Natwest switch bonus conditions question

Snakey

Yeah yeah I'm lazy... thing is, I can't work this out from the bumf I have.

To get the initial bonus you open an account, switch before 7 June, log in, and pay in £1,500 before 12 July. OK, got that.

To get the extra one after a year, you have to pay in £1,500 a month and use the debit card once a month.

Here's the question: If I opened my account in May, do I need to pay in £1,500 and use my debit card once a month starting from THIS month (i.e. by the end of today!) and so on for a year with the final pay-in therefore being made next April, or do I only need to do that from July onwards i.e. once I have met the conditions for the initial bonus, and pay in up to and including next June?

I'd assume it's the latter firstly because that's a more sensible interaction of the initial and follow-on bonus conditions and secondly because surely they want you staying with them for the longest amount of time before paying out, but if I do need to scamper round this afternoon trying to quickly do stuff it'd be handy to know!

Anyone any ideas, thoughts, experience of similar previous Natwest switches? Or if you just want to while away a Friday afternoon telling off a stranger on the internet for asking something you consider proves that they are too stupid to live then that's fine too.

Willing2Learn

Checking the general T&Cs for current accounts, it says for the Reward account that you must:
pay at least £1,500 in total every calendar month

I would assume from this that you are required to make the £1,500 deposit once every calendar month.

Snakey

Thanks - I don't have the Reward account, literally just looking to meet the conditions for the second switch bonus. I can see why I've confused the issue in my first post though, because actually the conditions for the second switch bonus don't say anything about an ongoing £1,500 monthly-pay in so that's me getting it wrong.

To qualify for the bonuses I have to:

1st bonus: open account, switch before 7 June, pay in £1,500 by 12 July, log on to online banking by 12 July. (I've done the first two bits and just set up online banking today - haven't paid any money in yet. The switch account was a donor account.)

2nd bonus "if you're still with us after a year": use debit card once a month until June 2020.

My question: do the second bonus conditions start only from the point where you meet the conditions for the first bonus (like, maybe, they test everybody's eligibility for the first bonus on 12 July and then start the clock for the second one), so that we all have to use our cards once a month for a year?

Or do they start from the day your account is opened, so for some people they might have to make payments from April onwards i.e. for more than a year, while other people will only have to make payments from July onwards i.e. for exactly a year?

My account was opened a couple of weeks ago and I got the debit card and PIN a few days ago. I haven't used it yet, and I'm not in a position to quickly go and use it today, so if this means I am now disqualified from the second £50 bonus then I'll close the account as soon as I get the first bonus and not spend the next year messing around making monthly debit card transactions only to be disappointed. There doesn't seem to be any small print to clarify this (I mean, suppose I'd opened the account a week later - still in May - and the card had been sent out but was still in the post, would I be automatically disqualified?).

18cc

I think the question is do you feel lucky... !

Are you prepared to spend a whole year doing something only to find when it comes to the end that your assumptions at the beginning were wrong

Pay in the £1500 this month...

Willing2Learn

18cc wrote: »

Pay in the £1500 this month...

...and you can immediately withdraw the money again a second later by Faster Payment....:)

Snakey wrote: »

I don't have the Reward account, literally just looking to meet the conditions for the second switch bonus.

The reason I gave the Reward conditions, is because I would assume if Natwest use a calendar month in some of their other product t&cs, then they would follow the same rule for the switch too

sheramber

Paying in £1500 per month is a condition of the reward account, regardless of the switch. If you opened a reward account without switching you would still need to pay in the £1500 per month.

If you leave the account open after you get the second bonus in June 2020 you still need to pay in £1500 per month.

So, I would assume is once a month from you open the account.

Zero_Sum

Willing2Learn wrote: »

...and you can immediately withdraw the money again a second later by Faster Payment....:)

)

Providing you have the card reader they dont send you automatically

dcs34

Zero_Sum wrote: »

Providing you have the card reader they dont send you automatically

Or order one online, wait a day, and then use any other bank's card reader if you have one

Super_Whiskey

Does the switch have to be completed by 7th June or started by 7th June and completed after?


Can I do the switch today or tomorrow and still get the bonus?

Zero_Sum

dcs34 wrote: »

Or order one online, wait a day, and then use any other bank's card reader if you have one

But you might not know to do that until its too late.

YorkshireBoy

Super_Whiskey wrote: »

Does the switch have to be completed by 7th June or started by 7th June and completed after?

That depends on whether you're a new or existing customer. So your question will be answered in either condition 1A or condition 2A respectively.