Switch offer pay ins

OceanSound

Can someone confirm the one-off/monthly pay in(s) for these switch offers:

a) natwest

b) rbs

c) lloyds

is natwest and rbs both one-off (although can be paid in as one lump sum or in dribs and drabs) payin while the lloyds is a monthly paying (again can be paid in a lump sum per month or many payins per month  to add up to £1500 per month)?

Natwest and RBS both a one-off payment of £1250 before the deadline of 13 January 2022 and 30 December 2021, respectively. While lloyds is a monthly payin of £1500. With the latter does it matter when the payin is done? i.e. does it need to be done between 1st and the end of each month or from the date of account opening to the same day the next month? e.g. the 14th.

I had a look at the club lloyds Fee Information Document. It says:

We won’t charge the monthly Club Lloyds fee if you pay £1,500 into your account during the month.

that document doesn't define what constitutes 'the month'.

PRAISETHESUN

To qualify for the monthly benefits for Club Lloyds, the monthly pay in requirement is per calendar month. There is no requirement to maintain this if you downgrade to their Classic account. For NatWest/RBS, the requirement to make a monthly pay in is only for their Reward account I believe, and this is also per calendar month.

Note that this is completely separate of any qualifying payment that needs to be made to take advantage of any of the switch incentive that these banks offer from time to time. Those details will be specified in the terms of each individual offer.

OceanSound

PRAISETHESUN said:

To qualify for the monthly benefits for Club Lloyds, the monthly pay in requirement is per calendar month. There is no requirement to maintain this if you downgrade to their Classic account. For NatWest/RBS, the requirement to make a monthly pay in is only for their Reward account I believe, and this is also per calendar month.

Note that this is completely separate of any qualifying payment that needs to be made to take advantage of any of the switch incentive that these banks offer from time to time. Those details will be specified in the terms of each individual offer.

I don't think there is a monthly pay in requirement for Natwest and RBS reward account offers. To qualify for the £4.00 and £1.00, monthly reward, we need to payout 2 Direct Debits (each direct debit must be over £2.00) and logon to the mobile banking app at least once every calendar month. Both NatWest and RBS have been quite good in specifying the 'calendar' part in their 'My rewards' terms documents.

edit: 

...There is no requirement to maintain this if you downgrade to their Classic account..

Yes, but downgrading would mean forfeiting the lifestyle benefits attached to the club lloyds account, i presume. i.e. interest on current account balance, magazine subscription and use of a monthly saver account.

kaMelo

OceanSound said:

PRAISETHESUN said:

To qualify for the monthly benefits for Club Lloyds, the monthly pay in requirement is per calendar month. There is no requirement to maintain this if you downgrade to their Classic account. For NatWest/RBS, the requirement to make a monthly pay in is only for their Reward account I believe, and this is also per calendar month.

Note that this is completely separate of any qualifying payment that needs to be made to take advantage of any of the switch incentive that these banks offer from time to time. Those details will be specified in the terms of each individual offer.

I don't think there is a monthly pay in requirement for Natwest and RBS reward account offers. To qualify for the £4.00 and £1.00, monthly reward, we need to payout 2 Direct Debits (each direct debit must be over £2.00) and logon to the mobile banking app at least once every calendar month. Both NatWest and RBS have been quite good in specifying the 'calendar' part in their 'My rewards' terms documents.

edit: 

...There is no requirement to maintain this if you downgrade to their Classic account..

Yes, but downgrading would mean forfeiting the lifestyle benefits attached to the club lloyds account, i presume. i.e. interest on current account balance, magazine subscription and use of a monthly saver account.

It would but those are ongoing monthly benefits, your question was about switch offers which are a separate requirement. Your understanding of RBS/NatWest is correct, For the switch offer from Lloyd's I don't think any pay in requirements exist. Lloyd's is calendar month also. As always, read the switch offer terms for clarity.

bristolleedsfan

OceanSound said:

PRAISETHESUN said:

To qualify for the monthly benefits for Club Lloyds, the monthly pay in requirement is per calendar month. There is no requirement to maintain this if you downgrade to their Classic account. For NatWest/RBS, the requirement to make a monthly pay in is only for their Reward account I believe, and this is also per calendar month.

Note that this is completely separate of any qualifying payment that needs to be made to take advantage of any of the switch incentive that these banks offer from time to time. Those details will be specified in the terms of each individual offer.

I don't think there is a monthly pay in requirement for Natwest and RBS reward account offers.

I pay in £1250 a month for this reason

First things first. You can apply if you:

are aged 18 or over and a UK resident

will pay in £1,250 each calendar month to any eligible personal current account you have with us

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

RBS state

To apply, you need to be 18+ and a UK resident. To hold this account, you need to pay in £1,250 to an eligible Royal Bank of Scotland account every month.

PRAISETHESUN

bristolleedsfan said:

OceanSound said:

PRAISETHESUN said:

To qualify for the monthly benefits for Club Lloyds, the monthly pay in requirement is per calendar month. There is no requirement to maintain this if you downgrade to their Classic account. For NatWest/RBS, the requirement to make a monthly pay in is only for their Reward account I believe, and this is also per calendar month.

Note that this is completely separate of any qualifying payment that needs to be made to take advantage of any of the switch incentive that these banks offer from time to time. Those details will be specified in the terms of each individual offer.

I don't think there is a monthly pay in requirement for Natwest and RBS reward account offers.

I pay in £1250 a month for this reason

First things first. You can apply if you:

are aged 18 or over and a UK resident

will pay in £1,250 each calendar month to any eligible personal current account you have with us

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

RBS state

To apply, you need to be 18+ and a UK resident. To hold this account, you need to pay in £1,250 to an eligible Royal Bank of Scotland account every month.

That's the reason I pay into my NatWest/RBS accounts as well - although you've now made me question if I actually need to bother with it 

In any case, for the CL account the monthly pay in is only to avoid the monthly fee. If you fail to make a pay in, then you'll still keep your lifestyle rewards, but you get charged a monthly fee.

EDIT:

For NatWest and RBS Rewards, the monthly pay in is required if your account(s) was opened after 26 June 2017. Clearly states this is per calendar month.

https://www.natwest.com/content/dam/natwest/personal/current-accounts/documents/your-current-account-terms.pdf

https://www.rbs.co.uk/content/dam/royal_bank_of_scotland/personal/current-accounts/documents/PersonalXandXPrivateXCurrentXAccountXTerms.pdf

OceanSound

bristolleedsfan said:

OceanSound said:

PRAISETHESUN said:

To qualify for the monthly benefits for Club Lloyds, the monthly pay in requirement is per calendar month. There is no requirement to maintain this if you downgrade to their Classic account. For NatWest/RBS, the requirement to make a monthly pay in is only for their Reward account I believe, and this is also per calendar month.

Note that this is completely separate of any qualifying payment that needs to be made to take advantage of any of the switch incentive that these banks offer from time to time. Those details will be specified in the terms of each individual offer.

I don't think there is a monthly pay in requirement for Natwest and RBS reward account offers.

I pay in £1250 a month for this reason

First things first. You can apply if you:

are aged 18 or over and a UK resident

will pay in £1,250 each calendar month to any eligible personal current account you have with us

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

RBS state

To apply, you need to be 18+ and a UK resident. To hold this account, you need to pay in £1,250 to an eligible Royal Bank of Scotland account every month.

Luckily I checked in on this forum, I was of the impression that it was only a one-off pay-in and the DD's and the login via app was the sole requirement for the natwest and rbs rewards. Must have missed what natwest says on the website AND in the terms. Terms clearly say:

If you open your Reward account from 26 June 2017 onwards, you must pay at

least £1,250 in total every calendar month into any personal current account(s)

you hold with us (excluding a Foundation account, Basic account or a current

account mortgage product). The £1,250 can’t be paid in from a current account

or savings account you hold with us.

If you don’t meet these criteria, we may convert your Reward account to a Select account (which means you’ll stop earning Rewards).

I may have become overwhelmed with all the requirements. Thanks to this forum, I'm back on track now. Put a calendar entry to pay in £1250 to natwest and RBS accounts each month. Fortunately, last month I paid in £1500 to both accounts as I knew it was a requirement for the switch offer. So, that would have counted towards 'being eligible for the rewards account' as well, I presume.  It'd be silly to have to pay in £2750 (£1500 for the switch offer + £1250 for being eligible for the reward account)