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

Dominic_Blake1

danny13579 said:

Dominic_Blake1 said:

A hollow victory for them:  whether or not we receive the second (or third) switch bonus, most of us will be using these new accounts as burner accounts until the next offer we qualify for materialises …

Not always. As you get through all the various switching offers you find that ones that you're eligible for become fewer and fewer. So now I often keep my new accounts for any other benefits they may offer. Many of them offer things like cashback rewards (RBS/NatWest) or high interest savings accounts (Ulster).

Good point … in a way, even though I’m fully immersed in this new switching culture, it’s hard not to think that it’s an ultimately cynical, sorry indictment of society today … we are all sensibly taking advantage of money being offered to us, but it’s somehow kind of tragicomic given the context of the cost of living crisis.

Bazzalona13295

danny13579 said:

Dominic_Blake1 said:

A hollow victory for them:  whether or not we receive the second (or third) switch bonus, most of us will be using these new accounts as burner accounts until the next offer we qualify for materialises …

Not always. As you get through all the various switching offers you find that ones that you're eligible for become fewer and fewer. So now I often keep my new accounts for any other benefits they may offer. Many of them offer things like cashback rewards (RBS/NatWest) or high interest savings accounts (Ulster).

Very true, I've only been switching on a semi regular basis for 18 months but already I'm pretty much out of options.
But we'll see.

Dominic_Blake1

Bazzalona13295 said:

danny13579 said:

Dominic_Blake1 said:

A hollow victory for them:  whether or not we receive the second (or third) switch bonus, most of us will be using these new accounts as burner accounts until the next offer we qualify for materialises …

Not always. As you get through all the various switching offers you find that ones that you're eligible for become fewer and fewer. So now I often keep my new accounts for any other benefits they may offer. Many of them offer things like cashback rewards (RBS/NatWest) or high interest savings accounts (Ulster).

Very true, I've only been switching on a semi regular basis for 18 months but already I'm pretty much out of options.
But we'll see.

I’m hoping Santander might introduce a new offer, although I think at that point I’ll also be out of options!

danny13579

Dominic_Blake1 said:

Good point … in a way, even though I’m fully immersed in this new switching culture, it’s hard not to think that it’s an ultimately cynical, sorry indictment of society today … we are all sensibly taking advantage of money being offered to us, but it’s somehow kind of tragicomic given the context of the cost of living crisis.

It's easy to think that loads of people are doing this, but really we here are a small group overall. I've said it on here before that many people would never consider changing bank and have been with the same bank, receiving paltry or no interest for decades. Banks make their money from these people. For many that do switch, they will stay with the new bank rather than switch again so banks can make money from other products targeted towards them.
This is all factored for in their marketing budgets. It's all about upping the statistics for new account openings.

I'm not sure that the cost of living crisis makes much difference with switching. For many on here it's a bit of a hobby to make some extra cash, we'd be doing it cost of living crisis or no cost of living crisis. 
Obviously the people who would benefit most from these offers are those living in poverty and deprivation, but I would be surprised if many of this demographic would be partaking in and benefitting from these offers.

mrniceguy111

PRAISETHESUN said:

NatWest and RBS switches both completed 26Feb. Paid in £1250 into both accounts this morning (27Feb). Received £200 from NatWest this afternoon, nothing yet from RBS.

We have the same timeline but I have not received anything yet from NatWest

overspender22

Also waiting on my rbs payout…. Switch completed 26th…

locky123

Switch completed 26 Feb am, £1250 paid in on 26 Feb am, £200 received this pm, last Natwest incentive 2019, last RBS 2023, last Ulster 2023. Didnt receive any notification when incentive paid.

mr_accountant

locky123 said:

Switch completed 26 Feb am, £1250 paid in on 26 Feb am, £200 received this pm, last Natwest incentive 2019, last RBS 2023, last Ulster 2023. Didnt receive any notification when incentive paid.

Have you received the £200 from all three this time or just natwest 

Dominic_Blake1

Did anyone only apply to RBS?  I’m trying to work out whether my not having received their offer is directly related to my having received the NatWest offer this morning or whether it’s simply that they have not yet paid out …

danny13579

Dominic_Blake1 said:

Did anyone only apply to RBS?  I’m trying to work out whether my not having received their offer is directly related to my having received the NatWest offer this morning or whether it’s simply that they have not yet paid out …

I did. Switch date 23rd Feb. Bonus received 2 working days later on 27th Feb.

We don't know the answer to this yet until we get more evidence of bonuses having (or not having) been paid.