RBS Stopping £1 monthly cashback for mobile app login

RG2015

As above, for their Reward Account. Received email today with this change effective 1st October. I guess NatWest will be the same.

Kim_13

Email just received from NatWest. Didn’t see any mention of a change in the fee so a net £3 gain is now a £2 gain.

RG2015

There is also the refund of the annual reward credit card fee of £24 if you have the reward current account.

danny13579

Now updated on the website. I haven't received any email from RBS or NatWest yet.

A bit on the mean side IMO but there we go. Maximum of £24 a year instead of £36.

Kim_13

The fact that it will now mean you can only redeem your Rewards every other month (unless you earn £1 via their partners due to the £5 minimum redemption) is meaner than losing £1 a month. That £4 could be earning interest/paying for treats but is now inaccessible for an extra month.

nagevnagev

https://forums.moneysavingexpert.com/discussion/6677751/rbs-stopping-1-monthly-cashback-for-mobile-app-login

Yes, received the same for NatWest. Guess these type of reward will eventually disappear. First Santander reduced 123, Halifax removed the £5/m and now NatWest/RBS. Still have the Zopa but not sure how long that will last!!

danny13579

https://forums.moneysavingexpert.com/discussion/comment/82082689#Comment_82082689

The interest you're losing would be around 1p for the month! You think losing 1p per month is meaner than losing £1 per month?

Kim_13

https://forums.moneysavingexpert.com/discussion/comment/82082855#Comment_82082855

The loss is bigger, but I'm talking about the spirit. The Rewards are only inaccessible for longer because they a) Chose to remove the £1 and b) Did not lower/remove the minimum redemption threshold at the same time.

Losing £1 per month is not a welcome change but if the alternative was there are no longer any Rewards to be earned, it is the lesser of two evils.

danny13579

Kim_13

Losing £1 per month is not a welcome change but if the alternative was there are no longer any Rewards to be earned, it is the lesser of two evils.

Exactly. They could have just ditched the entire scheme like Halifax did with the Reward accounts last year. It's still £24 (£48 if you have both NatWest and RBS Reward accounts) for doing very little.

HillStreetBlues

https://forums.moneysavingexpert.com/discussion/comment/82082689#Comment_82082689

You could just take out £5 on months 2, 3, 4 & 5

HillStreetBlues

https://forums.moneysavingexpert.com/discussion/comment/82082951#Comment_82082951

I agree, when the Halifax ended their I thought it could be the death knell of these ones, so not as bad as I thought it could be.