NatWest/RBS/Ulster £200 Switching Offer 15/2/2024-2/4/2024

steven141

surferstar said:

This has probably been asked 100 times but I’ve moved in the £1250 to both Ulster and rbs a few days before the switch date. Has this worked for others or must you transfer once the switch is complete? One switch completed today and the other will complete Thursday so hoping the bonuses are paid by end of the week. 

I put it in my new NatWest account last week and then moved it after 24 hours to my new Ulster Bank account and I have been paid £200 today by NatWest (switch completed yesterday). I will hopefully get the Ulster Bank incentive by the end of the week. 

Dominic_Blake1

Nasqueron said:

Dominic_Blake1 said:

Nasqueron said:

superdayold said:

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

I am the same as you. Last switch (Ulster) completed yesterday, money went in this morning. Though I have been very naughty and used all the overdrafts I have to make it up! So I think, yeah might check out my credit score soon, if I dare!

Barclays, HSBC, Nationwide, Lloyds, TSB, the triple   

Think I missed a Co-op one, but wasn't sure about the referral thing.

Only started on this late last year, hadn't dared before. Got my husband on the gravy train now!

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

Fortunately for both of you, the fake credit score is a gimmick that can be ignored, though using an OD is a very expensive way to borrow to get a bonus rather than shifting money in and out in cycles and that will certainly show on your credit history for the next 6 years. A few account switches, especially without an OD in the application, however, is neither here nor there.

I don't think there is any evidence to back up your claim that credit scores are 'fake gimmick's'; while it is true to say that credit agencies act as mechanisms for financial institutions to generate money (and that the scores each agency uses might not relate to one another), the idea that you can ignore your credit score is the worst kind of financial advice which borders on being dangerous. 

I opted to switch banks because generating money is more important to me than having a good credit score right now (I'm not planning to take out a mortgage in the near future, nor do I require any other lines of credit).  However, were I attempting to do any of those things there is no way that I would have opened multiple accounts, each generating hard searches on my credit files in order to gain switch bonuses (accounts which would almost immediately be closed).  

Having had very low credit scores in the past, I know from personal experience how detrimental they can be to your ability to function.  Having also had the best possible credit score (999 with Experian), I know how very different my life was at that time.  Beyond that, as a number of people here and elsewhere have pointed out, banks have been known to withdraw banking services to people engaged in multiple switches.  

I have chosen to do this, however there is no way it is not without risk and we all have to determine whether it is worth taking that risk in the way we approach switching.  But to call credit scores a 'fake gimmick' is kind of the ultimately most arrogant thing to do.

Eh no

The SCORE you see is a gimmick, it is literally never seen by any lender.

I never said to ignore your credit file, so please don't use a strawman or put words into my mouth

When you apply for credit, the CRA(s) send data to the lender who asked for it, the lender puts it through their own internal scoring system (which you will never see) and that is what determines credit.

The 0 or 999 score is meaningless, it has no impact on whether you can get credit or not because it's never seen.

You don't even need to take it from me, think logically - do Experian lend you money? No - so what they score you is moot. Or just go on Experian's site:

https://www.experian.co.uk/consumer/guides/good-credit-score.html

Your credit score gives you an idea of how companies may view you when you apply for credit. 

Note my highlights - an IDEA, how they MAY view you.

Score is meaningless, data on your file isn't

Your premise is false though, lenders might not see your score, however your score is directly related to your financial activity not an arbitrary number plucked out of thin air (so it will, for instance, decrease if you make multiple switches, open and close multiple accounts in quick succession and reflect hard searches appearing within your credit file… it will also increase if you clear debt and maintain your accounts properly).  Ignore your credit score at your peril, basically!   

danco

I notice that RBS, Natwest and Ulster say you can make the switch to a new or existing card, whereas Lloyds insist it must be to a new account. I already have an RBS account, and my switch from a secondary Chase account completes later this week. Natwest will complete on the 19th, Ulster has created my new account but no details as yet, and same with Lloyds. 

I've just applied for Santander. They don't have an offer at the moment, but their past two offers were for new AND EXISTING customers, and since I actually like the details of their account I thought I might as well open an account with them.

HHUK

Received my £200 incentive from RBS today, to add to the £200 already paid by Ulster Bank. Very happy with that, especially with not being strictly entitled to either under the terms and conditions, after getting NatWest's switching bonus as recently as February 2023.

It's tempting to try for the NatWest bonus this time around as well, but I think I'll pass on that one for now. I like the flexibility of the Digital Regular Savers offered by both RBS and NatWest, and intend to drip feed cash from my Santander Easy Access account into them in due course. The Ulster Loyalty Saver could be useful too, should its rate be more favourable than Santander's EA come 20 May.

Were I to take a punt, it would be by switching another Chase burner account to my existing Select Account - I wouldn't be looking to open a new NatWest current account. I'm reluctant to risk hacking them off and potentially being barred by the entire NatWest Group, and believe it is more likely they will smell a rat if I attempt a switch to an account that received an incentive so recently.

Ponchos

I applied for the NW Select account yesterday and today I've seen an email saying...

"Thanks for trying to set up a SELECT account. But we can’t open it for you.

Why not?

We need to check your identity when you open a bank account. Unfortunately, we couldn’t do this with the information you gave us.

We’re sorry it didn’t work out this time. Thanks for your interest in the account and we hope it doesn’t put you off using our other services."

I went through the whole HooYu thing and it said there was no problem and it was processing. Today I ave applied to Ulster and they're going to get back to me (which I understand from this thread is normal because they take longer), and also RBS, which was a virtually identical application process to NW, and they sent me a text and email both confirming my account is being set up. At the end of each application, NW and RBS both showed my sort code, accout number, customer number and reference number, so the application must have gone through to a degree, just NW have rejected it where RBS have accepted it. All applications were done online.

What's the best thing to do with NW? Is there a way to appeal this rejection, or can I apply again from scratch, or is that it, they just won't give me an account?

WillPS

Dominic_Blake1 said:

Nasqueron said:

Dominic_Blake1 said:

Nasqueron said:

superdayold said:

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

I am the same as you. Last switch (Ulster) completed yesterday, money went in this morning. Though I have been very naughty and used all the overdrafts I have to make it up! So I think, yeah might check out my credit score soon, if I dare!

Barclays, HSBC, Nationwide, Lloyds, TSB, the triple   

Think I missed a Co-op one, but wasn't sure about the referral thing.

Only started on this late last year, hadn't dared before. Got my husband on the gravy train now!

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

Fortunately for both of you, the fake credit score is a gimmick that can be ignored, though using an OD is a very expensive way to borrow to get a bonus rather than shifting money in and out in cycles and that will certainly show on your credit history for the next 6 years. A few account switches, especially without an OD in the application, however, is neither here nor there.

I don't think there is any evidence to back up your claim that credit scores are 'fake gimmick's'; while it is true to say that credit agencies act as mechanisms for financial institutions to generate money (and that the scores each agency uses might not relate to one another), the idea that you can ignore your credit score is the worst kind of financial advice which borders on being dangerous. 

I opted to switch banks because generating money is more important to me than having a good credit score right now (I'm not planning to take out a mortgage in the near future, nor do I require any other lines of credit).  However, were I attempting to do any of those things there is no way that I would have opened multiple accounts, each generating hard searches on my credit files in order to gain switch bonuses (accounts which would almost immediately be closed).  

Having had very low credit scores in the past, I know from personal experience how detrimental they can be to your ability to function.  Having also had the best possible credit score (999 with Experian), I know how very different my life was at that time.  Beyond that, as a number of people here and elsewhere have pointed out, banks have been known to withdraw banking services to people engaged in multiple switches.  

I have chosen to do this, however there is no way it is not without risk and we all have to determine whether it is worth taking that risk in the way we approach switching.  But to call credit scores a 'fake gimmick' is kind of the ultimately most arrogant thing to do.

Eh no

The SCORE you see is a gimmick, it is literally never seen by any lender.

I never said to ignore your credit file, so please don't use a strawman or put words into my mouth

When you apply for credit, the CRA(s) send data to the lender who asked for it, the lender puts it through their own internal scoring system (which you will never see) and that is what determines credit.

The 0 or 999 score is meaningless, it has no impact on whether you can get credit or not because it's never seen.

You don't even need to take it from me, think logically - do Experian lend you money? No - so what they score you is moot. Or just go on Experian's site:

https://www.experian.co.uk/consumer/guides/good-credit-score.html

Your credit score gives you an idea of how companies may view you when you apply for credit. 

Note my highlights - an IDEA, how they MAY view you.

Score is meaningless, data on your file isn't

Your premise is false though, lenders might not see your score, however your score is directly related to your financial activity not an arbitrary number plucked out of thin air (so it will, for instance, decrease if you make multiple switches, open and close multiple accounts in quick succession and reflect hard searches appearing within your credit file… it will also increase if you clear debt and maintain your accounts properly).  Ignore your credit score at your peril, basically!   

It's not as simple as things being good or bad though. Some things are always bad - CCJs, defaults, etc. But the rest is all shades of grey.

Lender 1 might see one missed payment as a sign of financial distress and decline as a result. Lender 2 might take the view that a small amount of missed payments might be a sign that they have a chance of making some money from you, and be more likely to approve you or give you a better limit.

This subtlety is all lost if you put any stock in "the score".

VUDU85

Just got my Ulster bonus paid today. Switched on 4th but been moving smaller chunks in/out since then. I got a text from them telling me the bonus had been paid etc. 

Dominic_Blake1

WillPS said:

Dominic_Blake1 said:

Nasqueron said:

Dominic_Blake1 said:

Nasqueron said:

superdayold said:

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

I am the same as you. Last switch (Ulster) completed yesterday, money went in this morning. Though I have been very naughty and used all the overdrafts I have to make it up! So I think, yeah might check out my credit score soon, if I dare!

Barclays, HSBC, Nationwide, Lloyds, TSB, the triple   

Think I missed a Co-op one, but wasn't sure about the referral thing.

Only started on this late last year, hadn't dared before. Got my husband on the gravy train now!

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

Fortunately for both of you, the fake credit score is a gimmick that can be ignored, though using an OD is a very expensive way to borrow to get a bonus rather than shifting money in and out in cycles and that will certainly show on your credit history for the next 6 years. A few account switches, especially without an OD in the application, however, is neither here nor there.

I don't think there is any evidence to back up your claim that credit scores are 'fake gimmick's'; while it is true to say that credit agencies act as mechanisms for financial institutions to generate money (and that the scores each agency uses might not relate to one another), the idea that you can ignore your credit score is the worst kind of financial advice which borders on being dangerous. 

I opted to switch banks because generating money is more important to me than having a good credit score right now (I'm not planning to take out a mortgage in the near future, nor do I require any other lines of credit).  However, were I attempting to do any of those things there is no way that I would have opened multiple accounts, each generating hard searches on my credit files in order to gain switch bonuses (accounts which would almost immediately be closed).  

Having had very low credit scores in the past, I know from personal experience how detrimental they can be to your ability to function.  Having also had the best possible credit score (999 with Experian), I know how very different my life was at that time.  Beyond that, as a number of people here and elsewhere have pointed out, banks have been known to withdraw banking services to people engaged in multiple switches.  

I have chosen to do this, however there is no way it is not without risk and we all have to determine whether it is worth taking that risk in the way we approach switching.  But to call credit scores a 'fake gimmick' is kind of the ultimately most arrogant thing to do.

Eh no

The SCORE you see is a gimmick, it is literally never seen by any lender.

I never said to ignore your credit file, so please don't use a strawman or put words into my mouth

When you apply for credit, the CRA(s) send data to the lender who asked for it, the lender puts it through their own internal scoring system (which you will never see) and that is what determines credit.

The 0 or 999 score is meaningless, it has no impact on whether you can get credit or not because it's never seen.

You don't even need to take it from me, think logically - do Experian lend you money? No - so what they score you is moot. Or just go on Experian's site:

https://www.experian.co.uk/consumer/guides/good-credit-score.html

Your credit score gives you an idea of how companies may view you when you apply for credit. 

Note my highlights - an IDEA, how they MAY view you.

Score is meaningless, data on your file isn't

Your premise is false though, lenders might not see your score, however your score is directly related to your financial activity not an arbitrary number plucked out of thin air (so it will, for instance, decrease if you make multiple switches, open and close multiple accounts in quick succession and reflect hard searches appearing within your credit file… it will also increase if you clear debt and maintain your accounts properly).  Ignore your credit score at your peril, basically!   

It's not as simple as things being good or bad though. Some things are always bad - CCJs, defaults, etc. But the rest is all shades of grey.

Lender 1 might see one missed payment as a sign of financial distress and decline as a result. Lender 2 might take the view that a small amount of missed payments might be a sign that they have a chance of making some money from you, and be more likely to approve you or give you a better limit.

This subtlety is all lost if you put any stock in "the score".

Your analysis of the (generic concept of) the credit score is more nuanced than the person I responded to, and to the largest extent accurate.  However, the point about a credit score (at least, this is how I interpret my own score, which I check regularly) is not so much that it provides a watertight and infallible indicator of what credit you may or may not be eligible to receive, rather that it’s a good indicator of the general health of your credit file.  

Credit scores allow you to make fairly accurate generalisations, and informed decisions.  The different agencies do not operate according to universal ratings, however through looking at each of your credit scores with them you can build up a very useful picture of your credit worthiness in the eyes of many institutions.  

If you witness a dramatic decrease in your respective credit scores, that should act as a warning worth heeding; perhaps it might be prudent to hold off pursuing lots of switches in quick succession! 

When I was in debt around ten years ago, and starting to emerge out of that very stressful period, I found it so useful watching my scores improve in tandem with my financial situation.

Ultimately, I find it kind of irritating that anyone should be so determined to rubbish information that has real value to customers, possibly vulnerable people attempting to gain control of their finances.  Telling people that credit scores are fake, or hoaxes, or meaningless, is actually a pretty dangerous thing to do.

WillPS

Dominic_Blake1 said:

WillPS said:

Dominic_Blake1 said:

Nasqueron said:

Dominic_Blake1 said:

Nasqueron said:

superdayold said:

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

I am the same as you. Last switch (Ulster) completed yesterday, money went in this morning. Though I have been very naughty and used all the overdrafts I have to make it up! So I think, yeah might check out my credit score soon, if I dare!

Barclays, HSBC, Nationwide, Lloyds, TSB, the triple   

Think I missed a Co-op one, but wasn't sure about the referral thing.

Only started on this late last year, hadn't dared before. Got my husband on the gravy train now!

Dominic_Blake1 said:

My final switch to Ulster Bank just completed (around 11:30am).  I just transferred £1,255 into my new Ulster Bank account.  Let’s wait and see what happens, fingers crossed by Friday the £200 will arrive.  At that point I’ll be done with switching I think; although it’s obviously a very appealing thing to do (especially given how useful the money is), I have reached a point at which I no longer want to negatively impact my credit score.  As things stand, I think I am only now in a position to go for one or two more (assuming Santander introduces a new offer etc).

 Good luck everyone! 🤞

Fortunately for both of you, the fake credit score is a gimmick that can be ignored, though using an OD is a very expensive way to borrow to get a bonus rather than shifting money in and out in cycles and that will certainly show on your credit history for the next 6 years. A few account switches, especially without an OD in the application, however, is neither here nor there.

I don't think there is any evidence to back up your claim that credit scores are 'fake gimmick's'; while it is true to say that credit agencies act as mechanisms for financial institutions to generate money (and that the scores each agency uses might not relate to one another), the idea that you can ignore your credit score is the worst kind of financial advice which borders on being dangerous. 

I opted to switch banks because generating money is more important to me than having a good credit score right now (I'm not planning to take out a mortgage in the near future, nor do I require any other lines of credit).  However, were I attempting to do any of those things there is no way that I would have opened multiple accounts, each generating hard searches on my credit files in order to gain switch bonuses (accounts which would almost immediately be closed).  

Having had very low credit scores in the past, I know from personal experience how detrimental they can be to your ability to function.  Having also had the best possible credit score (999 with Experian), I know how very different my life was at that time.  Beyond that, as a number of people here and elsewhere have pointed out, banks have been known to withdraw banking services to people engaged in multiple switches.  

I have chosen to do this, however there is no way it is not without risk and we all have to determine whether it is worth taking that risk in the way we approach switching.  But to call credit scores a 'fake gimmick' is kind of the ultimately most arrogant thing to do.

Eh no

The SCORE you see is a gimmick, it is literally never seen by any lender.

I never said to ignore your credit file, so please don't use a strawman or put words into my mouth

When you apply for credit, the CRA(s) send data to the lender who asked for it, the lender puts it through their own internal scoring system (which you will never see) and that is what determines credit.

The 0 or 999 score is meaningless, it has no impact on whether you can get credit or not because it's never seen.

You don't even need to take it from me, think logically - do Experian lend you money? No - so what they score you is moot. Or just go on Experian's site:

https://www.experian.co.uk/consumer/guides/good-credit-score.html

Your credit score gives you an idea of how companies may view you when you apply for credit. 

Note my highlights - an IDEA, how they MAY view you.

Score is meaningless, data on your file isn't

Your premise is false though, lenders might not see your score, however your score is directly related to your financial activity not an arbitrary number plucked out of thin air (so it will, for instance, decrease if you make multiple switches, open and close multiple accounts in quick succession and reflect hard searches appearing within your credit file… it will also increase if you clear debt and maintain your accounts properly).  Ignore your credit score at your peril, basically!   

It's not as simple as things being good or bad though. Some things are always bad - CCJs, defaults, etc. But the rest is all shades of grey.

Lender 1 might see one missed payment as a sign of financial distress and decline as a result. Lender 2 might take the view that a small amount of missed payments might be a sign that they have a chance of making some money from you, and be more likely to approve you or give you a better limit.

This subtlety is all lost if you put any stock in "the score".

Your analysis of the (generic concept of) the credit score is more nuanced than the person I responded to, and to the largest extent accurate.  However, the point about a credit score (at least, this is how I interpret my own score, which I check regularly) is not so much that it provides a watertight and infallible indicator of what credit you may or may not be eligible to receive, rather that it’s a good indicator of the general health of your credit file.  

Credit scores allow you to make fairly accurate generalisations, and informed decisions.  The different agencies do not operate according to universal ratings, however through looking at each of your credit scores with them you can build up a very useful picture of your credit worthiness in the eyes of many institutions.  

If you witness a dramatic decrease in your respective credit scores, that should act as a warning worth heeding; perhaps it might be prudent to hold off pursuing lots of switches in quick succession! 

When I was in debt around ten years ago, and starting to emerge out of that very stressful period, I found it so useful watching my scores improve in tandem with my financial situation.

Ultimately, I find it kind of irritating that anyone should be so determined to rubbish information that has real value to customers, possibly vulnerable people attempting to gain control of their finances.  Telling people that credit scores are fake, or hoaxes, or meaningless, is actually a pretty dangerous thing to do.

Congratulations on your improvement. I think you're attributing too much of your success to an opaque number.

It's pretty easy to determine an improvement from what sounds like financial distress to a position of relative stability. If the score didn't exist, this could have been communicated to you in some other way. 

I disagree with your point about dramatic drops in credit rating acting as a useful warning. I've completely stopped paying attention to them in fact, because they seem to happen whenever I open a product, and yet come the next time I want to open one I usually get it. I don't miss payments or anything like that, but if I was waiting for a credit rating update I'd potentially be months in arrears by the time I realised!

I'd add that quite a lot of the frustration with them around these parts is because of the question we see all the time which is 'why can't I get HSBC Advance/x/y/z even though my credit rating is perfect'. The score has sold them a comforting myth that they're perfect and can get whatever they want, but that doesn't match the reality.

Ponchos

Ponchos said:

I applied for the NW Select account yesterday and today I've seen an email saying...

"Thanks for trying to set up a SELECT account. But we can’t open it for you.

Why not?

We need to check your identity when you open a bank account. Unfortunately, we couldn’t do this with the information you gave us.

We’re sorry it didn’t work out this time. Thanks for your interest in the account and we hope it doesn’t put you off using our other services."

I went through the whole HooYu thing and it said there was no problem and it was processing. Today I ave applied to Ulster and they're going to get back to me (which I understand from this thread is normal because they take longer), and also RBS, which was a virtually identical application process to NW, and they sent me a text and email both confirming my account is being set up. At the end of each application, NW and RBS both showed my sort code, accout number, customer number and reference number, so the application must have gone through to a degree, just NW have rejected it where RBS have accepted it. All applications were done online.

What's the best thing to do with NW? Is there a way to appeal this rejection, or can I apply again from scratch, or is that it, they just won't give me an account?

Just to add, I'm noting that it says "we CAN'T open your account" rather than something like "we're rejecting your application". Has anyone else had something like this?