NatWest and RBS to scrap bills cashback - what you need to know
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Around 1.7 million NatWest and RBS Reward account customers will stop earning cashback on their bills from February, MoneySavingExpert.com can reveal. They will instead be given incentives for logging into their account and having direct debits - here's how to check if it's still the best account for you...
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'NatWest and RBS to scrap bills cashback - what you need to know'
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'NatWest and RBS to scrap bills cashback - what you need to know'
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Wonder how that will work for joint accounts - will both need to log in to app? Bit of a bummer in any case, was doing rather well out of the current arrangement.I’m a Forum Ambassador and I support the Forum Team on the Credit Cards and Budgeting & Bank Accounts boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
The Natwest Rewards Credit card cashback will reduce from 0.5% to 0.25%. They haven't indicated yet a reduction in supermarket spend cashback, then again I'm not too optimistic on that front.
There is already a thread discussing this:
https://forums.moneysavingexpert.com/showthread.php?t=60672070 -
Remember that only non-taxpayers will be able to earn £36 yearly. The Reward payments from NatWest/RBS are paid gross so are taxed as miscellaneous income at your marginal rate.
Warning: In the kingdom of the blind, the one-eyed man is king.
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Consumerist wrote: »Remember that only non-taxpayers will be able to earn £36 yearly. The Reward payments from NatWest/RBS are paid gross so are taxed as miscellaneous income at your marginal rate.
But any Rewards based on credit card spend will still be classed as "discount" rather than "annual payment" and therefore not taxable. Very messy.0 -
:TBut any Rewards based on credit card spend will still be classed as "discount" rather than "annual payment" and therefore not taxable. Very messy.
The co-op account splits it so the £4 reward for having 4 DD's & paying in £800 pcm is actually £5 net of tax. Then the upto £1.50 cashback on debit card spend is non taxable as its a refund/discount.
Have natwest actually said the new rewards are to be paid gross? Or is it an assumption cos the previous ones were (which wouldve been non taxable)
That said arent Barclays rewards classed as cashback rather than a reward so not taxable & natwest new version does look very close to Barclays offer0 -
I use NatWest for my joint account and the 2% on household bills has been a really good earner for me - does anyone know of any current accounts that I can switch to that offer a similar deal? I have noticed the HSBC £175 for switching but as it is our joint account rather than my personal current account we won't be paying in the required £1,750 a month.0
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LeytherMatt wrote: »I use NatWest for my joint account and the 2% on household bills has been a really good earner for me - does anyone know of any current accounts that I can switch to that offer a similar deal? I have noticed the HSBC £175 for switching but as it is our joint account rather than my personal current account we won't be paying in the required £1,750 a month.
The only other account that I'm aware off that pays cashback on household bills is the Santander 123 account. I'd recommend the "Lite" version (£1/month fee) as the full account (£5/month fee) doesn't pay enough interest to really warrant the monthly fee.0 -
LeytherMatt wrote: »I use NatWest for my joint account and the 2% on household bills has been a really good earner for me - does anyone know of any current accounts that I can switch to that offer a similar deal? I have noticed the HSBC £175 for switching but as it is our joint account rather than my personal current account we won't be paying in the required £1,750 a month.
Pay it in the transfer it straight back out again0 -
Thanks for that, will have a look at doing that alongside switching to HSBC.PRAISETHESUN wrote: »The only other account that I'm aware off that pays cashback on household bills is the Santander 123 account. I'd recommend the "Lite" version (£1/month fee) as the full account (£5/month fee) doesn't pay enough interest to really warrant the monthly fee.
I already transfer £1,000 in to a First Direct account in preparation for getting their leaving bonus so that shouldn't be a problem.Pay it in the transfer it straight back out again0 -
If there's £5 in "incentives" and a £2 fee, presumably the full £5 will be taxable as an "annual payment", not the net £3?
This will just make things complicated for anyone that does a tax return, claims tax credits or UC, has to declare income for stuff like student finance, is a higher rate taxpayer etc.0
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