "pay in at least £1,000 within three months of opening the account" to get their cash switching incentive. It's not a new clause for the 'gift' incentive.