How you could get £180 with latest switching offer from NatWest

Its new current account switching offer could see customers receive the bonus in as little as seven days.

Consumers after a welcome cash boost before Christmas may wish to take advantage of the latest current account switching deal from NatWest which was launched earlier this week.

Open to new and existing customers, the provider is offering £180 to those who switch to an eligible NatWest Reward account. This includes its NatWest Reward account, which can be upgraded to Reward Silver, Reward Platinum and the Premier Reward account, which can be upgraded to a Premier Reward Black account.

To qualify, customers must hold an eligible NatWest Reward account and switch from an account with another provider using the Current Account Switch Service (CASS).

Within 60 days of completing the switch, £1,250 must be paid into the new account and remain there for a minimum of 24 hours. In the same timeframe, customers will also need to log into the NatWest mobile app.

Once this criterion has been met, the £180 will be paid within seven days.

Keep in mind that you won’t receive the free cash incentive if you switch from an existing NatWest, RBS or Ulster Bank current account. Furthermore, you also won’t be eligible if you’ve previously benefited from a NatWest switching offer.

Added rewards to consider

On top of the switching incentive, NatWest Reward customers can also earn an additional £60 in rewards every year. Each month, £4 is paid for having a minimum of two direct debits (each must be for at least £2), with an extra £1 paid for logging into the NatWest app. A further 1% in rewards is also available for spending with the provider’s partner retailers.

However, this must be weighed against the £1,250 minimum monthly deposit requirement needed to maintain the account, as well as the £2 monthly fee for the standard Reward account.

Those willing to pay the higher monthly fees charged by the Silver, Platinum and Premier accounts can access a wider array of benefits, which include travel insurance, mobile phone insurance, breakdown cover and home emergency cover. Note additional criteria applies for the Premier accounts.

This latest offer may therefore be a good choice for those after extra rewards, and as with any NatWest current account holder, customers will also gain access to the provider’s linked regular savings account.

Its Digital Regular Saver pays a competitive 6.17% AER on balances up to £5,000 (1.60% AER over this threshold). Allowing deposits of up to £150 a month, savers could earn up to £59.93 in interest during the first year.

How does it compare?

This latest, highly competitive deal from NatWest joins a range of switching incentives currently on the market that could offer a boost to your finances in the lead-up to the festive period.

It’s only bested by Lloyds Bank, which pays £200 for switching to its Club Lloyds accounts. Also requiring monthly fees, these accounts offer similar benefits, though note this incentive will end on 10 December 2024.

Alternatively, first direct continues to pay £175 for those moving to its 1st Account, alongside Nationwide BS’s comparable £175 offer for switching to either its FlexAccount, FlexDirect or FlexPlus.

While many may feel compelled to switch before an offer is withdrawn, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, urges customers to explore all options before committing as “the right account will always depend on someone’s individual circumstances”.

With this in mind, our dedicated current account charts can provide more information on these and other current accounts, helping you compare the whole of the market.