NATWEST SWITCH OFFER - £150

Zanderman

stewartwilliams said:

How does NatWest fare?

Been with Lloyds for years now and no major issues.  Haven't been offered anything for years now.

Have a Monzo card and use that account for day to day things with Lloyds for salary and direct debit only.

I've a NatWest credit card that works really well for me - good interest rate, no FX fees etc.

Tempted just to jump ship as other than familiarity, there's nothing holding me back.

£150 is tempting, but are there any issues with the bank itself?
I e. downtime, payment issues etc 

You don't actually have to jump ship, or worry about whether you'll like NatWest. Just switch a different current account to the one(s) you use as your everyday one.  Open a new one to switch if necessary.

stewartwilliams

Another switching question.

My final DD of the month comes out around the 18th-20th, depending on what day O2 decide to take it (most others around the 1st).
If I were to switch, would it be better to wait until after that comes out, or wouldn't there be an issue?
 

Middle_of_the_Road

stewartwilliams said:

Another switching question.

My final DD of the month comes out around the 18th-20th, depending on what day O2 decide to take it (most others around the 1st).
If I were to switch, would it be better to wait until after that comes out, or wouldn't there be an issue?
 

The 18-20th DD would be collected as normal before the switch completed. The others would be collected from the new account assuming the switch is completed this month.

Nasqueron

lr1277 said:

stewartwilliams said:

How does NatWest fare?

Been with Lloyds for years now and no major issues.  Haven't been offered anything for years now.

Have a Monzo card and use that account for day to day things with Lloyds for salary and direct debit only.

I've a NatWest credit card that works really well for me - good interest rate, no FX fees etc.

Tempted just to jump ship as other than familiarity, there's nothing holding me back.

£150 is tempting, but are there any issues with the bank itself?
I e. downtime, payment issues etc 

This may not be a problem for you. But customers are limited to a £2k bank transfer limit unless they use their smartphone. May even need to use facial recognition. Haven't tried a larger value transfer by calling customer services.

There is a daily limit, resets at 17:30 or 18:30 

I have the £2 a month one with the £5 reward (paid into the digital regular saver) mostly for the saver, though I don't have any money in until bills are due

adindaspantai

It seems to me that the switch reward is only applicable to their fee-paying accounts, with the smallest fee being for the 'NatWest Reward' account at £2 per month. I currently have a NatWest Select account, and I believe it can be upgraded to NatWest Reward.

In the worst-case scenario, I assume I would only need to pay for two consecutive months.

If that is the case, how easy is it to downgrade back to a fee-free account once the reward is paid?

PRAISETHESUN

adindaspantai said:

It seems to me that the switch reward is only applicable to their fee-paying accounts, with the smallest fee being for the 'NatWest Reward' account at £2 per month. I currently have a NatWest Select account, and I believe it can be upgraded to NatWest Reward.

In the worst-case scenario, I assume I would only need to pay for two consecutive months.

If that is the case, how easy is it to downgrade back to a fee-free account once the reward is paid?

If you meet the other Reward criteria for the account you can get paid £5, which is net £3/month factoring the fee. It's worth considering keeping around as it adds up over time. And you can also have one account with both NatWest and RBS. Otherwise I'd imagine the downgrade process would be just as easy as the upgrade process, although I'm unsure they handle the fee for the month the change is made.

adindaspantai

PRAISETHESUN said:

adindaspantai said:

It seems to me that the switch reward is only applicable to their fee-paying accounts, with the smallest fee being for the 'NatWest Reward' account at £2 per month. I currently have a NatWest Select account, and I believe it can be upgraded to NatWest Reward.

In the worst-case scenario, I assume I would only need to pay for two consecutive months.

If that is the case, how easy is it to downgrade back to a fee-free account once the reward is paid?

If you meet the other Reward criteria for the account you can get paid £5, which is net £3/month factoring the fee. It's worth considering keeping around as it adds up over time. And you can also have one account with both NatWest and RBS. Otherwise I'd imagine the downgrade process would be just as easy as the upgrade process, although I'm unsure they handle the fee for the month the change is made.

Thanks appreciate that.

From this information about reward account

https://www.natwest.com/current-accounts/reward_account.html#reward-account-details

"Up to £5 a month back

Earn £4 a month back in Rewards for 2 or more Direct Debits (2 of those Direct Debits needs to be at least £2 each). Plus, earn an extra £1 a month back in Rewards with 1 mobile app log in. That's up to £5 a month back in Rewards to spend on whatever you like!"

Could this DDs come from the same mandate but pulling twice a month or it has got to come from two different mandate?

It seems to me this £2 DDs need to pay out monthly from this reward account, is it the case ?

Thanks

PRAISETHESUN

adindaspantai said:

PRAISETHESUN said:

adindaspantai said:

It seems to me that the switch reward is only applicable to their fee-paying accounts, with the smallest fee being for the 'NatWest Reward' account at £2 per month. I currently have a NatWest Select account, and I believe it can be upgraded to NatWest Reward.

In the worst-case scenario, I assume I would only need to pay for two consecutive months.

If that is the case, how easy is it to downgrade back to a fee-free account once the reward is paid?

If you meet the other Reward criteria for the account you can get paid £5, which is net £3/month factoring the fee. It's worth considering keeping around as it adds up over time. And you can also have one account with both NatWest and RBS. Otherwise I'd imagine the downgrade process would be just as easy as the upgrade process, although I'm unsure they handle the fee for the month the change is made.

Thanks appreciate that.

From this information about reward account

https://www.natwest.com/current-accounts/reward_account.html#reward-account-details

"Up to £5 a month back

Earn £4 a month back in Rewards for 2 or more Direct Debits (2 of those Direct Debits needs to be at least £2 each). Plus, earn an extra £1 a month back in Rewards with 1 mobile app log in. That's up to £5 a month back in Rewards to spend on whatever you like!"

Could this DDs come from the same mandate but pulling twice a month or it has got to come from two different mandate?

It seems to me this £2 DDs need to pay out monthly from this reward account, is it the case ?

Thanks

For the ongoing rewards the criteria are different from the switch offer. You need to make two DD payments from this account each month. The payments must actually be taken from your account, simply have the DD listed as active on your account isn't enough. A single DD mandate pulling multiple times (eg. weekly/fortnightly) is sufficient.

adindaspantai

PRAISETHESUN said:

adindaspantai said:

PRAISETHESUN said:

adindaspantai said:

It seems to me that the switch reward is only applicable to their fee-paying accounts, with the smallest fee being for the 'NatWest Reward' account at £2 per month. I currently have a NatWest Select account, and I believe it can be upgraded to NatWest Reward.

In the worst-case scenario, I assume I would only need to pay for two consecutive months.

If that is the case, how easy is it to downgrade back to a fee-free account once the reward is paid?

If you meet the other Reward criteria for the account you can get paid £5, which is net £3/month factoring the fee. It's worth considering keeping around as it adds up over time. And you can also have one account with both NatWest and RBS. Otherwise I'd imagine the downgrade process would be just as easy as the upgrade process, although I'm unsure they handle the fee for the month the change is made.

Thanks appreciate that.

From this information about reward account

https://www.natwest.com/current-accounts/reward_account.html#reward-account-details

"Up to £5 a month back

Earn £4 a month back in Rewards for 2 or more Direct Debits (2 of those Direct Debits needs to be at least £2 each). Plus, earn an extra £1 a month back in Rewards with 1 mobile app log in. That's up to £5 a month back in Rewards to spend on whatever you like!"

Could this DDs come from the same mandate but pulling twice a month or it has got to come from two different mandate?

It seems to me this £2 DDs need to pay out monthly from this reward account, is it the case ?

Thanks

For the ongoing rewards the criteria are different from the switch offer. You need to make two DD payments from this account each month. The payments must actually be taken from your account, simply have the DD listed as active on your account isn't enough. A single DD mandate pulling multiple times (eg. weekly/fortnightly) is sufficient.

Thanks I think it is doable using Paypal Account to manually pull £2 twice a month. Thanks again a great help

grandadgolfer

Switch completed 21st £150 in account today👍