You are here: Home - Saving-Banking - News -

BLOG: ‘I switched bank account after 30 years and I have no regrets’

Written by: Lorraine Francisco
I stayed loyal to Santander since childhood but last year when NatWest offered a cash incentive for new current account customers, I decided to take the plunge.

I had been banking with Santander (Abbey National) for 30 out of my 40-odd years and while I often saw banks offering up to £200 to switch, I thought it wouldn’t be worth the hassle.

As a full-time worker and mum-of-two, I imagined it would be a huge manual task to update all my direct debit and standing orders, plus I’d have to learn new pin numbers and accounting details.

But with a number of Santander 1|2|3 rate cuts in recent times, I decided to take up NatWest’s £100 current account switch offer at the end of 2020. I was drawn to its Digital Regular Saver paying 3% on up to £1,000, as well as its monthly rewards for setting up direct debits and logging in to the app.

I have now had the NatWest Reward current account since November 2020 and I’m still happy with my decision.

My main reason is the user-friendly and intuitive NatWest app. You can easily flit between windows so you don’t have to keep entering your login information to transfer money to someone if you turn away from the current page.

I also have a mortgage with NatWest (since 2007), and the app is a great way to view all accounts in one place. I have already had rewards paid out to me of nearly £100 from cashback from retailers, as well as cashback for using the app.

The app also has a spending tracker, where you can limit spend on clothes, food, entertainment etc. The spending tracker automatically takes from your budget depending on the retailer. For example, all my payments to Boots were removed from my toiletries budget. This means I don’t have to manually enter amounts like I had to do previously when I used a separate spending tracker app.

I do admit I don’t use this function as much as I should. But now the world has opened up again, I will be using it more as my travel spend and other office-related expenses have increased. I also haven’t tried the function to withdraw cash from ATM machines without using my card, but it is reassuring to know this is something I can do if I ever lose my bank card.

Another attraction was the £100 cash incentive, though this did take longer to arrive than I was anticipating. I was in contact with NatWest via their online chat, which was also very easy to use, and was told that the cash incentive would be paid out once I had £1,500 credited into the account, and set-up two direct debits by 31 December 2020. The £100 cash incentive was paid out to me by 27 January 2021.

I was also happy about the 3% interest rate on my savings, which was initially on a maximum £50 a month, but it has just increased to £150 a month.

All-in-all, I’m happy I made the move to NatWest – it has been really helpful with my mortgage and I can’t fault the app.

At present, I have no plans on moving again unless there is a good incentive. But now I’ve learnt the three digit security number at the back of my card – which makes online purchases easier – it would have to be a really good incentive for me to want to move.

And as the switch was done through the Current Account Switch Service (CASS), everything was done for me, which was the biggest bonus.

Lorraine Francisco is marketing and customer insight manager at AE3 Media’s

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week