Natwest + RBS Rewards

Herbalus

No it won’t. DDs have to be different and a minimum of £3

colsten

Herbalus said:

No it won’t. DDs have to be different and a minimum of £3

I am not sure how 'different' would be defined but I am sure that DDs need to be for at least £2. FWIW, my DDs go to the same payee each month, though my payee is not the PO.

RG2015

Herbalus said:

No it won’t. DDs have to be different and a minimum of £3

Tight_Fist said:

I recently switched to Natwest and got the switch incentive but does anyone know if just having a PO savings DD that takes £2 a week will qualify for the two DDs and the £4 in rewards? 

 Just looking at the terms for the NatWest Rewards account.

1) 2 or more Direct Debits are debited from your account to pay for goods and/or services each calendar month

1) 2.00 Rewards per month for each of the 2 required Direct Debits. 4 Rewards in total (equivalent to £4 per month).

The question is whether four weekly payments of £2 (ie £8 per month) to a PO account each will qualify. I do not agree that a minimum of £3 is required but that is not an issue since the proposal will be £8 per month.

However, it says that direct debits are required not two different payees. There may also be a question as to a payment to a PO account qualifies as goods and or services.

I do not have an answer but I do not think it is as clear cut as the answer given.

colsten

RG2015 said:

The question is whether four weekly payments of £2 (ie £8 per month) to a PO account each will qualify. I do not agree that a minimum of £3 is required but that is not an issue since the proposal will be £8 per month.

It's definitely £2 minimum per DD, as per the T&Cs

RG2015 said:

There may also be a question as to a payment to a PO account qualifies as goods and or services.

DDs to other savings accounts count (subject to above exclusions), so I can't see whether a DD to a PO savings account would not count. I just don't know whether payments made under a single weekly DD mandate would be considered as at least 2 debits a month. There's an easy way to find out, though......

kaMelo

DD's to the Post Office are a qualifying DD. I can't confirm whether a weekly DD would qualify as two however. Britannia Select Access Saver is another option if you needed one.

Herbalus

Oops, I stand corrected at £2 minimum. I have 2 monthly DDs set up to the Post Office because I made a mistake and set the first one up as £1, and with the PO online banking glitches never could cancel the £1 one. So I organised for another to be £3 per month (probably where I got the £3 from).

they both appear as one DD mandate in online banking, which is why I believe a weekly DD won’t count, as it won’t show that you have 2 DDs on the account.

PRAISETHESUN

I've tried a weekly DD in the past and can confirm from my experience that it doesn't work. You need multiple payments taken from multiple DD mandates to qualify for the rewards with NatWest - haven't tried for RBS but presumably it is the same.

colsten

Herbalus said:

Oops, I stand corrected at £2 minimum. I have 2 monthly DDs set up to the Post Office because I made a mistake and set the first one up as £1, and with the PO online banking glitches never could cancel the £1 one. So I organised for another to be £3 per month (probably where I got the £3 from).

they both appear as one DD mandate in online banking, which is why I believe a weekly DD won’t count, as it won’t show that you have 2 DDs on the account.

If only 1 DD shows in your online banking/app, then the PO must have combined them into one £4 DD. Natwest/RBS wouldn't do the combining. My DDs* for the same date each month, for the same payee, for slightly different amounts, show as two mandates. The originating building society has assigned unique mandate numbers to each of the DDs. 

I would agree though that any weekly DD would only show as one mandate.  AFAIK, the eligibility for the rewards is not determined by the number of mandates but by the number of DD payments >=£2 made in any calendar month. As I said before, there's an easy way to find out..... mind you, perhaps not so easy, as the PO is involved 🤣


* the account I am using for my DDs is a savings account that has not been available to new applicants for many years, and the BS are not offering DD facilities on any of their other accounts.

crumpet_man

Tight_Fist said:

I recently switched to Natwest and got the switch incentive but does anyone know if just having a PO savings DD that takes £2 a week will qualify for the two DDs and the £4 in rewards? 

Works for me.

And for Barclays blue rewards and Co-Op rewards.

PRAISETHESUN

crumpet_man said:

Tight_Fist said:

I recently switched to Natwest and got the switch incentive but does anyone know if just having a PO savings DD that takes £2 a week will qualify for the two DDs and the £4 in rewards? 

Works for me.

And for Barclays blue rewards and Co-Op rewards.

Interesting... last time I tried a weekly DD with NatWest I didn't qualify for rewards that month. Might have to look into this again if I ever get short of DDs! Can't speak for Barclays, but I haven't had an issue doing this with Co-Op however.