Natwest/RBS to launch 3% cashback account

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  • chambta
    chambta Posts: 2,770
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    colsten wrote: »
    I commented because someone seemed to suggest the offer was for Scotland only - which is clearly not correct.

    I have no more info than that is available to everybody on here. For details, we'll have to wait until Natwest/RBS release the T&Cs.

    Are you referring to me? It will NOT be available for RBS customers at English branches that are becoming Williams & Glyn.
  • colsten
    colsten Posts: 17,597
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    chambta wrote: »
    Are you referring to me?
    no I am not.
    chambta wrote: »
    It will NOT be available for RBS customers at English branches that are becoming Williams & Glyn.
    I don't anyone said it would be. I certainly didn't.
  • Thrugelmir
    Thrugelmir Posts: 89,546
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    Following on from Santanders move. Seems as if fee charging current accounts have finally arrived. The interest earnt merely provides a distraction from the real purpose.
  • Zanderman
    Zanderman Posts: 4,643
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    Thrugelmir wrote: »
    Following on from Santanders move. Seems as if fee charging current accounts have finally arrived. The interest earnt merely provides a distraction from the real purpose.

    You can't really call a trend from this!

    Yes NatWest are launching a current account with a monthly fee. For an account that, incidentally, has no interest (as far as we know at this stage). It just gives cashback.

    Yes, Santander have increased their fee - but it's not a new fee - there always was one.

    At the same time Tesco have just removed the fee from their current account. Which does pay interest, and at a good rate.

    So, at present, there is no discernible trend towards fee paying accounts. Indeed if you want a good interest rate on a current account without a fee the Tesco move has helped. NatWest's offering doesn't even seem to pay interest!
  • Herbalus
    Herbalus Posts: 2,634
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    Thrugelmir wrote: »
    Following on from Santanders move. Seems as if fee charging current accounts have finally arrived. The interest earnt merely provides a distraction from the real purpose.

    I know you've been saying for years that the end of "free" banking is nigh for all of us, but I simply don't see it. Of course it could be the thin end of the wedge, and plenty of people/organisations have talked about paying for all banking, but the market just doesn't bear it out as I see.

    People see the fee as paying for a specific benefit, like package accounts that cost £10/month for insurance products. If you took away the insurance, you'd have a bog standard account, so there's no reason for the fee in the consumer's eyes.

    Plus with overdrafts getting more expensive, I'd actually say that there's less need for banks to start charging.
  • I asked about this in my branch yesterday, and after getting a blank look the staff member went away came back and told me the details, and sorry to say I don't think I will bother personally, as she said:

    1. Its is not available on Basic Accounts or the Select Account, but only the 'Added Value' accounts, so in order to get this 'Deal' I would need to upgrade to the Select Silver at £10 per month, and considering I have just Downgraded from the Platinum as I did not feel I was getting the benefits I don't fancy paying £10 a month just to get cash back !.

    2. She said only certain types of council tax bands would be eligible, and it would need to be a local authority council tax bill !, again that's me knackered as my branch is no longer in the same area as I live now.

    3. You would only be eligible if you already had Direct Debits set up for the bills, and not if you simply set them up now. I don't see how that part could be true as if I walked in to open an account as a brand new customer I would not have any Direct Debits set up !.

    Conclusions

    1. They don't know what they are talking about.

    2. They don't want a lot of customers joining the scheme so they are trying to make it difficult for them.

    To me it just seems too make hassle for what could be a very small reward if they do make you upgrade your account, and restrict what council tax group you are in.
  • kpearsoncj
    kpearsoncj Posts: 248 Forumite
    it only starts on the 12th so people in branches prob still are clueless and at the moment until then its only on the silver accounts etc. companies dont inform staff proper tbh. morrisions is the same lol.
  • kpearsoncj
    kpearsoncj Posts: 248 Forumite
    mine is working
  • Zanderman
    Zanderman Posts: 4,643
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    AlisonGray wrote: »
    Conclusions

    1. They don't know what they are talking about.

    2. They don't want a lot of customers joining the scheme so they are trying to make it difficult for them.

    I think that the real conclusion is that the new account isn't available yet.

    You were, I think, told about the existing version only available to premium accounts.

    Wait until the account is launched (next week) - and then ask again.
  • ratechaser
    ratechaser Posts: 1,674
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    Well I've got existing accounts with both Natwest and Santander, and from the information I've seen so far, I won't be making any changes whatsoever to my banking arrangements. The days of free banking may well be coming to an end, but Natwest won't be dragging me in that direction simply by offering a few percent on household bills, especially as most of those DDs are already shifted to Santander.


    Interestingly, last time I met my Natwest relationship manger, he was intimating that there was also a new cashback credit card coming from them - with an £80-ish fee, but non-amex, and supposedly with no foreign exchange fees too. Be interesting to see how that stacks up to Santander if it ever does materialise...
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