New Natwest / RBS / Ulster Bank £200 Switch Incentive

Bridlington1

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

I've just switched instructed the switch into NatWest and got the confirmation screen on the form. I have not yet received any email etc. - although I don't know if that's something that usually happens anyway.

Given it is an existing NatWest account, if I was to log into the app and do the £1250 thing just now, would this count and fulfil all my requirements, or would I be best waiting until they've confirmed the switch has occurred? I believe this should be 3rd May?

They never sent me an email either. I did get a text from Natwest/RBS a few days into the switch saying that my switch is progressing, followed by another one telling me my switch is complete, we've paid £200 into your account.

Is the account you're switching into a reward account or am I getting mixed up (which is perfectly possible)? If it is I'd just leave it till May and just use the money you would be paying in each month anyway to satisfy the deposit requirements of the switching offer as it saves moving money around unnecessarily.

I paid £1.25k into my Natwest donor account accidentally during my switch the other week (was meant to go to my other Natwest account), I think this was 2-3 days after the switch began and got the £200 alright.

It’s a select account - I have discussed the reward account on here recently, I’m waiting until I’ve had some DDs successfully taken before I upgrade it, just to avoid any risk of a fee before reimbursement. I need to get a move on and sign up with money box or plum actually. Do they allow ID to be uploaded online during application if needed please?

I’ll pay in and out £1250 today, and then maybe again when I get the notification that my switch is progressing. I may end up getting it 7 days earlier that way

Apologies then, I think I may have managed to mix up your accounts somehow. The first fee won't be charged until June if they go on the same timescales as mine. You'll need to set up Plum ASAP if you want the DDs to go out this month, it's too late to get 2 DDs taken with Moneybox as the DD is a weekly collection so you'd only get 1 DD out of them in April at most.

I can't remember ever needing to verify ID with either plum or moneybox, IIRC it was just a case of logging in with open banking. Regardless though you'd get £1 out of each of Natwest and RBS for logging into the app if you upgrade now, which would offset the fees you'd be paying for having the account for the rest of the month so I'd upgrade now.

Plus when I opened my Natwest/RBS accounts in late January 2022, I had to wait a day longer to verify my ID with RBS than I did with Natwest for some reason, as a result I applied for my Natwest digital regular saver 1 day before I applied for the RBS one. The Natwest one got opened on 27th Jan if my memory serves me well, but RBS decided to leave it until 1st Feb before opening theirs, the cynical side of me would say they did this deliberately to deprive me of the extra month's deposit.

I wouldn't trust them not to pull a similar stunt on you when upgrading your accounts to reward accounts, which would mean you'd be out of the £4 for paying out 2 DDs for April as well, particularly given that it would be late next week by the time 2 plum DDs are taken even if you set them up now. Therefore I would upgrade the accounts now, which would see them upgraded fully around Monday/Tuesday, and set up plum ASAP.

That’s ok - I was originally discussing upgrading by 1st of May, but then I decided I’d wait until later to ensure the DDs were all set up. I suppose I could just use different ones in the initial months though.

I’ve found that my NW and RBS upgraded to select accounts the day after I requested it through the webform.

Would upgrading the account mid switch-in not cause any problems? I’m minded to leave them as they are until the switches have completed, but this may be an unfounded concern.

Re ID, I’ve found this: https://blog.withplum.com/plum-user-questions-answered/

Q16. Do you need a photo ID to use Plum?

You don't need to provide any proof of identification to create and use your Plum account, but there are limits on the amount of money that you can hold in or withdraw before we must verify your identity. As with all financial institutions, we must comply with a set of guidelines called Know Your Customer (KYC), but we'll give you plenty of notice if you're approaching the relevant thresholds.

My Natwest and RBS accounts upgraded the day after filling in the webform too, but as I've already said, I wouldn't trust them not to delay your upgrade if you leave it till Thursday/Friday in order to avoid paying you out £5 in rewards for a fee of only a few pence as they did with my digital regular saver.

I doubt that upgrading your accounts mid-switch will cause any issues given that the sort code and account number will remain the same and if I'm not mistaken it's a different department that sort out switches versus account upgrades, so I would disregard that concern if I were you.

The DDs don't take long to set up so I wouldn't worry about waiting until DDs are taken out. Just be aware that DDs set up on Natwest/RBS accounts won't show up until a few hours before the first one is taken out so don't worry if it doesn't show up straight away.

With photo ID, the amounts you'd be sending in and out of plum would equate to just £48/yr so I wouldn't worry about it too much. I certainly haven't had to submit photo ID yet and have been using plum for many months now without issues.

ForumUser7 said:

Update re the Plum DDs. When it gave me the option to choose between faster payments or direct debit, it said direct debit would arrive 27th April. I then continued through, and the pot transaction list shows pending due to arrive by 4th May… Fortunately I didn’t upgrade NW/RBS yet - I’ve messaged them to check what’s going on

I've found there is a always discrepancy between the 2 dates. If I'm not mistaken the 27th April is the date it is debited from your account and the 4th is the date you will be able to withdraw it, though I could be wrong. I normally just bung £4 in the Natwest account around 2 days after I set up the DD and forget about it.

Moneybox goes out every Monday for me excluding bank holidays.

Ah right, that may be the case. It was just the wording that threw me off, because the choose a method screen said arrives 27th April, and the confirmation screen said added 3rd May, and then the activity list says arrives 4th may.

I sent them a message last night right away anyway to confirm - it said they were back from 8am, so not sure why I haven’t heard back yet. Maybe they have a backlog.

If it is 27th that it debits the account, that’s all that matters for the rewards right? I.e. NatWest doesn’t care when it arrives at the other end?

No worries. I've never needed to message plum before so don't have a clue when they'll get back to you. Natwest don't care when the DD arrives at plum's end, as long as it's been debited at their end by the end of April it will count for the April rewards.

ForumUser7

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

Bridlington1 said:

ForumUser7 said:

I've just switched instructed the switch into NatWest and got the confirmation screen on the form. I have not yet received any email etc. - although I don't know if that's something that usually happens anyway.

Given it is an existing NatWest account, if I was to log into the app and do the £1250 thing just now, would this count and fulfil all my requirements, or would I be best waiting until they've confirmed the switch has occurred? I believe this should be 3rd May?

They never sent me an email either. I did get a text from Natwest/RBS a few days into the switch saying that my switch is progressing, followed by another one telling me my switch is complete, we've paid £200 into your account.

Is the account you're switching into a reward account or am I getting mixed up (which is perfectly possible)? If it is I'd just leave it till May and just use the money you would be paying in each month anyway to satisfy the deposit requirements of the switching offer as it saves moving money around unnecessarily.

I paid £1.25k into my Natwest donor account accidentally during my switch the other week (was meant to go to my other Natwest account), I think this was 2-3 days after the switch began and got the £200 alright.

It’s a select account - I have discussed the reward account on here recently, I’m waiting until I’ve had some DDs successfully taken before I upgrade it, just to avoid any risk of a fee before reimbursement. I need to get a move on and sign up with money box or plum actually. Do they allow ID to be uploaded online during application if needed please?

I’ll pay in and out £1250 today, and then maybe again when I get the notification that my switch is progressing. I may end up getting it 7 days earlier that way

Apologies then, I think I may have managed to mix up your accounts somehow. The first fee won't be charged until June if they go on the same timescales as mine. You'll need to set up Plum ASAP if you want the DDs to go out this month, it's too late to get 2 DDs taken with Moneybox as the DD is a weekly collection so you'd only get 1 DD out of them in April at most.

I can't remember ever needing to verify ID with either plum or moneybox, IIRC it was just a case of logging in with open banking. Regardless though you'd get £1 out of each of Natwest and RBS for logging into the app if you upgrade now, which would offset the fees you'd be paying for having the account for the rest of the month so I'd upgrade now.

Plus when I opened my Natwest/RBS accounts in late January 2022, I had to wait a day longer to verify my ID with RBS than I did with Natwest for some reason, as a result I applied for my Natwest digital regular saver 1 day before I applied for the RBS one. The Natwest one got opened on 27th Jan if my memory serves me well, but RBS decided to leave it until 1st Feb before opening theirs, the cynical side of me would say they did this deliberately to deprive me of the extra month's deposit.

I wouldn't trust them not to pull a similar stunt on you when upgrading your accounts to reward accounts, which would mean you'd be out of the £4 for paying out 2 DDs for April as well, particularly given that it would be late next week by the time 2 plum DDs are taken even if you set them up now. Therefore I would upgrade the accounts now, which would see them upgraded fully around Monday/Tuesday, and set up plum ASAP.

That’s ok - I was originally discussing upgrading by 1st of May, but then I decided I’d wait until later to ensure the DDs were all set up. I suppose I could just use different ones in the initial months though.

I’ve found that my NW and RBS upgraded to select accounts the day after I requested it through the webform.

Would upgrading the account mid switch-in not cause any problems? I’m minded to leave them as they are until the switches have completed, but this may be an unfounded concern.

Re ID, I’ve found this: https://blog.withplum.com/plum-user-questions-answered/

Q16. Do you need a photo ID to use Plum?

You don't need to provide any proof of identification to create and use your Plum account, but there are limits on the amount of money that you can hold in or withdraw before we must verify your identity. As with all financial institutions, we must comply with a set of guidelines called Know Your Customer (KYC), but we'll give you plenty of notice if you're approaching the relevant thresholds.

My Natwest and RBS accounts upgraded the day after filling in the webform too, but as I've already said, I wouldn't trust them not to delay your upgrade if you leave it till Thursday/Friday in order to avoid paying you out £5 in rewards for a fee of only a few pence as they did with my digital regular saver.

I doubt that upgrading your accounts mid-switch will cause any issues given that the sort code and account number will remain the same and if I'm not mistaken it's a different department that sort out switches versus account upgrades, so I would disregard that concern if I were you.

The DDs don't take long to set up so I wouldn't worry about waiting until DDs are taken out. Just be aware that DDs set up on Natwest/RBS accounts won't show up until a few hours before the first one is taken out so don't worry if it doesn't show up straight away.

With photo ID, the amounts you'd be sending in and out of plum would equate to just £48/yr so I wouldn't worry about it too much. I certainly haven't had to submit photo ID yet and have been using plum for many months now without issues.

ForumUser7 said:

Update re the Plum DDs. When it gave me the option to choose between faster payments or direct debit, it said direct debit would arrive 27th April. I then continued through, and the pot transaction list shows pending due to arrive by 4th May… Fortunately I didn’t upgrade NW/RBS yet - I’ve messaged them to check what’s going on

I've found there is a always discrepancy between the 2 dates. If I'm not mistaken the 27th April is the date it is debited from your account and the 4th is the date you will be able to withdraw it, though I could be wrong. I normally just bung £4 in the Natwest account around 2 days after I set up the DD and forget about it.

Moneybox goes out every Monday for me excluding bank holidays.

Ah right, that may be the case. It was just the wording that threw me off, because the choose a method screen said arrives 27th April, and the confirmation screen said added 3rd May, and then the activity list says arrives 4th may.

I sent them a message last night right away anyway to confirm - it said they were back from 8am, so not sure why I haven’t heard back yet. Maybe they have a backlog.

If it is 27th that it debits the account, that’s all that matters for the rewards right? I.e. NatWest doesn’t care when it arrives at the other end?

No worries. I've never needed to message plum before so don't have a clue when they'll get back to you. Natwest don't care when the DD arrives at plum's end, as long as it's been debited at their end by the end of April it will count for the April rewards.

They're looking into it for me - hopefully I get a conclusive answer by the end of the day.

On the other hand, more concerningly, NatWest have told me that you have to fulfil the cashback requirements each calendar month, yet they still state that the fee is per account month... Surely this means dependent on when the DDs etc. were instructed though, you may fulfil the requirements twice for one calendar month, and therefore inadvertently not for the next calendar month. They've said several times too that the fee would be taken in full, and not discounted if it wasn't a full month, but people's experiences on this seem to differ.

deano3

Morning, the wife and I have a joint account and she has a separate solo account. Would we qualify for 2 fees should we switch them both to Natwest? 

Thanks

dealyboy

@deano3 said:

Morning, the wife and I have a joint account and she has a separate solo account. Would we qualify for 2 fees should we switch them both to Natwest? 

Thanks

The NatWest switcher T&Cs imply only one incentive will be paid in a 'joint to joint' and 'sole to sole' scenario ...

in the Please Note section ...

• You can only benefit from this offer once, meaning that even if you apply, successfully open an account, and meet the conditions of this offer for more than one eligible account, you’ll only receive one payment.

Two sole account switches, perhaps one being a donor account, should achieve two incentives.

Matt17

On the Natwest/RBS/Ulster websites it says:

If you've previously received a switching incentive from NatWest Group, you will not be eligible for this offer. Offer can be withdrawn or amended at any time.

But if you click on the switch offer T&c's it says you are eligible if you have not received a cash switcher offer between 1st October 2017 and 13th Feb 2023

Which of these is correct and is the statement that if you have previously received an incentive a new ammendment as I recently started a switch to RBS and I don't recall it saying that. 
I was going to start a switch to Ulster until I saw this and am not sure whether to bother or not now

ForumUser7

Matt17 said:

On the Natwest/RBS/Ulster websites it says:

If you've previously received a switching incentive from NatWest Group, you will not be eligible for this offer. Offer can be withdrawn or amended at any time.

But if you click on the switch offer T&c's it says you are eligible if you have not received a cash switcher offer between 1st October 2017 and 13th Feb 2023

Which of these is correct and is the statement that if you have previously received an incentive a new ammendment as I recently started a switch to RBS and I don't recall it saying that. 
I was going to start a switch to Ulster until I saw this and am not sure whether to bother or not now

I would say the first one is a summary, the 2nd one is the full ts and cs. Therefore I’d be minded to follow the 2nd one that specifies dates rather than the first

huw01

RBs / Ulster, they seem to indicate that the £200 is paid within 7 days of meeting the criteria, But here people seem to indicate 7 working days. Trying to work out if RBS have sussed me out as I had a Natwest incentive about 3 years ago

dealyboy

@huw01 said:

RBs / Ulster, they seem to indicate that the £200 is paid within 7 days of meeting the criteria, But here people seem to indicate 7 working days. Trying to work out if RBS have sussed me out as I had a Natwest incentive about 3 years ago

... 7 calendar days ... I've not read an example where somebody received the incentive beyond 1 elapsed week from all four criteria being met.

What makes you think they've found you out Huw? What and when was your last communication from them?

huw01

I haven't been in contact with them, the funding criteria was met a week last Friday after the switch completed on the 13/04 so I was hoping the £200 would have been deposited by them by today at the latest but alas no switch incentive has been paid. They may have rumbled me as a Natwest customer some years ago !

dealyboy

@huw01 said:

I haven't been in contact with them, the funding criteria was met a week last Friday after the switch completed on the 13/04 so I was hoping the £200 would have been deposited by them by today at the latest but alas no switch incentive has been paid. They may have rumbled me as a Natwest customer some years ago !

... I meant e-mails/texts from them. I presume you received the 'done and dusted' e-mail on 13/04 and I would have expected you to have received the incentive by the 20/4

so ... sanity check ...
- applied online and opened Select, Reward, Premier Select or Premier Reward current account
- transferred non-RBS account via CASS
- deposited £1,250 into new account
- logged in to mobile banking
... incentive to be paid into your new account within 7 days of all 4 criteria being met.