UK: NatWest to cut cashback for Reward current account holders

NatWest has announced that as of the 26th June 2017, it will be reducing the cashback rewards on its leading Reward current account. Currently, Reward account holders receive 3% cashback on household bill payments made via direct debit which includes council tax, phone, gas, electricity, water and broadband. However, after the 26th June, this is set to be decreased to 2%. New Reward current account customers who sign up after the 26th June will need to deposit a minimum of £1,500 per month and log into online or mobile banking at least once every three months to receive the cashback, but existing customers will not be required to meet these new criteria. NatWest will also be simultaneously reducing the monthly account fee from £3 per month to £2 per month.

A spokesperson from the bank said: “Now that we are reducing the benefit, we have also reduced the cost to minimise the impact on customers. Reward is our fastest growing account, with over 1.7 million customers benefitting from over £100 million in Rewards since it launched just over a year ago.”

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