£150 switch incentive from NatWest (2019)

snowqueen555

Is there anything inherently wrong with opening dummy accounts? I am considering this, but do these dummy accounts not need regular use, and need direct debits etc? Can't they refuse to switch you if they can see you have little activity in that account?

dcs34

Depends entirely on the terms and conditions of the switching offer you're trying to do.

So, if it says switch a bank with 2 Direct Debits - then your dummy accounts will need two DDs against it before you switch.

NoodleDoodleMan

Is there anything inherently wrong with opening dummy accounts? I am considering this, but do these dummy accounts not need regular use, and need direct debits etc? Can't they refuse to switch you if they can see you have little activity in that account?

As above, you need to study the Ts&Cs.

Most need a minimum monthly pay in - but once credited to the account these funds can be immediately transferred back to your main bank, or to any another account which needs a monthly deposit.
By careful management of dates throughout the month you can manage this money to feed several current accounts in a cycle.

Most, but not all, also require a minimum of two Direct Debits and these can't be manipulated in the same manner. You can however setup minimal £1 monthly DDs to convenient savings accounts in Post Office Online Saver (can be a right pain to manage), Birmingham Midshires and Santander.

The latter has 3 savings accounts which accept DDs although Santander are reticent about making this admission.

The present Nat West switch deal for their Select account requires no DDs, as does TSB's Classic Plus.

You can of course open a "dummy" account at just about every bank which does not require a monthly credit or DDs - any of their basic current accounts will do this.

However if you use them to switch to a reward type account you still have to meet the criteria for monthly pay in and DDs.

dcs34

My turn to ask a question!

Was expecting my £150 to come through yesterday (19th) but still haven't received it. I appreciate with the Bank Holiday weekend NatWest's payment schedule might be somewhat out of sync. Looking back through my records though I can't find anything from NatWest that acknowledges I met all the conditions of the switch, so for those that have received their money, did NatWest ever send you an email confirming you'd met the condition for payment?

If I don't get anything by the end of next week I might call up and see if I'd be eligible for the new £175 one instead :dance:

NoodleDoodleMan

I reckon you'll need to wait until the bank holidays are past to find out, one way or another.

snowqueen555

I've just opened an account with Lloyds, I can just chuck in £1500 into that account, Natwest will move it into their own account (does that class as £1500 paid in?), and as long as I log in online I will be eligible for the cash?

Zero_Sum

snowqueen555 wrote: »

I've just opened an account with Lloyds, I can just chuck in £1500 into that account, Natwest will move it into their own account (does that class as £1500 paid in?), and as long as I log in online I will be eligible for the cash?

Just leave lloyds empty, then deposit £1500 directly to nat west

snowqueen555

Even if I have no activity in there? Feels a little slimy on by behalf. I could actually deposit a bit of cash in there and use the debit card a few times.

There is a £2 per month charge, I would've though the First Direct might be better, I just need to ensure I have an average positive balance of £1000?

YorkshireBoy

snowqueen555 wrote: »

Even if I have no activity in there? Feels a little slimy on by behalf. I could actually deposit a bit of cash in there and use the debit card a few times.

There is a £2 per month charge, I would've though the First Direct might be better, I just need to ensure I have an average positive balance of £1000?

I think you need to read and understand the respective T&Cs, because you've made at least two, and possibly three, errors in your post above.

Zero_Sum

snowqueen555 wrote: »

Even if I have no activity in there? Feels a little slimy on by behalf. I could actually deposit a bit of cash in there and use the debit card a few times.

There is a £2 per month charge, I would've though the First Direct might be better, I just need to ensure I have an average positive balance of £1000?

Why? You're leaving lloyds anyway, what difference does it make that you deposit direct to nat west or transfer a balance over.

Even if its just for peace of mind, id rather switch a nil balance just incase anything goes wrong.

I done the switch back in Jan. Used an old redundant account, got my £150 from nat west, now ive just switched the same nat west account to first direct. (Nat West were rubbish anyway) and if you're only doing it for the money, then why not just go with the free account rather than the £2 one?

You dont owe the banks anything. It was the banks who screwed over the country (and why i had 6 years without a payrise). Get what you can out of them, no need to feel slimey over it.