New Natwest / RBS / Ulster Bank £200 Switch Incentive

dealyboy

Hi @worriednoob ... don't be worried (and you're not so new now) ...

@Bridlington1 is right. If you haven't received any incentives from NatWest, RBS and UB prior to 14th Feb 2023 (from 1st Oct 2017) you can expect the bonus from a successful switch application to each of the three after 13th Feb. Cora (bot) was just quoting the general condition but sloppily.

If your account applications are successful then the credit checks have passed, the banks must then pay the incentives according to the switcher T&Cs.

I would hope and expect you and your partner to receive 3x£200 for 3 accounts each.

worriednoob

Thanks very much for clarifying and easing my concerns @Bridlington1 and @dealyboy -  Sorry, but can't help but worry, especially when so many credit checks have impacted our credit score massive.  I'll withdraw the £1250, so the account will be back.

Yes, you're right that we've never had NatWest, RBS and UB accounts at all, so hopefully that should help.

Both of our Clearscore reports show 3 hard checks:-



Just to add that we've also today have also received the Ulster bank paperwork and we've completed it and posted it back, so hopefully should hear something from them soon.  Is all the UB bank paperwork/statements done via snail mail or is it the case that once they receive our signed paperwork, they open the account and send everything online?

dealyboy

@worriednoob said:

Thanks very much for clarifying and easing my concerns @Bridlington1 and @dealyboy -  Sorry, but can't help but worry, especially when so many credit checks have impacted our credit score massive.  I'll withdraw the £1250, so the account will be back.

Yes, you're right that we've never had NatWest, RBS and UB accounts at all, so hopefully that should help.

Both of our Clearscore reports show 3 hard checks:-



Just to add that we've also today have also received the Ulster bank paperwork and we've completed it and posted it back, so hopefully should hear something from them soon.  Is all the UB bank paperwork/statements done via snail mail or is it the case that once they receive our signed paperwork, they open the account and send everything online?

I did my switches a few months ago now, but from what I've read the UB process hasn't changed significantly; communications will now be by e-mail with card reader to arrive in the post, eventually. (BTW if needed you can use any standard bank card reader e.g. NW, NatWest, RBS).

See a couple of timelines ...
https://forums.moneysavingexpert.com/discussion/comment/79918524/#Comment_79918524
https://forums.moneysavingexpert.com/discussion/comment/79920105/#Comment_79920105

Many of us have done several switches with credit checks being performed when opening, these can be 'softened' if no overdraft facility is requested. Although an account application may be refused for 'reasons', once the account is opened the checks will not affect the payment of the incentive.

The impact of credit checks on one's financial affairs is not direct and most people (including me) do not suffer any consequences, however there are some who have been refused accounts or even had accounts closed for speculated reasons. My own view is that a bank or BS will accept a new customer unless there is something that rings an alarm bell, there can be many triggers ... insufficient income, having been declined, lots of credit applications ... but I don't think several account applications of themselves cause a rejection.

Of course if one is looking to take out a loan or mortgage I can understand that checks and credit scores may well have an impact.

worriednoob

dealyboy said:

@worriednoob said:

Thanks very much for clarifying and easing my concerns @Bridlington1 and @dealyboy -  Sorry, but can't help but worry, especially when so many credit checks have impacted our credit score massive.  I'll withdraw the £1250, so the account will be back.

Yes, you're right that we've never had NatWest, RBS and UB accounts at all, so hopefully that should help.

Both of our Clearscore reports show 3 hard checks:-



Just to add that we've also today have also received the Ulster bank paperwork and we've completed it and posted it back, so hopefully should hear something from them soon.  Is all the UB bank paperwork/statements done via snail mail or is it the case that once they receive our signed paperwork, they open the account and send everything online?

I did my switches a few months ago now, but from what I've read the UB process hasn't changed significantly; communications will now be by e-mail with card reader to arrive in the post, eventually. (BTW if needed you can use any standard bank card reader e.g. NW, NatWest, RBS).

See a couple of timelines ...
https://forums.moneysavingexpert.com/discussion/comment/79918524/#Comment_79918524
https://forums.moneysavingexpert.com/discussion/comment/79920105/#Comment_79920105

Many of us have done several switches with credit checks being performed when opening, these can be 'softened' if no overdraft facility is requested. Although an account application may be refused for 'reasons', once the account is opened the checks will not affect the payment of the incentive.

The impact of credit checks on one's financial affairs is not direct and most people (including me) do not suffer any consequences, however there are some who have been refused accounts or even had accounts closed for speculated reasons. My own view is that a bank or BS will accept a new customer unless there is something that rings an alarm bell, there can be many triggers ... insufficient income, having been declined, lots of credit applications ... but I don't think several account applications of themselves cause a rejection.

Of course if one is looking to take out a loan or mortgage I can understand that checks and credit scores may well have an impact.

Many thanks dealyboy for the helpful info and timeline.  We're willing to wait for ulster and just hope at least 2 out of the 3 banks pay.  We can live with the credit check as we don't have any immediate plans to apply for further credit.

Cheers again and I'll keep you posted on any updates.

Netherspark

So I think we've established that you can in fact claim the bonus from each bank, but does anyone know if it will still work if you switch from Ulster to RBS?

MikeJXE

Netherspark said:

So I think we've established that you can in fact claim the bonus from each bank, but does anyone know if it will still work if you switch from Ulster to RBS?

Lol I would imagine thats highly unlikely 

masonic

Netherspark said:

So I think we've established that you can in fact claim the bonus from each bank, but does anyone know if it will still work if you switch from Ulster to RBS?

There's nothing in the T&C's to prohibit this, but there is a risk you could be setting yourself up for a fight to get the incentive and/or a black mark within this banking group if you do this. There's not much extra work in setting up a donor account. You don't even need direct debits.

boingy

Netherspark said:

So I think we've established that you can in fact claim the bonus from each bank, but does anyone know if it will still work if you switch from Ulster to RBS?

It's not definite but I think it will almost certainly work. They just don't seem to check.

Beckyy

Following on from above, has anybody received the £200 incentive swapping an account within the Natwest group without issues?

My 2 donor accounts had ended up being with RBS and Natwest, both new accounts which had received the incentives. I switched the Natwest account to Ulster and met all T&Cs, but haven't received the £200. An advisor on live chat confirmed I have met the criteria and advised me to raise a complaint about not receiving the £200.

I'm wary of doing this in case it causes issues with the banking group overall. has anybody else had to do this that can share the outcome please? 

Netherspark

Beckyy said:
My 2 donor accounts had ended up being with RBS and Natwest, both new accounts which had received the incentives. I switched the Natwest account to Ulster and met all T&Cs, but haven't received the £200. An advisor on live chat confirmed I have met the criteria and advised me to raise a complaint about not receiving the £200.

How long has it been since you completed all the requirements?