Natwest ISA Cashback

jaseabase

First main post so be gentle!
I saw an advert for Natwests cashback option on their ISA. Advert read switch to use and earn up to £500 cashback. I currently have an ISA (one years worth) with the NSandI.
Is it worth switching it to collect this cashback? There is not too much information on their website
http://www.natwest.com/cashback

Jaseabase

Jamesarcher

Hmm, if you were mainly interested in the cashback, in their terms and conditions it does say "ISA/PEP Transfer cash back offer - 1% up to £450", so I assume they will give you 1% up to a maximum of £450, if you transfer over an ISA which has £45,000 or more. At least thats what I understand from it.

Broke_Student

The £25 on £7000 of ISAs doesn't seem like much as your money will be with Natwest for a year.
£25 is under 0.36% of £7000,
So this part of the offer is only worth it if the the interest Natwest is paying will be less than that 0.36% below than the best competitor (which is hard to calculate as most of the money will be in Equity ISAs).

You will get even less return on your money next year as you get the same £25 bonus but on £7200 instead of £7000.

mii

Jamesarcher is right, they will give you 1% up to a maximum of £450. I just called Natwest customer service. They said if you transfer £3,000 to them then you'll get £30 (out of £450, ie. 1%).

According to my interpretation, this £3000 also qualifies for the £25 cash back if invest in their ISA products before 5 Apr, and if you add £250 between 6th-11th apr then another £25. So given you have £3250 in that a/c on 12 May 08 they'll give you £30+£25+£25=£80, +interest earned that period (about £24.8 for 2 months @ 4.85%AER, £3000 invest in 1st month and £3250+interest in the 2nd month). After that you can transfer out without penalty (ref:Moneysupermarket).

Can anyone confirm that pls?