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Natwest Premier switch - £500
Says you need a £100k income, but then also mentions you need to pay £15k within 90 days of switching. Unsure whether just paying the £15k (non salary) would satisfy the switching bonus criteria?
Premier Reward Account | NatWest Premier
Comments
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Does anyone have any practical experience of how NatWest govern the salary aspect?
I’m thinking salary sacrifice in particular. I meet the criteria but my net paid salary appears well below the threshold.0 -
This page might be a help: which suggests it is net salary, but allows you to aggregate any other income sources (e.g. pension payments, rental, benefits).
Given it's such a large list of potential income sources they can't expect to police it by using, for example, inter-banking codes, or saying that salary must be a third party BACS payment. Presumably there's an element of self-certification by you applying for it and having some evidence that your total income (based on that list) is at least £100k? And they'll check (presumably semi-automated with a human oversight) from time-to-time that you're still broadly within the eligibility requirements, with some discretion (e.g. self-employed individuals might pay their "salary" in irregular lumps by standing orders, rather than a PAYE employee who gets paid the same amount each month by BACS).
I appreciate it doesn't quite answer the question you've asked, but I was offered to join Premier by NatWest despite never having a salary in five-figures. My theory is their computer systems misinterpreted my (regular) regular saver funding process (i.e. paying a big lump of money into the NatWest account at the start of each month, to disperse into various regular savers) as a proxy for a big salary payment.
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Much appreciated DC, thank you.
I’ll do some more homework
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Previous NatWest/RBS/Ulster incentives requiring you to pay in a minimum amount into the account have not required you to pay your income, and I would be surprised if this offer is any different, especially since it does not specifically it. You should be fine to pay in multiple smaller amounts, holding for 24 hr each time.
Just be careful if you do this since such activity may be viewed as suspicious (large amounts deposited into a brand new account followed by rapid withdrawal, especially if done multiple times), so be prepared in case NatWest or your other bank decide to freeze accounts to investigate.
As for Premier, I've also got Premier accounts with NatWest and RBS. I was invited by NatWest despite not having the required income (I cycle a lot of money through the account each month similar to the other poster). For RBS I applied for the upgrade directly after my NatWest account was upgraded and was accepted. I'm expecting it to be reviewed and downgraded eventually but I'll take my additional rewards until they do.
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I've applied for the Natwest account today and the way I read it "Pay £15,000… eg your salary" means that they don't care where the money comes from as long as all the deposits during the 90 days total at least £15,000.
It took me about 3 minutes to open the Natwest account in the app, but 10 minutes after that I applied for the HSBC Premier account too and I had to calll their premier team who took all my info and then had to arrange a telephone meeting with one of their advisors on Monday that "should take about an hour"!
I'm preparing myself for a lot of potential upselling! 😏• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.0 -
That's what I'd like it to mean too :)
Trying to decide whether to go for the Natwest reward (£200), or the Premier (£500), and just shuffle £15k in and out over 3 months, and cross my fingers.
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Well the premier has no additional conditions as far as I can see apart from funneling the £15K in and out over 90 days. No need for any existing direct debits either. Just switch an existing bank account (I am using a dormant TSB one which I haven't used for months) and install the Natwest app. 👍😊
• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.0 -
Well my account seems to be set up, but it is only showing as a "Select" account rather than "Premier Select".
I'm certain I selected the correct account when I applied.
Has anyone else seen the same thing, or do I need to give customer services a ring?
• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.0 -
You might need to be onboarded via a roughly hour-long(!) video call before the select account is manually upgraded (and the app icon changes colour) with a button click by the premier banking manager, or with a bit of luck it might automatically change after a week or so
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Aah, good to know. I did raise the query to an agent in the chat (Natwest's "Cora" AI assistant must be the dumbest AI I've ever interacted with!) But they haven't got back to me yet. Hopefully it will just sort itself out.
I had my HSBC Premier onboarding call yesterday (1 hour 15 minutes) and thought I had dodged the bullet with Natwest, but potentially not! 😂
• The rich buy assets.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.0
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