The latest bank to launch a current account switch incentive, NatWest is offering £175 in cash to eligible customers.
Competition in the current account switching market is hotting up after NatWest and its sister brand, Royal Bank of Scotland (RBS), launched a new switching bonus yesterday (24 June).
Customers who switch their main current account to an eligible account, including the NatWest Select Account or Reward Account, or the RBS Select Account or Reward Account, could get an initial cash bonus of £125.
To receive this, they simply need to switch their existing bank account to an eligible account using the Current Account Switch Service (CASS) and log in to the bank’s mobile app. They also need to pay in at least £1,250 (over one or more payments), which needs to remain in their account for a minimum of 24 hours.
Assuming they meet these requirements within 60 days of switching (and continue to keep their account open), customers should receive the £125 payment within 30 days.
NatWest and RBS will also offer a further £50 cash bonus to customers who open a Digital Regular Saver within 60 days of switching their current account. The bank will pay this sum into your savings account within 30 days of completing this stage.
“A free cashback incentive can be very enticing, particularly during the summer when it is hard to stretch a budget, such as to cover the cost of a holiday,” Rachel Springall, Finance Expert at Moneyfactscompare.co.uk commented.
“However, to maximise the perks of the NatWest cashback offer, consumers must understand the eligibility criteria and be diligent with how they save and spend,” she noted.