NatWest/RBS My Rewards Update

allegro120

kaMelo said:

flaneurs_lobster said:

kaMelo said:

flaneurs_lobster said:

sausage_time said:

PRAISETHESUN said:

I've had login issues with my RBS rewards profile for years, so I already have to access them through the app. The ability to deposit rewards directly into savings accounts is nice - but kinda naff if you can't use this to exceed the monthly deposit limit on their digital regular savers

I confirmed with a "post Cora" human chat that you can't exceed the £150 deposit limit.   Shame.

Well clearly you can exceed the £150 limit, either by moving rewards or by simple transfer from a current account.

What's not clear (at least to me) is what happens to this naughty excess funding.

Transfers to the DRS from a current account in excess of the monthly £150 limit are sent back a few days later as "DRS OVERFUND"  

My Rewards credit has been sitting in the Digital Reg Saver account since 21/05. I'll try working out if it's been included in the interest calculation when it gets credited tomorrow.

That's a lot longer than the time taken to refund an overpayment from a current account.
It's a long story as to why but I've mistakenly overfunded twice. Looking back it took 5 days on one occasion and six days on the second occasion.

I've mistakenly overfunded Natwest DRS on 21st and 22nd May, funds we returned on 23rd May in one transaction followed by "don't do it again" text,  so even quicker than in your case.

I've paid my RBS reward into DRS on 30th May because the app gave me this option.  By my logic, if I can't exceed £150 already deposited on 1st May the option shouldn't be there.  My £5 reward appeared in DRS this morning, it will be interesting to see what will happen to it. 

PloughmansLunch

Does anyone have any bouncebacks to report from Rewards overfunding last month, or <insert maths here> has there been a ever-so-slight increase to today's due interest?

flaneurs_lobster

PloughmansLunch said:

Does anyone have any bouncebacks to report from Rewards overfunding last month, or <insert maths here> has there been a ever-so-slight increase to today's due interest?

Can you deduce anything from my numbers? Interest rate is 6.00%Gross/6.17%AER.

Balance 01/05/24   £3,080.31
Round-up  16/05/24    +£1.02
MyRewards 21/05/24    +£5.00
Interest 03/06/24    +£16.72

Sums are hard!

PloughmansLunch

flaneurs_lobster said:

PloughmansLunch said:

Does anyone have any bouncebacks to report from Rewards overfunding last month, or <insert maths here> has there been a ever-so-slight increase to today's due interest?

Can you deduce anything from my numbers? Interest rate is 6.00%Gross/6.17%AER.

Balance 01/05/24   £3,080.31
Round-up  16/05/24    +£1.02
MyRewards 21/05/24    +£5.00
Interest 03/06/24    +£16.72

Sums are hard!

I've dusted off my D-Grade maths GSCE, and am convinced it's all included and compounded (note round-up and reward amounts added 16th & 21st). R/h column is daily interest. I'm aware there aren't 32 days in a month but it adds up so I'll leave it at that.

FIREmenow

I tried to sneak in an April end-of-month weekend payment when I opened my RBS Digital Saver, then funded it again on 2 May.

The first payment was re-dated as May and the overfund payment wasn't returned until 20 May. All made from RBS current account, so could take longer than a few days to return an overpayment from Rewards (if they do).

flaneurs_lobster

I added a crafty extra £5 over the 150 fund limit at the w/end - it was returned today. The reward credit remained.

I'm thinking that reward credits to DRS are now officially a thing.

Dandytf

sausage_time said:

PRAISETHESUN said:

I've had login issues with my RBS rewards profile for years, so I already have to access them through the app. The ability to deposit rewards directly into savings accounts is nice - but kinda naff if you can't use this to exceed the monthly deposit limit on their digital regular savers

I confirmed with a "post Cora" human chat that you can't exceed the £150 deposit limit.   Shame.

oops I have, does the 'overpaid' sum get auto returned into rewards acc then.
Maybe rbs shouldn't have included reg savers account in rewards transfer to drop down list.

flaneurs_lobster

Dandytf said:

sausage_time said:

PRAISETHESUN said:

I've had login issues with my RBS rewards profile for years, so I already have to access them through the app. The ability to deposit rewards directly into savings accounts is nice - but kinda naff if you can't use this to exceed the monthly deposit limit on their digital regular savers

I confirmed with a "post Cora" human chat that you can't exceed the £150 deposit limit.   Shame.

oops I have, does the 'overpaid' sum get auto returned into rewards acc then.
Maybe rbs shouldn't have included reg savers account in rewards transfer to drop down list.

So far, no-one posting on this thread who has funded their Digital Regular Saver with a Rewards transfer has reported having their transfer reversed. Mine's been in place since 21/05 and was included in the month-end interest calculation (thanks @PloughmansLunch).

Can't believe that this extra bit of functionality has been added in error, it's now a thing. 

sausage_time

Dandytf said:

sausage_time said:

PRAISETHESUN said:

I've had login issues with my RBS rewards profile for years, so I already have to access them through the app. The ability to deposit rewards directly into savings accounts is nice - but kinda naff if you can't use this to exceed the monthly deposit limit on their digital regular savers

I confirmed with a "post Cora" human chat that you can't exceed the £150 deposit limit.   Shame.

oops I have, does the 'overpaid' sum get auto returned into rewards acc then.
Maybe rbs shouldn't have included reg savers account in rewards transfer to drop down list.

Check though this thread.  Some folks have seen refunds while others have not (yet).

Nasqueron

Dandytf said:

sausage_time said:

PRAISETHESUN said:

I've had login issues with my RBS rewards profile for years, so I already have to access them through the app. The ability to deposit rewards directly into savings accounts is nice - but kinda naff if you can't use this to exceed the monthly deposit limit on their digital regular savers

I confirmed with a "post Cora" human chat that you can't exceed the £150 deposit limit.   Shame.

oops I have, does the 'overpaid' sum get auto returned into rewards acc then.
Maybe rbs shouldn't have included reg savers account in rewards transfer to drop down list.

Some people may wish to use the £5 reward as part of their £150 contribution e.g. if they have a month with limited free cash so a direct transfer in just saves a step