Natwest Offer £125 to switch

Options
2

Comments

  • javajim
    javajim Posts: 146 Forumite
    Options
    I am wondering about minimum pay in to NatWest. If there is a short fall of say £150 would it be ok for a relative or friend to set up a direct debit to pay the £150 in to it and then I set up a direct debit to pay £150 back to them?
    My apologies if this has been asked before
    Thanks in advance
  • NotRichAtAll
    NotRichAtAll Posts: 889 Forumite
    First Anniversary Combo Breaker
    Options
    i done the id check on my mobile and at the moment i have been waiting 3hrs for the return text, i did read somewhere that others have had issues with the way its done and have gone into a local branch with id and got it sorted there
  • MalF
    MalF Posts: 25 Forumite
    Options
    I opened an account on Monday (to take advantage of the £50 Quidco). So that should be £175 to switch to them, and then another £100 to switch away from First Direct and their awful online banking system.

    The whole process took about 10 minutes.
  • badger09
    badger09 Posts: 11,211 Forumite
    First Post First Anniversary Name Dropper
    Options
    javajim wrote: »
    I am wondering about minimum pay in to NatWest. If there is a short fall of say £150 would it be ok for a relative or friend to set up a direct debit to pay the £150 in to it and then I set up a direct debit to pay £150 back to them?
    My apologies if this has been asked before
    Thanks in advance

    You cannot use direct debits like that, so I think you mean standing orders.

    However, there is no need to involve anyone else. Simply transfer in say £1000 from your main account. Immediately transfer say £500 back to your main account. Then transfer £500 back in. Job done.
    (It doesn't have to be those amounts, as long as the total going in is at least £1500)
  • NotRichAtAll
    NotRichAtAll Posts: 889 Forumite
    First Anniversary Combo Breaker
    Options
    so should you have access to your account prior to the switch process been finished, i do have an account number etc.
  • eskbanker
    eskbanker Posts: 31,076 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    NotRichAtAll wrote: »
    so should you have access to your account prior to the switch process been finished, i do have an account number etc.
    It depends on what you plan to use it for.

    If it's your 'main' account that you rely on for paying bills, accessing cash, etc, then IMHO it would be rash to consider starting the switching process before you have full (and tested) access to it.

    If, on the other hand, it's just a dummy account being used artificially to secure a switching incentive, while your main banking business is conducted elsewhere, then I can't see much of an issue with switching before access is fully available....
  • NotRichAtAll
    NotRichAtAll Posts: 889 Forumite
    First Anniversary Combo Breaker
    Options
    eskbanker wrote: »
    It depends on what you plan to use it for.

    If it's your 'main' account that you rely on for paying bills, accessing cash, etc, then IMHO it would be rash to consider starting the switching process before you have full (and tested) access to it.

    If, on the other hand, it's just a dummy account being used artificially to secure a switching incentive, while your main banking business is conducted elsewhere, then I can't see much of an issue with switching before access is fully available....

    all i meant was should i be able to log in to the account on the app or online prior to the switch been complete? its a dummy account for the bonus only. at the moment 3 days in and not able to access the account at all.

    cheers
  • eskbanker
    eskbanker Posts: 31,076 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    NotRichAtAll wrote: »
    all i meant was should i be able to log in to the account on the app or online prior to the switch been complete? its a dummy account for the bonus only. at the moment 3 days in and not able to access the account at all.

    cheers
    Yes, account opening and switching are two different processes, even though some banks try to make it appear seamless, so access isn't dependent on switching, especially since the target audience of 'proper' switchers will want/need a fully operational account before switching all their banking activities to it....
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
    Name Dropper First Post Combo Breaker First Anniversary
    Options
    deadendwaterfall wrote: »
    I've switched from a spare Barclays account to NatWest successfully and paid in £1600, and logged into online banking, so just need to wait for my £125 to be paid now.

    Do you have to keep at least £1500 in it, or can you transfer £1500 in and then back out?
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
    Name Dropper First Post Combo Breaker First Anniversary
    Options
    If your balance of your switch process is greater than £1500, does that count as funding it with £1500 to get the cash incentive? Or do they require an additional funding of £1500 in addition to your switch balance?
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards