Can I do both the NatWest and RBS Premier £1000 switch and save offer?

partiallime28

Hello, I have started a switch to NatWest Premier for their £250 current account cashback then additional £750 if saving £100000 for 30 days. How likely is it that I could do the same RBS offer simultaneously and get both £1000 bonuses, if the NatWest £250 pays out quickly? I don't want to put £100000 into the RBS saver @ 1.6% interest rate unless I can be sure of getting the second £750. T&C's say you are ineligible if you've received cash from a RBS, NatWest or Ulster offer before.

danny13579

According to the terms you can only get one switching bonus from the NatWest group. In reality, many of us on here have received switching bonuses from all 3 banks in the group. They seem to operate independently of each other without cross checking, though that could change.

I would just do one offer, get the reward cash and bonus, and then do the other. Applying for both simultaneously doesn't mean they'll be processed simultaneously. One will happen before the other as they're done by separate banks (even if part of the same group).

Either they'll cross check and you'll get one bonus + interest payment, or they won't and you'll get both.

partiallime28

Thank you Danny 👍🏻

avocado1988

https://forums.moneysavingexpert.com/discussion/comment/82001850#Comment_82001850

Hi Danny! I’m a bit confused with opening up a Premier account - one part seems to suggest that I need £100k in savings with them already (although I don’t the PDF on their site says this…)….but then it also says to have £100k in their flexible saver within 60 days after the switch completes. I will not have £100k in their savings when opening but I know that within the 60 days I should be able to get £100k in there - will that work?

Or are they suggesting to have £100k in savings with them when opening already and then possibly transferring that £100k into their flexible saver as soon as switch completes?

Thanks! (I couldn’t find a recent thread on this but happy to be pointed elsewhere)

danny13579

Hi avocado1988,

When you're getting conflicting information always go with the T&Cs as those are what are used in the event of a dispute.

For the £750 part of the offer you first of all need to have been eligible for the £250 switch part of the offer. So I'm going to assume that you are eligible for this.

You need to open a Flexible Saver account and within 60 days of switch completion deposit a total of £100k into this account. This can be done in bits and pieces. Each part of the £100k needs to remain in the account for 30 consecutive days. So, for example, you could deposit £50k into the account on the day your switch completes, 30 days later withdraw it and then immediately re-deposit it again for another 30 days. It's a bit tight but would satisfy the requirements.

I couldn't see anything saying you need to have £100k savings with them. There's nothing in the T&Cs requiring that.

avocado1988

https://forums.moneysavingexpert.com/discussion/comment/82034503#Comment_82034503

Thanks so much for making this very clear! I suppose I will be eligible if I have access to the necessary savings within the 60 days:)

I suppose the bit I was referring to is on this page:

https://www.rbs.co.uk/premier-banking/products/current-accounts.html#How

“To join Premier you’ll need one or more of the following:

• - at least £100k sole income or £120k joint income paid into your Royal Bank of Scotland account,

• - or a minimum of £100k savings or investments held with us,

-or a £500k+ mortgage with us.”

So based on that, if I can only tick bullet point 2 only after I open their flexible saver within 60 days of the switch completing, I would be ok? (As strictly speaking the way I read the above quotation as is that I must already have those savings with them when ‘joining’ Premier)

But like you say the T&Cs document make no mention of this when ‘joining’ Premier….

avocado1988

Also you said “So, for example, you could deposit £50k into the account on the day your switch completes, 30 days later withdraw it and then immediately re-deposit it again for another 30 days. It's a bit tight but would satisfy the requirement”

I got a little confused again after reading the terms which says:
“within 60 days of your switch completing (see Point 3 above), you must:

1. open a new Flexible Saver account online or via the mobile app.

2. Pay £100,000 into your new Flexible Saver account. This can be made of multiple

payments into your new account.

• The £100,000 must be kept in your new Flexible Saver account for 30 consecutive days.

So based on that at an extreme could I not put £40k in on day 1 after switch completes; then withdraw it at start of day 31; then put in £40k in on day 31 and then withdraw on day 60; then put in another £20k from somewhere else on day 60 and withdraw it on day 89?

(I wouldn’t go to those extremes but I’m just thinking as long as by day 60 I have deposited in however many instalments the £100k without necessarily keeping £100k in there all the time)

Thanks again for your help!!☺️ Very much appreciate it:)

danny13579

avocado1988 Forget about all that as first of all it isn't in the T&Cs, but also they have no way of knowing whether or not you have £100k of income a year, unless you plan on staying with them for a year, after which they could downgrade you from Premier. But that's all long after you get your £750.

What I'm saying is that in 60 days or even 100 or 200 or 300 days, they have no way of telling what your income is going to be over the year. Not everyone is on salary. Some people may be freelance or self employed or on contracts, and may get paid a few times a year, some months making nothing. Irregular income rather than a regular salary.

As it's income or savings, it just has to be one or the other. For income, they have no way of telling what your earnings are for a year over the course of 60 to 90 days. For savings, you're already planning on depositing £100k whether that's in one lump sum or in bits and pieces.

And even if they were to enforce this requirement (which they can't as there's no way to do it) they would have to refuse you a Premier account in the first place.

danny13579

avocado1988

So based on that at an extreme could I not put £40k in on day 1 after switch completes; then withdraw it at start of day 31; then put in £40k in on day 31 and then withdraw on day 60; then put in another £20k from somewhere else on day 60 and withdraw it on day 89?

Yes, I think that would be fine. The £100k has to be paid in to the account within 60 days of switch completion. So you could go even further and do something slightly crazy like pay £99,999 on day 59 and £1 on day 60, keep the former in there until day 89 and the latter in there until day 90.

The final £20k in your example could be from either of the previous £40ks (they could even be the one £40k used twice) as both have been withdrawn. Some people like to live on the wild side! 😜

avocado1988

haha thanks so much Danny - I really can’t thank you enough here! You have been so so helpful 😊😊😊 If you happen to have a buy a coffee page at all, do let me know! You and other members in the regular savers forum have been so kind and helpful😊

Haha my wild side is I think going be trying to double dip if I can both NatWest and RBS with the premier and perhaps do the £50k in one and the £50k in the other for the first 30 days …transfer back to my main account and then do the £50k transfer in again around the 35-40 day mark at the latest (crossing fingers then both are occurring at a similar time and so both pay at a similar time)! That would be the dream if that works….as I guess whether I open them one after another (ie once received both RBS £250 and £750, only then open NatWest) or at the same time, it wouldn’t make a difference….

danny13579

avocado1988 If you’re lucky enough to have £100k hanging around you could do both simultaneously.

£50k on switch completion date to both NatWest and RBS. Withdraw both on day 31. Redeposit both on day 31 until day 61.

If you’re slightly less flush, you could do both if you have access to around £67k.

Day 0 (switch completion date): £33,333 to NatWest, £33,333 to RBS.

Day 30: Withdraw both and redeposit both.

Day 60: Withdraw both and redeposit both, with an extra £1 into both.

Day 90+: Withdraw both. The £750 x 2 would be payable between day 60 and day 90, so you can just withdraw each £33,334 as soon as you get each £750. They may arrive on different dates though as they're separate offers.

Given the history of the banks in the NatWest group running their switch offers separately, I think you have a good chance of getting both. The more flush you are for this, the more flexibility you have with the dates. My second example is really cutting it fine, but is doable if you're organised. Getting it wrong by even one day could scupper it completely.

I would probably do both simultaneously if possible, if you have the funds of course. We don't know how long more this offer will be available for. While there will be future switching offers, we don't know if they'll ever do the £750 offer with them again.