NatWest £180 Switch offer from 22/10/24

PC2016

Zanderman - huge thanks, I have never switched before, I couldn't find that info with my searching skills. 

s71hj

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.

I'm wondering if I'm best to change the sequence and convert Natwest Select to Natwest Reward (presume will happen v quickly) then switch Chase in to Natwest Reward. The reason being, in the 7 days or so it takes to switch Chase across Natwest may withdraw the scheme. Can't see this would breach the offer T and C's but others on here are better at understanding these things than me.

WillPS

s71hj 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.

I'm wondering if I'm best to change the sequence and convert Natwest Select to Natwest Reward (presume will happen v quickly) then switch Chase in to Natwest Reward. The reason being, in the 7 days or so it takes to switch Chase across Natwest may withdraw the scheme. Can't see this would breach the offer T and C's but others on here are better at understanding these things than me.

You've nothing to fear - once the application or request to switch goes in, you're in - even if you apply/put the request in on the last day of the offer (although I've some experience of having to push Natwest Group on this, in fairness I did switch in the early hours of the morning when the offer was pulled at 7am).

Account change to Reward tends to happen next working day, plus an extra day for the account type to show as changed. One advantage is that I think they won't hard search you if you do this, but they will for a new account.

Middle_of_the_Road

s71hj 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.

I'm wondering if I'm best to change the sequence and convert Natwest Select to Natwest Reward (presume will happen v quickly) then switch Chase in to Natwest Reward. The reason being, in the 7 days or so it takes to switch Chase across Natwest may withdraw the scheme. Can't see this would breach the offer T and C's but others on here are better at understanding these things than me.

It took a few days for them to upgrade my select account when I did this a couple of years ago. 

s71hj

Reading this bit of the T and C's 
"If you're an existing customer, you can switch your account held elsewhere in to an existing eligible Reward account, or switch in and upgrade an existing account to one of our Reward accounts."
I'm thinking the switch is best to get started first as that way I'm underway with the key bit that is required, the switch, rather than waiting maybe 48 hours for the conversion to Reward. I suppose that prompts the question can I then convert Natwest Select to Natwest Reward before the switch is complete or will that confuse the switching service?

WillPS

It's ambiguous as to whether or not you'd be eligible if you did that, as you'd be requesting a switch in to a select account.

I'd wait, personally. Natwest have never pulled an offer so quickly after launching it. Even if they do, it's highly unlikely this will be the last.

s71hj

WillPS said:

It's ambiguous as to whether or not you'd be eligible if you did that, as you'd be requesting a switch in to a select account.

I'd wait, personally. Natwest have never pulled an offer so quickly after launching it. Even if they do, it's highly unlikely this will be the last.

It says switch in and upgrade which I'm assuming means you can switch in first;
"If you're an existing customer, you can switch your account held elsewhere in to an existing eligible Reward account, or switch in and upgrade an existing account to one of our Reward accounts. "

WillPS

s71hj said:

WillPS said:

It's ambiguous as to whether or not you'd be eligible if you did that, as you'd be requesting a switch in to a select account.

I'd wait, personally. Natwest have never pulled an offer so quickly after launching it. Even if they do, it's highly unlikely this will be the last.

It says switch in and upgrade which I'm assuming means you can switch in first;
"If you're an existing customer, you can switch your account held elsewhere in to an existing eligible Reward account, or switch in and upgrade an existing account to one of our Reward accounts. "

True. Going by that wording you should be fine. I would just calm the urge to get this done absolutely ASAP, I'm confident you have more time than you're fearing

Dfarkas0

Should I do this? I'm currently with Lloyds as my main account, I do not like the new app/ how it looks and NatWest have the dark version, tempted to go to NatWest as ill be rewarded and also the app interface looks a lot more user friendly than the new Lloyds one and they have the dark mode which is easier on the eye!

GoldWings

lyle1993 said:

Typically use cheapdirectdebits.co.uk for the direct debits but needs to be £2 this time...anybody know of a similar website you can simply set them up like on there but for a higher amount? I know there is the savings account option but just found the cheapdd way to be much easier

tinydirectdebit now have a £2 option. Have used them for a couple of switches this year