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

eskbanker

zagfles wrote: »

But why can't that registered app be on a PC rather than a phone? My PC is more secure than my phone, both physically and logically.

It can, if you bank with one of the Lloyds group brands, who support the principle of trusted devices across multiple technologies rather than being solely (mobile) app-centric.

The regulations are written in a non-prescriptive way that means that there are numerous different ways of complying with them, so inevitably there have been a range of approaches, as per the thread linked earlier.

So, for anyone who finds that they disagree with the SCA implementation(s) chosen by their bank(s), vote with your feet!

Anyway, as observed above, this is all getting some distance away from the topic of this thread so should probably be debated elsewhere....

Monkey_B

The real problem is what to do with the ~£300 sitting in our rewards right now. Their voucher exchange offers are mostly meh.

Don't you just exchange it for cash?

CollinT

DragonQ wrote: »

The real problem is what to do with the ~£300 sitting in our rewards right now. Their voucher exchange offers are mostly meh.

£300 in rewards will exchange for 35,220 Avios. Enough to get two people from London to Cyprus and back in Economy on British Airways (off-peak), or one person to New York and back in Economy (off-peak) with a further off-peak return flight from London to Amsterdam as well.

BakingC

Hmm. Was thinking that is me switching away as I currently get around £10 of rewards a month also including reward credit card.

Thinking santander 123 lite and gradually switch across the bills which will earn there leaving 2 smaller bills in this account.

Hopefully the reward credit card will keep the 1% of supermarket cashback (I know the other rate is being cut) otherwise it will be definitely time for me to go and will just use my Tandem and maybe get a supermarket specific one for shopping.

ian1246

Well, that is somewhat annoying but also presents an opportunity.

Currently we have all of our bills coming out of a Natwest Joint Account, since the return from Natwest was dependent upon having all house-hold bills paid from there (2% Cashback) - that means it isn't viable for us to look at Santander Lite previously on top of the Natwest Account.

However according to the email I've just received from Natwest - "You can earn up to £5 per month in Rewards:

"You'll earn £4 in Rewards every calendar month where you have two or more Direct Debits of £2 each paid from your Reward account. •
You'll earn £1 in Rewards every calendar month you log in to our mobile banking app*

You'll continue to earn Rewards at participating retailers. "

###############

I read that as being as long as you have 2 Direct Debits & Log Into Online App every month, we ll get £5 a month (Minus £2 Fee).

Solution? Keep the Natwest Account (Bounce £1250 into it every month to satisfy the "minimum pay in") & 2 small direct debits, ensuring we earn £5 a month (Minus £2 Account Fee's), whilst moving everything else over to Santander Lite - allowing us to earn Cashback from Santander Lite AND £3 (Net) from Natwest. Plus we still have the Reward Credit Card.

Hell, it might even be worth myself and partner opening individual accounts with Natwest now to also get the easy £3 Net-Payment.

DragonQ

Monkey_B wrote: »

Don't you just exchange it for cash?

Could do, just less efficient.

CollinT wrote: »

£300 in rewards will exchange for 35,220 Avios. Enough to get two people from London to Cyprus and back in Economy on British Airways (off-peak), or one person to New York and back in Economy (off-peak) with a further off-peak return flight from London to Amsterdam as well.

Recent trips have been package holidays so not that helpful. BA doesn't fly to where our relatives living abroad are either.

griffb

Got my email today

We're simplifying your account and providing you with more certainty on what you can earn each month

They seem to think they are doing me a favour :mad:

Weybridge78

Really disappointing change. Have opened a Santander 123 Lite and moved the household bills to that. Downgraded the NW Rewards account to a Select.

abz88

ian1246 wrote: »

I read that as being as long as you have 2 Direct Debits & Log Into Online App every month, we ll get £5 a month (Minus £2 Fee).

Solution? Keep the Natwest Account (Bounce £1250 into it every month to satisfy the "minimum pay in") & 2 small direct debits, ensuring we earn £5 a month (Minus £2 Account Fee's), whilst moving everything else over to Santander Lite - allowing us to earn Cashback from Santander Lite AND £3 (Net) from Natwest. Plus we still have the Reward Credit Card.

Hell, it might even be worth myself and partner opening individual accounts with Natwest now to also get the easy £3 Net-Payment.

Or open standard NatWest Accounts each, switch your main account to Santander Lite and then set up two DD on the NatWest Accounts and upgrade them to Rewards Accounts (involves less individual DD switches).

If Santander were looking for new customers, a switch incentive would likely draw a lot of folk away from NatWest/RBS, so fingers crossed!

griffb

TREVORCOLMAN wrote: »

Its called "spin".

They need some better spinners then