NatWest and RBS to scrap bills cashback - what you need to know

Ragsie66

Just wondering after reading this can I get out off it and leave the bank of do I have to stay for full 12 months

Bigwigg

That’s really crappy, I currently earn about £150-200 a year out of this account! Will look at swapping to Santander

Jimbob747

I've just joined NatWest, following their £150 switch incentive, signing up for their Reward Account. I have this account solely in my name, but it pays the household bills for my wife and I, so that's where the direct debits go. I keep it in my name as it's very easy for me to switch to another bank when the £100+ incentives exist (I made it a joint account once and it became much more complex to switch so I won't do that again). My wife and I also have separate accounts for that continuity that's nice to have for credit checks and ease of remembering your bank details etc.

I regularly move the 'bill paying' account when the incentives are around - I've done it with Yorkshire, HSBC, First Direct, Halifax, and TSB. I stay for a while (and in NatWest's case I was intending to stay for a long while as I love their mobile app). Looks like i will be moving away from NatWest now as a result of their stopping the 2%/7 bills Rewards cashback, once my £150 incentive is paid [Jan/Feb]. I will only have been with them for about 5 months by the time I leave, so that'll have cost them £30/month and then they'll be losing me. Why give on the one hand if taking away with another? Bonkers to attract me with £150 and then lose me for the sake of the £5 per month net gain I make with Rewards??

leviathan

The only reason I'm still with natwest is the online banking.
I've been with them for 20years+ and whilst I regularly do the tricks to get free money from other providers and have seen the service drop off a cliff it's only that which is keeping me with them.

griffb

LeytherMatt wrote: »

I use NatWest for my joint account and the 2% on household bills has been a really good earner for me - does anyone know of any current accounts that I can switch to that offer a similar deal? I have noticed the HSBC £175 for switching but as it is our joint account rather than my personal current account we won't be paying in the required £1,750 a month.

Same here; the joint account only has the utility DDs going through (makes it a bit easier for wife if I pop my clogs suddenly. We each have our own NatWest accounts.)

I also realised I don't think I'll qualify for the HSBC £175 switch reward - although it's been dormant over 20 years I still have my first ever bank account opened 47 years ago at Midland so not a new customer.

leviathan

I dont either but only becasue I had an account too recently with them.
But what trauma that was.
They had an address down for me incorrectly. I had last banked with them 22yrs ago but then had teh wrong address from al lthat long ago. So since theri incorrect records didn't match up I had to take all my ID into branch. To which I made a complain about why they had kept my information and at that incorrect information on their system for 20years but nothing other than an apology and goodwill gesture came out of it.
I went through teh onborading for their online banking and it reminded my why I liked natwest.


However thsi new stupid idea of needing your phone to do online banking for the SMS code has made it a lot les easier to use. I had already obtained many free card readers and distributed them at home, at work in the car etc. but I cannot exactly carry one on me at all times.

eskbanker

leviathan wrote: »

However thsi new stupid idea of needing your phone to do online banking for the SMS code has made it a lot les easier to use. I had already obtained many free card readers and distributed them at home, at work in the car etc. but I cannot exactly carry one on me at all times.

Surely if you're miffed that you can't carry a card reader at all times then authenticating via something that most people will have with them at all times (or at least times when they feel the need to do online banking) will make life easier?

Unless you're one of the small minority who either object in principle to using mobile phones or who can't get signals perhaps?

Zero_Sum

leviathan wrote: »

The only reason I'm still with natwest is the online banking.
I've been with them for 20years+ and whilst I regularly do the tricks to get free money from other providers and have seen the service drop off a cliff it's only that which is keeping me with them.

Really?
Im with loads of banks & for online banking imho nat west are the worst

ffacoffipawb

Only used this for cashback. May as well switch it into my main firstdirect account for simplicity. I am sure my next of kin will thank me for simplifying my accounts.

I can certainly get rid if this and my 3 HBOS rewards which are barely worth the effort these days.

And the 3 now dormant TSB current accounts.

Novice_investor101

Must admit, this new version of the rewards account is better for me than the old one. I bank with NatWest anyway as I find the app excellent. I rarely login to the online banking site as I can do everything on the app.

As I live alone my bills are tiny. So it wasn't worth it before. Now, as I use the app at least every other day & all my DD's come out of my current account, I might as well sign up & get £3 a month for doing nothing different to what I've done for years.