The Lemon Fool

Seee that from Feb Nat west are changing the rewards on their Rewards account
It looks like if you have 2 D/D out of the account and log onto their online banking app you can get £3 a month , ( £5 reward less the £2 account fee) as long as you pay £1250 in per month

As Ive already got a Nat West account with £3-45 in it , thinking of sending £ 1250 in and out at the start of the month from my TSB account so this will satify both accounts payments in , and paying a couple of D/D out of the account( one to a savings account and one for the TV licence.)

This will give me a net return of £3 per month on £3-45 or nearly 100% interest - and once its all set up all I have to do is remember to log into the account on my phone every month

steelman99 wrote:Seee that from Feb Nat west are changing the rewards on their Rewards account
It looks like if you have 2 D/D out of the account and log onto their online banking app you can get £3 a month , ( £5 reward less the £2 account fee) as long as you pay £1250 in per month

As Ive already got a Nat West account with £3-45 in it , thinking of sending £ 1250 in and out at the start of the month from my TSB account so this will satify both accounts payments in , and paying a couple of D/D out of the account( one to a savings account and one for the TV licence.)

This will give me a net return of £3 per month on £3-45 or nearly 100% interest - and once its all set up all I have to do is remember to log into the account on my phone every month

Seems like an awful lot of hassle for £3 a month, though if you can, then I'd say go for it. Best check the T&Cs though. I don't think the RBS lot are a pushover these days and NatWest still have to pay out on their nice preference shares!

Steve

PS How come you have only £3.45 in an account that charges you £2 to run it? Or is it a different account? In which case, can you open it easily online?

They are drastically neutering the Rewards a/c. I have been getting about £12 - £15 a month because they pay a % on utility bills etc. Balance of rewards now over £300. I think this will now drop to £5 a month, still offsetting the £2 monthly fee as you say.

I always thought this was a way to get people used to paying for a current account and that they would gradually stop the cash incentives. Looks like this is what is happening.

They are all doing it. They have stopped the 1.5% interest on my Nationwide FlexPlus account now, but still the £13 account fee is still a good bargain for covering Worldwide Travel Insurance for 2, Car Breakdown Cover for 2 cars, and Worldwide Mobile cover for 2 mobiles. I was getting £6.28 interest a month before so was effectively costing me £6.72 a month for the insurances - bit of a sting but I'm sticking with it

"PS How come you have only £3.45 in an account that charges you £2 to run it? Or is it a different account? In which case, can you open it easily online?"

was a left over from when they were give £100 to open an account - Transfered an account from HSBC to them and got £100, the £3.45 is just a left over , and the account is presently their free current account , will change it to the £2 per month account once Feb gets here

Agree with others though , they are all whittleing down their rewards on current accounts