NatWest switch offer

ratechaser

That wording on the Reward account regarding pay in is is interesting - I have 2 of them however only 1 has got a regular monthly pay in of over £1250. My reading is that this should be sufficient for both accounts , but we shall see in a month or so!

colsten

AbundantBudget said:

Ibliss said:

Regarding the £1500 pay in - which I have done - how l long do you have to maintain that balance? Or does it just require £1500 to have been deposited at some point?  I don't want to lose the switching bonus but at the same time the £1500 isn't earning any interest while it is sat in NatWest current account!

There is a requirement of £1,250 for the Reward account, and you need to deposit it monthly. You can remove the money on the same day, you don't need to maintain the balance. 
From Natwest web-site 'To hold this account, you need to pay in £1,250 to an eligible NatWest account every month.'

That's the requirement for the ongoing rewards; different from the requirements for the switch offer. Although depositing £1,500 to meet the switch offer requirements would also fulfil the requirements for the current month of the Reward account.

colsten

ratechaser said:

That wording on the Reward account regarding pay in is is interesting - I have 2 of them however only 1 has got a regular monthly pay in of over £1250. My reading is that this should be sufficient for both accounts , but we shall see in a month or so!

Your reading is correct. Depositing £1,250 into one of two Reward accounts fulfills the monthly deposit requirements for both your accounts.

The monthly £1,250 would also count towards the £1,500 deposit required for the switch offer, provided it's made before the date stipulated in the switch offer

PRAISETHESUN

I can also confirm that for multiple reward accounts, only a single £1250/month payment is required to meet the monthly funding requirement to get the rewards on both accounts. 

ratechaser

colsten said:

ratechaser said:

That wording on the Reward account regarding pay in is is interesting - I have 2 of them however only 1 has got a regular monthly pay in of over £1250. My reading is that this should be sufficient for both accounts , but we shall see in a month or so!

Your reading is correct. Depositing £1,250 into one of two Reward accounts fulfills the monthly deposit requirements for both your accounts.

The monthly £1,250 would also count towards the £1,500 deposit required for the switch offer, provided it's made before the date stipulated in the switch offer

Thanks Colsten. For the switch offer I decided to err on the side of caution and made sure £1500 was paid directly to the account being opened, but it would be helpful to avoid one more bit of ongoing admin if it's not needed for rewards. 

Between this, and the new tie-up with Nectar, my Avios balance is going to be looking pretty healthy soon. If only I could fly somewhere!

SaverRate

I have done the Natwest Switch offer, has anyone had any texts from them about being paid the bonus? (I did the RBS one too and had texts from them?)

mrkds

 I believe the terms of the offers say you can only get one of the two (RBS or NatWest), not both. So I guess you will get which ever of the two you claimed first, but not the second. 

AbundantBudget

mrkds said:

 I believe the terms of the offers say you can only get one of the two (RBS or NatWest), not both. So I guess you will get which ever of the two you claimed first, but not the second. 

I did only Natwest and I'm still waiting for the reward. No sms, no money as yet.

Newly_retired

I think it is due from NatWest around 12 February.

SaverRate

mrkds said:

 I believe the terms of the offers say you can only get one of the two (RBS or NatWest), not both. So I guess you will get which ever of the two you claimed first, but not the second. 

The terms said if you had a previous payout before a certain date in 2020. As my RBS payout was after this date at the moment I am following the terms and conditions