Natwest Reward account

Poor_Leno

Hi guys,

does anyone know if the monthly payment for the Natwest reward account is taken on the 1st of each month like the Barclays blue payment is, or is it taken on an anniversary date (e.g when the reward registration was made).  Would just be useful to know, cheers!

bristolleedsfan

My first monthly rewards are still pending with no fee taken more than a month since account was opened

RG2015

My NatWest Reward current account was opened on 30/10/2015 and the first fee was taken on 18/12/2015. Subsequent monthly fees are taken between the 14th and the 19th of each month depending on bank holidays and weekends.

blue.peter

Poor_Leno said:

Hi guys,

does anyone know if the monthly payment for the Natwest reward account is taken on the 1st of each month like the Barclays blue payment is, or is it taken on an anniversary date (e.g when the reward registration was made).  Would just be useful to know, cheers!

Assuming that it's the same as the RBS Reward account that I have, it'll be taken 16 days after your statement date (with adjustments to exclude weekends and public holidays). And the statement date will itself also vary a bit because of weekends and public holidays. If the end of the month comes in that 16-day period, this will introduce further variation to the actual deduction date. If memory serves, my charge is deducted any time between the 13th and the 16th of the month.

I also found that the first such payment was a bit of an odd amount - some odd pro-rata calculation was done to make it £1.93 instead of £2.00.

surreysaver

My first payment was taken a month after I changed my account to a Reward account, and it seemed to have been pro-ratad for the length of time for that month it was a Reward Account - so I was charged £1.03 in March for February, then the full £2 in April for March.
Still waiting to be charged for my RBS account - although I've tried to log onto 'My Rewards' for that, and I'm getting an error message saying it cannot register me, and the phone number is shut due to the virus, so I don't know where I am with that, and I'm not even showing as pending for any rewards for that, even though I've logged in (no direct debits have been taken since I opened it, yet)?

RG2015

RG2015 said:

My NatWest Reward current account was opened on 30/10/2015 and the first fee was taken on 18/12/2015. Subsequent monthly fees are taken between the 14th and the 19th of each month depending on bank holidays and weekends.

Upon further examination my dates are as follows.

Account opened 30/10/2015
First statement 27/11/2015
First fee deducted 18/12/2015 (21 days after statement date but pro-rated for 27/30 days.

Subsequently, my monthly fee is always deducted 21 days after my statement date but that changes depending on weekend and bank holiday days.

Poor_Leno

cheers guys, it does get confusing when banks operate with different stipulations regarding calendar month / statement month and such.  Thanks for the information, at least I know what to expect.  I read somewhere in the T&Cs that it also takes 35 days for the first Rewards to land in the reward wallet.   Only wanted the account really for the credit card, which offers a better deal for my needs than the Platinum Amazon card i've been using

blue.peter

Poor_Leno said:

 I read somewhere in the T&Cs that it also takes 35 days for the first Rewards to land in the reward wallet.

That's not quite correct. They appear in the Rewards account very shortly after they're earned, but as "pending" - i.e., greyed out. It's 35 days after that that you can redeem them, and another few days (up to five working days) before the money actually appears in your bank account.

So, for example (these are actual dates from my records):

Mobile banking app used on 1st March, £1 reward appears (pending) in Rewards account dated 1st March.

Direct Debits paid 1st March, £4 reward appears (pending) in Rewards account dated 2nd March.

Rewards redeemed (i.e., instruction to pay given) on 6th April (very early in the morning).

£5 appears in bank account 8th April.

RG2015

Poor_Leno said:

cheers guys, it does get confusing when banks operate with different stipulations regarding calendar month / statement month and such.  Thanks for the information, at least I know what to expect.  I read somewhere in the T&Cs that it also takes 35 days for the first Rewards to land in the reward wallet.   Only wanted the account really for the credit card, which offers a better deal for my needs than the Platinum Amazon card i've been using

The NatWest Reward credit card is a good choice. 1% cashback on supermarket spend, 0.25% elsewhere and the £24 annual fee is refunded if you have the NatWest Reward current account.

Poor_Leno

Cheers. Yeah ive been doing the sums and I spend more money regular in supermarkets than Amazon.  The Amazon platinum card was really only attractive cos of the £25 free gift card and the fact I had prime increased the points return. But if you don't spend as much money there as somewhere else then in my mind it makes sense to get a card that works as hard as it t could with its benefits.  If I spent shitloads on a CC then I'd actually go for the amex reward card, but it'd take me all year to hit 5,000 points probably. This is definitely the best option for me

colsten

If you can manage to spend £2k in the first 3 months of having the Amex Nectar card, you get £100 worth of Nectar points

https://www.americanexpress.com/uk/credit-cards/nectar-credit-card/