Natwest and RBS Reward accounts

Band7

Be patient. It will eventually show an available and a pending balance.

adindas

NatWest reward account.

https://www.natwest.com/current-accounts/reward_account.html

I will be trying my luck again to upgrade my Select AC to get switching incentive of £180.

I am trying to learn how the Reward of £5 a month work.

"Up to £5 a month back

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). Plus, earn an extra £1 a month back in Rewards with 1 mobile app log in. That's up to £5 a month back in Rewards to spend on whatever you like!"

. My understanding is 

1. you will get £4 just by having 2DD active and draw at least £2 from this reward account.,

2. Log in the ap at least one in a month.to get extra £1 a month back in Rewards, this is very easy.

I could easily use two of my unused credit card to meet this requirement. Also could it work with PP,  Plum,. money box or the like ??

Unless I have misunderstood it, it seems to me a decent offer with minimum work and risk. IS there any better offer with minimum amount of work ?

Thank you for your time

ThePirates

They're us a £2 per month fee though, so you only make £3 from each.

Middle_of_the_Road

adindas said:

NatWest reward account.

https://www.natwest.com/current-accounts/reward_account.html

I will be trying my luck again to upgrade my Select AC to get switching incentive of £180.

I am trying to learn how the Reward of £5 a month work.

"Up to £5 a month back

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). Plus, earn an extra £1 a month back in Rewards with 1 mobile app log in. That's up to £5 a month back in Rewards to spend on whatever you like!"

. My understanding is 

1. you will need £4 just by having 2DD active and draw at least £2 from this reward account.

2. Log in the ap at least one in a month.

I could easily use two of my unused credit card to meet this requirement. Also could it work with PP,  Plum,. money box or the like ??

Unless I have misunderstood it, it seems to me a decent offer with minimum work and risk. IS there any better offer with minimum amount of work ?

Thank you for your time

Yes you can use PP, Plum, Moneybox direct debits.

Another good reward account is the Halifax. You need to spend £500 with the debit card to get £5 monthly reward. I pay 500 into Skipton with the card, which then funds their regular saver and base rate tracker.

WillPS

adindas said:

. My understanding is 

1. you will need £4 just by having 2DD active and draw at least £2 from this reward account.

You need 2 Direct Debit payments of £2 or more to take place each month. They can both be from the same mandate (Plum allows a fortnightly payment which nicely automates this!).

adindas said:
IS there any better offer with minimum amount of work ?

Natwest/RBS reward is probably the most generous one that you can potentially fully automate. You can have one from each brand (and one more from each for a joint account potentially).

Halifax have a £5 reward which you can get up to 3 times, but you need to make a £500 debit card payment each time which prevents this from being easily automatable. My wife and I usually pay off our credit card bill then shove the rest in a savings account which accepts debit cards.

adindas

Thanks to all, regarding Halifax reward account, I already have a few of them..

Herbyme

I’m thinking of going for the NatWest account but I opened a Monzo current account yesterday to try out the pot system for managing annual/unpredictable bills/expenses. 

Would a second application so soon affect my credit rating or make NatWest more likely to turn me down?

Nasqueron

Herbyme said:

I’m thinking of going for the NatWest account but I opened a Monzo current account yesterday to try out the pot system for managing annual/unpredictable bills/expenses. 

Would a second application so soon affect my credit rating or make NatWest more likely to turn me down?

2 current account applications, assuming you didn't apply for an overdraft, is neither here nor there, many people on here have opened multiple accounts for switches

Herbyme

Nasqueron said:

Herbyme said:

I’m thinking of going for the NatWest account but I opened a Monzo current account yesterday to try out the pot system for managing annual/unpredictable bills/expenses. 

Would a second application so soon affect my credit rating or make NatWest more likely to turn me down?

2 current account applications, assuming you didn't apply for an overdraft, is neither here nor there, many people on here have opened multiple accounts for switches

Hmm, I did put a £250 overdraft on the Monzo account just in case of glitches with timings or forgotten DDs. Would that make a difference then?

Nasqueron

Herbyme said:

Nasqueron said:

Herbyme said:

I’m thinking of going for the NatWest account but I opened a Monzo current account yesterday to try out the pot system for managing annual/unpredictable bills/expenses. 

Would a second application so soon affect my credit rating or make NatWest more likely to turn me down?

2 current account applications, assuming you didn't apply for an overdraft, is neither here nor there, many people on here have opened multiple accounts for switches

Hmm, I did put a £250 overdraft on the Monzo account just in case of glitches with timings or forgotten DDs. Would that make a difference then?

They will both involve a credit check anyway, if you have otherwise a solid history (not the gimmick score) and don't apply for an OD with NatWest I imagine it'll be fine