NatWest £200 quick question

Katifer_5

I have done my application but during this it said my current bank (the cooperative) isn’t part of the switch guarantee scheme. I have done some googling and it appears that it is, but anyway! My question is will I still be eligible for the £200 if I switch all my direct debits etc over manually? Or does it have to be done using switch guarantee scheme? 

Thanks! 

dealyboy

@Katifer_5 said ... My question is will I still be eligible for the £200 if I switch all my direct debits etc over manually?

Yes, DDs are not a requirement of the NatWest Switcher offer. You can let the CASS migrate them or do it yourself, just be careful you don't confuse the process.

grumbler

Switch offer T&Cs apply (PDF, 166KB)

To get £200, you must

...(b) as part of your application, transfer a non-NatWest current account to your new eligible account (which includes
closing your non-NatWest current account and moving all your payment instructions [if any] to your new eligible
account) using the Current Account Switch Service...

That said, in March I switched my Coop account to Halifax using CASS, although I'm not sure that there were any DDs.

MikeJXE

You will fing the NatWest group are slightly different to other banks

No contact by email or text, you have to be patient with them sit back and chill it will go through

If C0-OP failed try again but must be through CASS

antuk

MikeJXE said:

You will fing the NatWest group are slightly different to other banks

No contact by email or text, you have to be patient with them sit back and chill it will go through

If C0-OP failed try again but must be through CASS

I did all three in the group and got text updates with progressing, complete and bonus paid. Id say they communicated better than any other banks

HGF

My questions -
1a) Some T&Cs say they will close your old account. Does this have to be my main existing 'current' account or could it be a 'savings' or other type of account?
1b) Which bank accounts could I open quickly and easily so I can take advantage of switch offers, as I would be effectively opening then to close them immediately? Is this a legitimate.
2) Natwest for example says deposit £1250 - so is this a one off? I can close that one right after I get the £200 paid in or use that as my new sacrifice account?

PRAISETHESUN

The clue is in the name - Current Account Switch Service. CASS only switches current accounts. For bank switching incentives, you typically MUST use CASS, which means you have to switch a current account. A list of eligible banks is here: https://www.currentaccountswitch.co.uk/banks-building-societies/

The CASS process will close the original current account. Some banks also require DDs to be switched, but this is not always the case - see the T&Cs of the specific offer you are interested in. If you have multiple current accounts with a particular bank, only the one you select is moved. Other financial products such as a second current account, savings accounts or credit cards are unaffected (although there may be other issues - eg. if these products rely on a linked current account).

Usually it's fastest to open a second current account with a bank you already have an account with and use that account as a donor for switching rather than your "main" account. Outside of that, the digital banks (Monzo, Starling, etc) are usually the fastest to set up.

HGF said:

My questions -
1a) Some T&Cs say they will close your old account. Does this have to be my main existing 'current' account or could it be a 'savings' or other type of account?
1b) Which bank accounts could I open quickly and easily so I can take advantage of switch offers, as I would be effectively opening then to close them immediately? Is this a legitimate.
2) Natwest for example says deposit £1250 - so is this a one off? I can close that one right after I get the £200 paid in or use that as my new sacrifice account?

For the NatWest offer, the £1250 is a one-off deposit. Once you pay it in it does not need to stay there - you can withdraw it immediately if you wish. And yes, once the switch incentive has been paid you are free to do what you want with the account. I'd recommend hanging onto it and using it as a donor account for another switch incentive down the line.

HGF

Thanks PTS, it does say you have to close a non Natwest current account so will  apply for one elsewhere and use that as my starting donor account

MikeJXE

antuk said:

MikeJXE said:

You will fing the NatWest group are slightly different to other banks

No contact by email or text, you have to be patient with them sit back and chill it will go through

If C0-OP failed try again but must be through CASS

I did all three in the group and got text updates with progressing, complete and bonus paid. Id say they communicated better than any other banks

Strange, I applied for all 3 and was successful but no contact between application and the funds being paid