NatWest and RBS are reducing the cashback benefits on their Reward accounts, with a key perk set to be scrapped entirely. From October 1, customers will no longer receive the £1 monthly reward for logging into the NatWest or RBS mobile banking app. This change means the maximum annual cashback available on these accounts will fall from £36 to £24.
What Changes on October 1
The removal of the £1 monthly app login reward is a significant alteration for account holders. Previously, customers could earn this amount simply by accessing their banking app each month. After the change, this incentive will be discontinued completely, leaving account holders to rely on other methods to accumulate rewards.
Despite the cut, customers can still earn £4 per month by setting up and maintaining two or more Direct Debits of at least £2 each. These rewards can be redeemed in the same manner as before, offering some continuity for those who actively use their accounts. The £2 monthly account fee remains unchanged, meaning the net benefit for those who maximise their Direct Debit rewards will decrease from £36 to £24 annually.
Overseas Spending Perk Retained
One positive aspect for customers is that fee-free spending on debit cards overseas will continue. This feature remains a valuable benefit for travellers and those who make international purchases, providing a degree of compensation for the reduced cashback potential.
New Chief Data and Analytics Officer Appointed
In related news, NatWest has announced the appointment of Triona O’Keeffe as its new Chief Data and Analytics Officer. This move is part of the bank’s strategy to integrate its data, AI, and engineering capabilities more closely, aiming to accelerate the delivery of products and features for customers at scale.
Triona will join NatWest in January 2027, bringing extensive global experience in data, technology, and AI. She will report directly to the bank’s Group CIO, Scott Marcar. Currently serving as CIO for Data & Analytics at the London Stock Exchange Group, Triona has previously held CIO roles at Direct Line Group and senior leadership positions at Deutsche Bank.
Leadership Comments on the Appointment
Scott Marcar, CIO for NatWest Group, highlighted the importance of this appointment: “Triona brings a depth of expertise across technology and financial services, which will be invaluable as we continue to strengthen our technology foundations and scale our use of data and AI to improve experiences for customers and colleagues.”
Marcar further explained, “Data, AI and engineering are increasingly interdependent, and this move will make us better positioned to anticipate customer needs, provide more personalised support and build even stronger relationships with the people and businesses we serve.”
Impact on Customers
The reduction in cashback is likely to affect how customers perceive the value of their Reward accounts. With the annual earning potential dropping by a third, some may reconsider whether the £2 monthly fee is justified. However, the retained Direct Debit rewards and overseas fee-free spending may still make the account attractive for certain users.
This change comes as part of broader adjustments in the banking sector, where institutions are reevaluating reward structures in response to changing consumer behaviours and economic pressures. Customers are advised to review their banking options and consider how these changes align with their financial habits.
