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

GTR_King

I still waiting for my bonus! Hopefully soon 

GibbonUK

Just thinking aloud, the legalities and ethics of the triple bonus (RBS, NW, Ulster) are a funny one and it would be interesting to see how a good lawyer could interpret the rules. 

Firstly, it says you will not be eligible for this offer if you have received an incentive since 2020.   Now, what is the definition of 'received' ? 

So if I submit an application for a switch from all 3 on 1st March 2024 (as a new customer).  At the time of the application to all 3, I have not received anything, therefore, by the letter of the wording , I'm eligible for all 3 because no incentive has ever been deposited in any account at the time of application. 

Then comes the actual request to switch bank accounts.  There is no time limit or restriction on switching a bank account. This can be done at any time by anyone with any bank in the CASS .    The NW Group will obviously accept a switch at any time outside of 'offers' .   So, if I request a switch once the £200 thing has ended and I genuinely want to switch banks for banking reasons, NW wouldn't say 'No' surely just because RBS once paid me some money?  

Therefore, the payment of the £200 to you is a choice of the bank.  You do not 'request' or make a demand for £200 as part the switch, you just request the opportunity to change banks. The bank themselves choose to pay you a sum of money as part of that switch.  

So, if say NW withhold or pay £200 is their choice or 'mistake' you may argue .  You never demanded money, you requested a switch. 

Ethics or morality....a different discussion maybe?!

movingon

I put my 1250 in on the day I opened the Nat west account, and then realising it might be better after the switch, withdrew it again the same day.My switch happened on 27th and inventive received despite there only being £1 in there from the donor account.

paddyposh

movingon said:

I put my 1250 in on the day I opened the Nat west account, and then realising it might be better after the switch, withdrew it again the same day.My switch happened on 27th and inventive received despite there only being £1 in there from the do not account.

Did you also leave in for 24 hours?

abz88

Brewer21 said:

abz88 said:

Like others I've tried for all three switch incentives. RBS and NatWest are switches into existing accounts (I have had bonuses since 2020 but through it was worth a shot); new and first ever Ulster Account (hoping I at least get this bonus paid out given the Groups history of systems not speaking to each other when it comes to switches). My Ulster debit card arrived today as did my customer number, but I still don't have the activation code to access online banking or their App.

Ulster said my activation code will be posted, presume via letter. It didn't, but  arrived the day after I received my debit card by text.

I got my activation code via text so all set up now. Just waiting on my switch to complete before I transfer the £1250 across.

Nasqueron

Ponchos said:

Nasqueron said:

Ponchos said:

SickGroove said:

Hat trick completed 😀 £600 for little work!

Gonna buy my football season ticket tonight.. All paid for by these switches...

Used Chase burner accounts for all 3 switches btw...an absolute breeze!

Excellent! I've been looking at doing all three myself but wasn' sure if it was possible and how much it might affect the old credit score and/or annoy my currents banks. Since November I've grabbed three switch bonuses, plus opened a second account with Barclays which I immediately switched out of, plus I'm currently waiting for the TSB switch to go through at the end of March, so that's five new accounts. In theory I could open second accounts with banks I'm already with (I have Starling, FD and TSB), then switch to each of these three, but that would generate 6 new accounts and more checks on my credit score. Unless I'm wrong, and opening a second account with a bank you're already with means they don't do a hard search because you're already with them? Though opening a second account to then switch out and close may annoy them, and I plan to stick with Starling and FD (don't care about TSB once the switch completes in March). Any suggestions from anyone, or am I overthinking it all?!

Fortunately you can save a few grey hairs in that your credit score is utterly meaningless, the gimmick is never seen by anyone except you.

Your existing bank might cannot penalise you for leaving though some banks will limit opening another account if you open a new one and immediately switch away

Hard searches for a bank account aren't guaranteed without an OD application but they are neither here nor there on an otherwise well run credit history unless you intent to apply for say a mortgage within a few months of the switch

Thanks for your reply and for some clarification

It does seem a bit strange, I have a high credit score but apparently only eligible for 25% of products. It depends on more than the score though doesn't it. Regardless, I'm not planning on getting a loan or a mortgage or a new credit card anytime soon so that should be okay.

I opened a second Barclays account and switched both the first and new accounts out, I didn't care about barclays, they're an awful bank. But as mentioned, I plan on stayng with two of the three banks I'm currently with so want to stay on good terms with them. And even though I'm not planning on staying with TSB long term (definitely for the March switch bonus, maybe the £10 per month until June), I don't think they'd appreciate me opening three new accounts and then switching out of all of them. Plus this might be flagged by these three banks, so I imagine switching from three different banks would be better?

What is an OD application, by the way?

Sorry if my last post was unclear!

It's not strange at all. 

Your. Credit. Score. Is. Literally. Meaningless.

Nobody but you ever sees it, the CRAs generate them for fun and novelty purposes to try and sell you services that "improve" your score (services they provide, to affect the score they control!) - if you read the FAQs on Experian et al, they say words to the effect, it's how they think that a lender may view you.

When you do a credit application, the lender asks Experian or others to send them your data, they run it through their own internal scoring system (smaller ones might pay the CRA for a scoring system but it's not like your score) and they produce a score that you will never see that will decide your application. The internal scoring is commercially sensitive data and nobody will tell you why you failed the application, the customer services will always just tell you to check the CRA

tiger70

I've tried signing into the Natwest app after supplying the selfie and passport photo but it says it could take up to 2 working days for the account to open.   Anyone else had this ?

Nasqueron

GibbonUK said:

Just thinking aloud, the legalities and ethics of the triple bonus (RBS, NW, Ulster) are a funny one and it would be interesting to see how a good lawyer could interpret the rules. 

Firstly, it says you will not be eligible for this offer if you have received an incentive since 2020.   Now, what is the definition of 'received' ? 

So if I submit an application for a switch from all 3 on 1st March 2024 (as a new customer).  At the time of the application to all 3, I have not received anything, therefore, by the letter of the wording , I'm eligible for all 3 because no incentive has ever been deposited in any account at the time of application. 

Then comes the actual request to switch bank accounts.  There is no time limit or restriction on switching a bank account. This can be done at any time by anyone with any bank in the CASS .    The NW Group will obviously accept a switch at any time outside of 'offers' .   So, if I request a switch once the £200 thing has ended and I genuinely want to switch banks for banking reasons, NW wouldn't say 'No' surely just because RBS once paid me some money?  

Therefore, the payment of the £200 to you is a choice of the bank.  You do not 'request' or make a demand for £200 as part the switch, you just request the opportunity to change banks. The bank themselves choose to pay you a sum of money as part of that switch.  

So, if say NW withhold or pay £200 is their choice or 'mistake' you may argue .  You never demanded money, you requested a switch. 

Ethics or morality....a different discussion maybe?!

Nobody would pay a lawyer to try and argue they should be entitled to £200 if the group rejects it, the FOS did eventually rule against Co-Op for a case for a member on here but if the terms say you cannot have received a bonus since 1/1/21 from the group and you have received one from NatWest and RBS refuse to pay, the FOS aren't going to overrule that. Co-Op lost as their terms were too wishy washy

FLAMPARD

Does a nationwide basic flex count as a current account for switching to ulster please ?

movingon

paddyposh said:

movingon said:

I put my 1250 in on the day I opened the Nat west account, and then realising it might be better after the switch, withdrew it again the same day.My switch happened on 27th and inventive received despite there only being £1 in there from the do not account.

Did you also leave in for 24 hours?

No, withdrew £1000 immediately and £250 next day ( as 1k max per day on app)