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

Johntea

My Natwest switch completed Monday, paid in £1250 roughly 24 hours later (£1251 to be ultra paranoid safe!) but no bonus yet

Once the bonus hits I think I'll try pushing my luck with RBS and Ulster now based on the success above!

MABLE

2catsandcounting said:

Just to add my experience.  RBS switch completed yesterday (27th) and paid in the £1250 yesterday evening.  Ulster switch completes tomorrow (29th) will move the £1250 into Ulster tomorrow night. 

Haven’t tried NatWest, as dont have 3 burner accounts but did get the NatWest bonus in November last year.  I got the RBS bonus in maybe 2019, so wasn’t entitled to it last year.  

If I get RBS and Ulster this time around I’ll give NatWest a punt. 

My credit score has actually gone up this month, despite opening these two accounts! 

My score dropped 125 points because NW did 3 hard searches.  However they have agreed to remove two of them.

Dominic_Blake1

MABLE said:

2catsandcounting said:

Just to add my experience.  RBS switch completed yesterday (27th) and paid in the £1250 yesterday evening.  Ulster switch completes tomorrow (29th) will move the £1250 into Ulster tomorrow night. 

Haven’t tried NatWest, as dont have 3 burner accounts but did get the NatWest bonus in November last year.  I got the RBS bonus in maybe 2019, so wasn’t entitled to it last year.  

If I get RBS and Ulster this time around I’ll give NatWest a punt. 

My credit score has actually gone up this month, despite opening these two accounts! 

My score dropped 125 points because NW did 3 hard searches.  However they have agreed to remove two of them.

How did you sort that out?  Did you call them?

ukdutypaid

Dominic_Blake1 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).

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 slowly dawning on me that it is in fact 'us'/or many of us who are paying for this. Given that 'we' own a hefty portion of Natwest do we not? 

Couple that with the expressed intention of the Gov to seek to 'float' this, the obvious reason for the offering of a cash incentive is to increase the number of 'active' users on their 'book'. At best, we can think of this as a tax rebate..... I'm being tongue in cheek here but if nothing else it's food for thought....

azualbet

Got ulsterbank incentive but never done it before. Did NatWest at same time but not got it yet. I did get NatWest incentive last year though.

GTR_King

As soon as I get paid Tomz (maybe midnight) £1250 is going in! Hopefully I get the £200 quickly

masonic

ukdutypaid said:

Dominic_Blake1 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).

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 slowly dawning on me that it is in fact 'us'/or many of us who are paying for this. Given that 'we' own Natwest do we not and the Gov is about to seek a 'float' of this, the obvious reason for this is to increase the number of 'active' users on their book. At best we can think of this as a tax rebate..... I'm being tongue in cheek here but if nothing else it's food for thought....

Banking has always been subject to a great deal of cross-subsidisation. First from customers with poor control of their finances to those who take full advantage of free services while carefully avoiding fees/charges. Then from apathetic customers to active and engaged customers. Switching bonuses are a little different, as I see them as coming out of the marketing budget. Banks would pay it to a marketing company if they could bring in an equivalent amount of new business, but it's better in our pockets. Broadly the activity must have the desired result or they'd stop doing it. It gives me the opportunity to see how a variety of banks work, and if I was sufficiently impressed I would be open to moving my main account.

J30

Apologies if this has already been asked (a lot of pages on this thread) 

but my account opened yesterday and my switch completes on the 6th. 

Do I need to wait until the switch completes to transfer in the 1250 before taking it back out? 

If I did this process before the switch completes will I still qualify? 

eastcorkram

J30 said:

Apologies if this has already been asked (a lot of pages on this thread) 

but my account opened yesterday and my switch completes on the 6th. 

Do I need to wait until the switch completes to transfer in the 1250 before taking it back out? 

If I did this process before the switch completes will I still qualify? 

I don't know, but why not just wait until the switch is complete anyway? 

danny13579

azualbet said:

Got ulsterbank incentive but never done it before. Did NatWest at same time but not got it yet. I did get NatWest incentive last year though.

Please let us know if you get the NatWest incentive.