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

Dominic_Blake1

superdayold said:

Dominic_Blake1 said:

danny13579 said:

I don't think the banks really care. They have a marketing budget which covers all this. Each one runs independently. They have a new customer that they can target with profitable products and the statistics are boosted for their next report.
If Chase were bothered then they would stop allowing people to open up to 10 current accounts at the same time.

You have to do what's right for you but at least do it with a clear head, after reading advice on here, rather than after emerging from the Reddit rabbit hole.

All good points.  The fact is that if I do go for the final incentive, it will be one of the last switches I think I would be eligible to obtain - I am approaching the point of exhaustion now!  I have hope that Santander will introduce a new offer, that really would be the last one I could go for if it emerged.

Same here. Only started this last year with Barclays, HSBC and Nationwide. This year have nearly completed a full sweep. So maybe done for a few years. 

It’s got me out a cycle of debt with my credit card and given me breathing space to save for bigger spends instead. 

Santander would be great. 

Virgin money too though? Or Halifax?

That is so good to read, debt is the worst place to be and not easy to escape from!  

HHUK

Virgin could be my best bet in the near future. Do they ever offer a straight cash incentive to switch? I believe their past bribes have included flights, a case of Virgin wines or 100 Greggs sausage rolls. 

danny13579

Virgin Money did a cash incentive switching offer in 2022.

35har1old

torchie said:

While I agree that anything being offered/given away is definitely worth chasing, I do feel that many are getting over excited about a £200 payout.  This is equivalent to putting £5K into an account for one year that earns just 4%.

The thing is you don't have to put any great amount of money in to get the £200.and it doesn't take a year to get it even if you left £1250 in it for the year which you don't have to would equal 16%

baldyj

torchie said:

While I agree that anything being offered/given away is definitely worth chasing, I do feel that many are getting over excited about a £200 payout.  This is equivalent to putting £5K into an account for one year that earns just 4%.

It’s also equivalent to putting £1,250 into an account for 24hours that earns 5,840% APR

Bazzalona13295

The comment about 5k at 4% is perfectly true, however this will take a maximum of 2 and a bit weeks.
That certainly beats the 4% rate and gives me 49 and a half weeks to add to it.

info_maniac

My OH has an existing NW Foundation account which isn't used much, and it is not very clear that the Foundation account is eligible for the switch-in bonus of £200. The pdf t&c doc for the switch offer does include the foundation account, but none of the pages on the NW website about the switch offer mention the foundation account? Should we upgrade that account to Select/Everyday account first and then initiate the switch? thanks.

info_maniac

Those opening a Chase additional account for the switch, are you associating your chase debit card with the new chase account you just opened, or do you lease it linked to the old chase account?

somsman

info_maniac said:

Those opening a Chase additional account for the switch, are you associating your chase debit card with the new chase account you just opened, or do you lease it linked to the old chase account?

I left the debit card linked to my original Chase account, and ticked the 'no debit card' option in the switch form. Got confirmation this morning from both RBS and Chase that the switch has been completed.

PRAISETHESUN

info_maniac said:

My OH has an existing NW Foundation account which isn't used much, and it is not very clear that the Foundation account is eligible for the switch-in bonus of £200. The pdf t&c doc for the switch offer does include the foundation account, but none of the pages on the NW website about the switch offer mention the foundation account? Should we upgrade that account to Select/Everyday account first and then initiate the switch? thanks.

The T&C pdf makes it clear that Foundation accounts are eligible, so I think you should be okay. No real reason to upgrade it first unless you want to as far as I can see.