Switching business bank account - £1500 cashback!?
Discussion
Hi all,
Had a chase email from Natwest today saying we have until the 28th Feb to take them up on an offer to switch business bank accounts.
they've given us the choice of TSB, Co-op, Metro bank and two other odd ones.
Each of them are offering £1500 to switch. Rates/interest/services seem to be relatively the same - what's the catch?!
We are not a complicated business, we don't have much need for a bank other than paying in and out. We are always in credit, don't borrow any money, we have one customer, two directors and two PAYE employees (the directors) our turnover is around £20,000 a year and everything we do is inside the UK
is my tiny company really worth a £1500 sweetener to switch accounts ?
Had a chase email from Natwest today saying we have until the 28th Feb to take them up on an offer to switch business bank accounts.
they've given us the choice of TSB, Co-op, Metro bank and two other odd ones.
Each of them are offering £1500 to switch. Rates/interest/services seem to be relatively the same - what's the catch?!
We are not a complicated business, we don't have much need for a bank other than paying in and out. We are always in credit, don't borrow any money, we have one customer, two directors and two PAYE employees (the directors) our turnover is around £20,000 a year and everything we do is inside the UK
is my tiny company really worth a £1500 sweetener to switch accounts ?
gashart said:
I did this last Nov, switched from Natwest to Co-Op business accounts, received £4k in January for the hassle!! Absolutely no hassle what's so ever, but Co-op business bank is years behind what Natwest is, not enjoying it, so may switch again to Barclays, should have done that the first time!!
Luckily we don't need any services/loans/mortgages etc etc - it's just Money in & Money out with some basic DDs to HMRC etc 
what is it specifically that you feel they're behind NatWest?
gashart said:
When you make transactions, paying out or transferring between accounts or any transaction really, there is about a 2 hour wait to see the changes, Natwest / Barclays instant, and no banking App, just very old school.
there is an app now - i have it running for coop, it's a dedicated business one though, i found it by searching app store for coop business bank.it's very basic though, you can't set up new PAYEES or DDs, just transfer to existing ones set up via the web.
22 said:
Switch day today. Payments in and out seem to have moved over successfully. Small bounceback loan remained with NatWest without a service account (required if using interest only extension apparently). No mention of the £1500.
Thank you to the OP and contributors as had ignored all emails, presuming spam.
Bank personally with NatWest, although happy to consider a move for a price
that was us too... "this can't be real' --delete--Thank you to the OP and contributors as had ignored all emails, presuming spam.
Bank personally with NatWest, although happy to consider a move for a price
next one, same, next one same. Then i do some research, ask on here and CHA-CHING!
the only frustrating thing is, other than the statement history i downloaded from natwest prior to switching, i can't search historic transactions now. I know that's obvious but as an example... Last night the accountant emailed and said we haven't paid last years corporation tax yet. I was sure we had... but had to trawl through 20 pages of PDFs on the phone with no search facility.
He was right though, we hadn't!
22 said:
Pixelpeep Z4 said:
Great news, did it just appear in the account or did you get a notification email or something before hand?
It's only a teeny ltd company and spotted it on Xero accounts software (no emails etc). Just bought the wife a new car (only a Jeep, not very PH), so that takes away a bit of the pain. Gassing Station | Business | Top of Page | What's New | My Stuff