NatWest Switch Rules

fretwej

Please can anyone confirm if the £1500 minimum pay in to get the switch reward is a one-off pay in or a minimum monthly pay in.

Joe99

One off pay in of £1,500. However if you're switching to a reward account it's £1,500 monthly. But with the reward account I think it's £1,500 monthly pay in anyway regardless of the switching offer.

fretwej

I am looking at opening the Everyday Select account, not a Reward account. Is £1500 per month a requirement. On NatWests site ‘per month’ is not mentioned anywhere. However some comparison sites do say that it is required every month.

Katiehound

Sorry I can't answer your precise question- however just remember that £1500 does not have to be a lump sum- it could be £500 x 3 (going in and out!) or it could be £1500 that just 'visits' for a day or two. No bank can expect money to be paid in and remain there untouched!!
HTH

Snakey

One-off.

I suspect the comparison sites are telling you the conditions for the Reward account as it doesn't occur to them that anybody would open an account purely for the switch bonus rather than making it their main bills account (mucking around with multiple current accounts is uncommon in the wild, which is easy to forget on here when surrounded by people who do it all the time).

If you want the second switch bonus you need to use your debit card once a month till next June.

Johntea

I opened my account at the end of May (final bank holiday Monday) so didn't receive my debit card until June, hopefully they won't use that as a way of getting out of paying the extra bonus!

Snakey

I was trying to find out about that the other day.

I opened my account mid-month and got my card and PIN a week or so later, but had assumed the "once a month" thing for the second bonus surely wouldn't kick in until you had qualified for your first bonus - the final date being June 2020 seemed to tie in to the concept of staying for a year i.e. twelve monthly payments from July.

Then I had a last-minute panic on the afternoon of the 31st... would be very annoying to go to the faff of making all those payments only to find you were disqualified before you even started.

I couldn't confirm it from either the website, the stuff they sent me, or on here, so if you do get any further information please share it with us!

Matt17

I know one of the conditions is you have to log in to online banking but do you also need to be paperless or is it ok to change to paper statements?