NatWest £150 "Switch & Stay" offer

Katiehound

andyhicks88 said:

Is the £1500 you have to pay in inclusive of any amount transferred from the old account when it switches? Or does that £1500 have to paid in after the switch has completed?  And then once that £1500 has been paid in does it have to stay there until they pay out or can it be drawn back out again?

Generally £1500 needs to be paid in apart from the money transferred. That would be the safe thing to do.

It does not have to be one lump sum- it could be £500 x 3, or even £1 x 1500!! but that would be a bit time consuming.
The £500 could as an example go in  & out 3 times. As long as the total amounts to £1500.

I would be inclined to leave a reasonable balance until pay out- not just something like £1 

alsa1

I applied for the Reward account on 27/10, I received an email saying we’ll let you know if we need anything else, but then nothing since. 

Natwest seem so archaic with the account opening compared to Lloyds & the digital banks which open an account instantly. 

Is it worth contacting them or is this the norm?

kuepper

alsa1 said:

I applied for the Reward account on 27/10, I received an email saying we’ll let you know if we need anything else, but then nothing since. 

Natwest seem so archaic with the account opening compared to Lloyds & the digital banks which open an account instantly. 

Is it worth contacting them or is this the norm?

Same as me then I got an email yesterday saying I needed to upload some ID and electronically sign the application so click this link. The link went to Digidocs where I had to register for it before I could sign in. So I signed in and got an error message and repeated this using different browsers etc but still got error messages. Phoned them up today with the usual we are experiencing loads of calls BS and got through after about 20 mins and was immediately cut off. Tried again and after similar wait actually got to talk yo someone and was cut off in mid sentence. Tried a 3rd time and was successful in getting through and the guy said it'd be best to do it in paper form and he'd send me the relevant forms which I should get 'within 5 days'.

Don't get why I need ID when it's a switch anyway but what a shambles of an operation. I'd never give them my real banking, I'm just doing it for switch money.

Catplan

kuepper said:

Don't get why I need ID when it's a switch anyway but what a shambles of an operation. I'd never give them my real banking, I'm just doing it for switch money.

ID is required to comply with the KYC requirements, these don’t transfer between banks when you transfer your account it’s up to the provider to meet the requirements.

alsa1

kuepper said:

alsa1 said:

I applied for the Reward account on 27/10, I received an email saying we’ll let you know if we need anything else, but then nothing since. 

Natwest seem so archaic with the account opening compared to Lloyds & the digital banks which open an account instantly. 

Is it worth contacting them or is this the norm?

Same as me then I got an email yesterday saying I needed to upload some ID and electronically sign the application so click this link. The link went to Digidocs where I had to register for it before I could sign in. So I signed in and got an error message and repeated this using different browsers etc but still got error messages. Phoned them up today with the usual we are experiencing loads of calls BS and got through after about 20 mins and was immediately cut off. Tried again and after similar wait actually got to talk yo someone and was cut off in mid sentence. Tried a 3rd time and was successful in getting through and the guy said it'd be best to do it in paper form and he'd send me the relevant forms which I should get 'within 5 days'.

Don't get why I need ID when it's a switch anyway but what a shambles of an operation. I'd never give them my real banking, I'm just doing it for switch money.

Not impressive indeed, I also finally received a Digidocs link and sent that off, but said it will be another 3-5 days before they come back to you. 

So nearly 2 weeks since application and then you might get a decision, card and pin presumably another week after. Your paper application might take even longer…

In comparison I opened a Lloyds account recently, no ID required. Card, pin & Internet banking all done within a week. 

kuepper

Catplan said:

kuepper said:

Don't get why I need ID when it's a switch anyway but what a shambles of an operation. I'd never give them my real banking, I'm just doing it for switch money.

ID is required to comply with the KYC requirements, these don’t transfer between banks when you transfer your account it’s up to the provider to meet the requirements.

I've received 2 duplicate letters from Natwest today and all they want is a signature no proof of identity. Letter says when they receive my signature they'll send me the necessary forms to switch! 

singhini

WillPS said:

singhini said:

I just want to check something please with all you clever folk.
I've got a TESCO account with £zero balance and NO direct debits (because TESCO are systematically / automatically closing their accounts on 30th November).
So have i understood this correct please. I could apply online in the next few days for a Natwest Select account and they will auto switch the old TESCO account (hopefully everything goes smooth and completes well before TESCO close my account on 30th November) and aslong as i pay in £1,500 and log in online by 13th January 2022 Natwest will pay me £100 by 11th February 2022 AND most importantly Natwest don't charge a monthly fee and nor do they require any direct debits on this new account.
Surely this can't be right?

Yes, that is correct.

They are incentivising the switch, there is nothing concrete meaning you have to do stuff which offers them a return on their investment directly.

Following on from my previous message MSE is suggesting that you do need 2 DD's and to pay in £1,250 each month if you want the initial £100 bonus from NatWest  ? ? ? 

Here's the link (see 5th column down) Latest weekly email: Cheapest fibre broadband we've ever seen (moneysavingexpert.com)


Having clicked the link i can't see where it says you need DD's or that you need to pay in £1,250 on a monthly basis?

Confused - Please Help ? ? ? 

RacingDriver

singhini said:

WillPS said:

singhini said:

I just want to check something please with all you clever folk.
I've got a TESCO account with £zero balance and NO direct debits (because TESCO are systematically / automatically closing their accounts on 30th November).
So have i understood this correct please. I could apply online in the next few days for a Natwest Select account and they will auto switch the old TESCO account (hopefully everything goes smooth and completes well before TESCO close my account on 30th November) and aslong as i pay in £1,500 and log in online by 13th January 2022 Natwest will pay me £100 by 11th February 2022 AND most importantly Natwest don't charge a monthly fee and nor do they require any direct debits on this new account.
Surely this can't be right?

Yes, that is correct.

They are incentivising the switch, there is nothing concrete meaning you have to do stuff which offers them a return on their investment directly.

Following on from my previous message MSE is suggesting that you do need 2 DD's and to pay in £1,250 each month if you want the initial £100 bonus from NatWest  ? ? ? 

Here's the link (see 5th column down) Latest weekly email: Cheapest fibre broadband we've ever seen (moneysavingexpert.com)


Having clicked the link i can't see where it says you need DD's or that you need to pay in £1,250 on a monthly basis?

Confused - Please Help ? ? ? 

The £1,250 per month and 2 DDs is for the NatWest/RBS Reward Current Account perks, rather than the switching incentive.

singhini

RacingDriver said:

singhini said:

WillPS said:

singhini said:

I just want to check something please with all you clever folk.
I've got a TESCO account with £zero balance and NO direct debits (because TESCO are systematically / automatically closing their accounts on 30th November).
So have i understood this correct please. I could apply online in the next few days for a Natwest Select account and they will auto switch the old TESCO account (hopefully everything goes smooth and completes well before TESCO close my account on 30th November) and aslong as i pay in £1,500 and log in online by 13th January 2022 Natwest will pay me £100 by 11th February 2022 AND most importantly Natwest don't charge a monthly fee and nor do they require any direct debits on this new account.
Surely this can't be right?

Yes, that is correct.

They are incentivising the switch, there is nothing concrete meaning you have to do stuff which offers them a return on their investment directly.

Following on from my previous message MSE is suggesting that you do need 2 DD's and to pay in £1,250 each month if you want the initial £100 bonus from NatWest  ? ? ? 

Here's the link (see 5th column down) Latest weekly email: Cheapest fibre broadband we've ever seen (moneysavingexpert.com)


Having clicked the link i can't see where it says you need DD's or that you need to pay in £1,250 on a monthly basis?

Confused - Please Help ? ? ? 

The £1,250 per month and 2 DDs is for the NatWest/RBS Reward Current Account perks, rather than the switching incentive.

Thankyou for helping me and explaining this, appreciated 

moneysavinggirl40

Is everyone still waiting for their bonus for switching to nat west?