NatWest £180 Switch offer from 22/10/24

WillPS

s71hj said:

So have I got this right: if I open a second Chase bank account (literally takes seconds) switch it into my current natwest select account then convert the select account into a reward account I get £180. If I then set up 2 direct debits I will get £1 a month for each. The t and Cs are a bit confusing on the sequence and what is required for the £180 as opposed to the £1

The Switch Offer itself (terms here) does not require any Direct Debits. I can't see anything to stop you switching a completely new, vanilla Chase account by the terms, you just need to make sure you log in after the switch completes and transfer £1250 in, and finally leave that £1250 there for at least 24 hours. The £1250 can be made up of smaller chunks but each chunk has to stay 24 hours to count for the terms.

Separately, on an ongoing basis Natwest will give you £2 in MyRewards for each direct debit above £2 you have payout each month, a maximum of 2 times. They'll also give you £1 for logging in to online/app banking once each month. This gives you a total reward payout of £5/month. Take off the £2 monthly fee and you're up £3 every month.

s71hj

Salamat said:

s71hj said:

So have I got this right: if I open a second Chase bank account (literally takes seconds) switch it into my current natwest select account then convert the select account into a reward account I get £180. If I then set up 2 direct debits I will get £1 a month for each. The t and Cs are a bit confusing on the sequence and what is required for the £180 as opposed to the £1

Did you get cashback on your current NatWest account, as that would eliminate anything, anyway?

No I didn't. Opened it for the RS. I don't think there was a cashback offer at this point.

Stargunner

WillPS said:

s71hj said:

So have I got this right: if I open a second Chase bank account (literally takes seconds) switch it into my current natwest select account then convert the select account into a reward account I get £180. If I then set up 2 direct debits I will get £1 a month for each. The t and Cs are a bit confusing on the sequence and what is required for the £180 as opposed to the £1

The Switch Offer itself (terms here) does not require any Direct Debits. I can't see anything to stop you switching a completely new, vanilla Chase account by the terms, you just need to make sure you log in after the switch completes and transfer £1250 in, and finally leave that £1250 there for at least 24 hours. The £1250 can be made up of smaller chunks but each chunk has to stay 24 hours to count for the terms.

Separately, on an ongoing basis Natwest will give you £2 in MyRewards for each direct debit above £2 you have payout each month, a maximum of 2 times. They'll also give you £1 for logging in to online/app banking once each month. This gives you a total reward payout of £5/month. Take off the £2 monthly fee and you're up £3 every month.

You forgot to mention that you need to pay in £1250 every month to qualify for the rewards.

Theleak250

I have signed up, waiting for confirmation the account is open. It says it can take two days.

WillPS

Stargunner said:

WillPS said:

s71hj said:

So have I got this right: if I open a second Chase bank account (literally takes seconds) switch it into my current natwest select account then convert the select account into a reward account I get £180. If I then set up 2 direct debits I will get £1 a month for each. The t and Cs are a bit confusing on the sequence and what is required for the £180 as opposed to the £1

The Switch Offer itself (terms here) does not require any Direct Debits. I can't see anything to stop you switching a completely new, vanilla Chase account by the terms, you just need to make sure you log in after the switch completes and transfer £1250 in, and finally leave that £1250 there for at least 24 hours. The £1250 can be made up of smaller chunks but each chunk has to stay 24 hours to count for the terms.

Separately, on an ongoing basis Natwest will give you £2 in MyRewards for each direct debit above £2 you have payout each month, a maximum of 2 times. They'll also give you £1 for logging in to online/app banking once each month. This gives you a total reward payout of £5/month. Take off the £2 monthly fee and you're up £3 every month.

You forgot to mention that you need to pay in £1250 every month to qualify for the rewards.

Fair cop - and while you're on it it's worth mentioning you only need to meet that criteria on one of your reward accounts to satisfy all of them. That means for 2 people each with their own sole and a joint between them you can fund just the joint and that'll cover the 2 soles.

marsdeat

The pay-in terms are weirdly onerous for these things.

Not the amount (although that itself is a bit of a stretch for me personally), but the 24 hour requirement.

The terms don’t say the full £1250 has to be in the account all at once as far as I can tell, so going to hope I can cycle the same £410 or so three times to fulfil it.

orange-juice

s71hj said:

So have I got this right: if I open a second Chase bank account (literally takes seconds) switch it into my current natwest select account then convert the select account into a reward account I get £180. If I then set up 2 direct debits I will get £1 a month for each. The t and Cs are a bit confusing on the sequence and what is required for the £180 as opposed to the £1

Thanks for the tip. Just given this a go. I could have sworn Chase had amended their T&Cs recently to stop people opening dummy accounts for switching out , but I couldn’t find it anywhere.

ThePirates

This seems a ridiculous offer if you already have a Reward account - switch an empty account for £180!!!!!!

PC2016

Can anyone answer this question, apologies if in the wrong section. If I switch to Natwest for the £180, I fear they will do a hard credit search, I should pass however if I fail mid switch[if that's how it works] will my Halifax account be closed by then or would that stay active so I can revert? If not, would it be easy to reinstate my Halifax account if it goes pear-shaped. I have no income transfers/BACS per say, I am jointed on a UC claim & I fear that maybe frowned upon.

My problem is my partner has all our income deposited in her account & transfers enough funds for me to manage the home, I am her career.  I have a current account with Halifax & have never had an overdraft with halifax, always in credit, 15 years +. Now we have a decent few quid in a PO savings and use a CC daily, it's always in balance, a month in hand, so technically in perpetual debt circa 500£ but never late paid or ever had a penny of interest as the balance is paid in full every month, I kind of used it as a mini loan moons ago and could clear the entire thing at the drop of a hat[money in savings at 4.7%]. I have no outstand bills, debts etc. Any ideas or just forget about acquiring an xmas bonus?

Zanderman

PC2016 said:

Can anyone answer this question, apologies if in the wrong section. If I switch to Natwest for the £180, I fear they will do a hard credit search, I should pass however if I fail mid switch[if that's how it works] will my Halifax account be closed by then or would that stay active so I can revert? If not, would it be easy to reinstate my Halifax account if it goes pear-shaped. I have no income transfers/BACS per say, I am jointed on a UC claim & I fear that maybe frowned upon.

You're confusing switching with account opening.  Your halifax account can't be switched or closed until your NatWest account is up and running. So if you apply to NatWest for an account, and they open it, you're fine and the switch can start. If you apply to NatWest and they refuse for whatever reason, they won't start a switch so your Halifax account isn't affected at all.