RBS Reward Account.

oldagetraveller1

I quite probably know the answer, but for anyone with a RBS Reward Account and re the criterion for the total £1250 deposit per calender month, may this amount, or multiple credits, be credited and taken out again more or less immediately? I cannot find any mention of a minimum time that this has to remain in the account.

I can fulfill and know about using the mobile app and two £2+ active Direct Debit criteria which are straightforward enough.

It's the minimum monthly credit I don't want to get wrong.

Thanks.

SuperHans1

oldagetraveller1 said:

I quite probably know the answer, but for anyone with a RBS Reward Account and re the criterion for the total £1250 deposit per calender month, may this amount, or multiple credits, be credited and taken out again more or less immediately? I cannot find any mention of a minimum time that this has to remain in the account.

I can fulfill and know about using the mobile app and two £2+ active Direct Debit criteria which are straightforward enough.

It's the minimum monthly credit I don't want to get wrong.

Thanks.

Yes, I deposit and then immediately withdraw the minimum monthly contribution with RBS, NatWest and a variety of other banks to meet the requirements all on the same day of each month.

jimjames

If the bank specify a length of time your wages need to be in the account before you can spend them or transfer them out then you would need to follow that length of time to meet the conditions. I'm not  aware of any banks that have such a requirement for their current accounts.

PRAISETHESUN

There's no minimum time for NatWest/RBS reward accounts - if there was it would be specified. I have automated the pay in/out by SO on the same day without issue.

oldagetraveller1

Thanks all. I guessed that was the case, as with other banks, which require a minimum pay in sum each month, to fulfill any "rewards" etc..

No wages/salary/pension(s) paid into the account. In my case it has to be a transfer in then out.

Only just changed from a Select account which already had the two DDs set up and I use their app. anyway.

Thanks again.

RG2015

oldagetraveller1 said:

Thanks all. I guessed that was the case, as with other banks, which require a minimum pay in sum each month, to fulfill any "rewards" etc..

No wages/salary/pension(s) paid into the account. In my case it has to be a transfer in then out.

Only just changed from a Select account which already had the two DDs set up and I use their app. anyway.

Thanks again.

Did you open a new Reward account or did you upgrade from your Select account, thereby keeping your account number and DDs?

Just asking as I am considering this.

Southcoast01

Does a weekly DD meet the criteria or does it have to be two separate DD,s?

SuperHans1

Southcoast01 said:

Does a weekly DD meet the criteria or does it have to be two separate DD,s?

A weekly DD meets the requirement.

oldagetraveller1

RG2015 said:

oldagetraveller1 said:

Thanks all. I guessed that was the case, as with other banks, which require a minimum pay in sum each month, to fulfill any "rewards" etc..

No wages/salary/pension(s) paid into the account. In my case it has to be a transfer in then out.

Only just changed from a Select account which already had the two DDs set up and I use their app. anyway.

Thanks again.

Did you open a new Reward account or did you upgrade from your Select account, thereby keeping your account number and DDs?

Just asking as I am considering this.

"Upgraded/changed" from a Select account.

Nothing changed with respect to the DDs, account details and the existing Debit Card may be used.

I completed an online form during the application and everything changed the day after. I think there was a question asking if it was a new account or change an existing account. I selected the latter and was presented with the form.

oldagetraveller1

Southcoast01 said:

Does a weekly DD meet the criteria or does it have to be two separate DD,s?

"Earn £4 a month back in Rewards for 2 or more Direct Debits (2 of those Direct Debits needs to be at least £2 each).

I would suggest two are required. Seeabove from their website.

No doubt a weekly DD would meet the criterion as one of the two.

SuperHans1

oldagetraveller1 said:

Southcoast01 said:

Does a weekly DD meet the criteria or does it have to be two separate DD,s?

"Earn £4 a month back in Rewards for 2 or more Direct Debits (2 of those Direct Debits needs to be at least £2 each).

I would suggest two are required. Seeabove from their website.

No doubt a weekly DD would meet the criterion as one of the two.

I currently make a weekly payment of £2 to a post office savings account and this satisfies the direct debit requirements to earn £4. This is the only direct debit on the account that I have.