NatWest introduces a £150 current account switch bonus, but how does it compare?

Customers who switch to NatWest or its sister brand, Royal Bank of Scotland, could benefit from an attractive savings rate, as well as a £150 cash bonus.

NatWest and Royal Bank of Scotland (RBS) have become the latest providers to offer a current account switching incentive, after they launched a £150 bonus today (17 February 2026).

To receive this cash bonus, customers need to use the Current Account Switch Service (CASS) to move to one of the providers’ Select or Reward current accounts by 28 May 2026.

The switch needs to be completed by 16 June 2026 and, within 60 days of switching, customers have to pay in at least £1,250 (across one or more payments) and log in to the bank’s mobile app. This £1,250 must remain in the account for at least 24 hours.

Once a customer has met the criteria, the bank will pay the £150 bonus into their account within 30 days.

Note that anyone wanting to switch from a current account with the NatWest Group (NatWest, RBS or Ulster Bank NI) won’t be eligible for this most recent offer. Moreover, customers also won’t be eligible if they’ve previously received a cash switch incentive from the NatWest Group.

“Tantalising free cash offers are useful for customers who could use a financial boost, but it’s vital to compare accounts carefully, such as any fees and incentives,” Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, commented.

“Consumers will need to navigate lots of different offers and perks to find the best account to suit their needs, but if they are happy to either fund an account or pay a small fee, then they could get rewarded with cashback on spending or other money saving benefits,” she added.

Boost your bonus with Rewards

For £2 a month, eligible customers could unlock even more benefits with a Reward account.

If they have at least two Direct Debits of £2 or more, they will earn £4 a month in Rewards and, to earn an additional £1 a month in Rewards, customers simply need to log into the bank’s mobile app.

There are also opportunities to earn extra Rewards by spending at NatWest’s partner retailers.

These Rewards can be exchanged for cash (paid back into your bank account), e-gift codes, points with NatWest’s partners or you could choose to donate to charity. Assuming customers meet all the criteria, these Rewards can cancel out the cost of the account’s monthly fee and provide them with a small cash boost each month.

Earn 7.00% AER on your savings

In addition to the £150 cash bonus consumers can receive when switching their current account to NatWest or RBS, they can also earn an attractive 7.00% AER on their savings if they open a Digital Regular Saver by 16 June 2026. This includes a flat rate of 5.25% AER and a 1.75% AER (fixed) bonus for 12 months, which makes it one of the most competitive savings accounts on the market.

Savers can deposit between £1 and £150 in this account each month and can make withdrawals without any restrictions or penalties if they need to access their money. Note that a lower rate applies on balances of £5,000 or more.

See how the Digital Regular Saver compares

Visit our regular savings chart to find out how the Digital Regular Saver compares to other accounts on the market.

Or, for an overview of the rates available across the savings market, visit our savings chart.

Choosing the best-value current account

NatWest’s switch incentive is attractive, especially as it is relatively straightforward and quick to receive the £150 bonus.

However, there are other current account switch incentives that offer £175 or even £200, but some of these may come with additional terms or may be spread over multiple payments.

As a result, consumers should always check the terms of each switch bonus and not make a decision based on the headline offer alone, to ensure they choose one that’s suitable for them.

Furthermore, it’s crucial for consumers to assess the features of each account, as those with a smaller initial cash bonus could offer better value over the long term.

For example, Springall points out that, while “the latest offer from NatWest might not boast the highest switching cash payment”, it offers “a scheme for customers to earn monthly rewards” as well as giving them access to a competitive savings rate.

Before making a switch, consumers should always check for any account fees and extra features, such as cashback schemes and access to exclusive rates and products, in addition to any switch incentive to ensure they choose an option that’s right for them.

“Switching cash offers do not always stick around for too long, but consumers must not feel pressured to switch if they have not carefully compared the different packages out there,” Springall explained.

Discover the latest current account switching offers in February 2026

NatWest is one of several providers offering a cash bonus for switching your current account. Find out more details about the range of incentives available, and the features of each account, on our current account switching chart.