switch account minimum payments

kokolino23
kokolino23 Posts: 267 Forumite
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in Budgeting & bank accounts
Hello,
I'd like to switch my account from Halifax to Natwest so I can get £150 as a reward. The condition is to pay min £1500/month to the new Natwest account.
Can I do that from a different bank account or must be an income? There is no mention about that at all on their website.
Thanks

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    kokolino23 wrote: »
    Hello,
    I'd like to switch my account from Halifax to Natwest so I can get £150 as a reward. The condition is to pay min £1500/month to the new Natwest account.
    So you're going for their "Reward" account (at £2 per month) rather than their "Select" account then?...because the Select account has no such monthly funding requirement.
    Can I do that from a different bank account or must be an income? There is no mention about that at all on their website.
    I think you've found your answer then. :) I'm not aware of any bank that stipulates monthly credits must be income, ie salary/pension/benefits. However, some do say the funding has to be external, ie can't be from internal transfers from other accounts held with the bank.
  • metrobus
    metrobus Posts: 1,784 Forumite
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    Does the cash credit from the old bank you switched from count towards the £1500?
  • wishingthemortgaheaway
    wishingthemortgaheaway Posts: 2,536 Forumite
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    metrobus wrote: »
    Does the cash credit from the old bank you switched from count towards the £1500?


    I have come here to find out the answer to that question too.
    Outstanding mortgage: £23,181 (December 19)
    MFW 2020 Challenge Member #10 0/£2318
  • surreysaver
    surreysaver Posts: 4,100 Forumite
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    wishingthemortgaheaway wrote: »
    I have come here to find out the answer to that question too.
    What do the Terms and Conditions say? If its not mentioned in the T&Cs, then you've found your answer.
    I consider myself to be a male feminist. Is that allowed?
  • 18cc
    18cc Posts: 2,120 Forumite
    The question as to whether money switched counts towards the £1,500 has been discussed at length in other threads on this board

    there is no exact agreement so I think I'm right in saying that the consensus is don't chance it.
  • PRAISETHESUN
    PRAISETHESUN Posts: 3,712 Forumite
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    metrobus wrote: »
    Does the cash credit from the old bank you switched from count towards the £1500?

    I've never had a definitive response to this too, but the general consensus on the forums is that this will NOT count. If you have that amount sitting in your Halifax account being switched anyway, then it isn't too much hassle to ping it over to your NatWest yourself. The T&Cs only state that you need to pay in from a non-NatWest source so it doesn't have to be from income, etc.
  • wishingthemortgaheaway
    wishingthemortgaheaway Posts: 2,536 Forumite
    First Post First Anniversary
    Thank you all, I did look at the tc&cs but couldn't see it. I'm going for the safety option of transferring it in myself (from a different bank)

    Thank you for you help.
    Outstanding mortgage: £23,181 (December 19)
    MFW 2020 Challenge Member #10 0/£2318
  • metrobus
    metrobus Posts: 1,784 Forumite
    First Anniversary Combo Breaker First Post
    I foolishly just allowed the switch process to deposit just over £1500 into my NatWest acc and did not deposit directly myself.

    However I got the £150 yesterday so with NatWest at least the switch money does count towards the £1500 needed to be deposited.
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