More choice for switchers as NatWest launches £150 switch bonus

Yet another current account switch incentive hits the market in the first few months of 2025.

NatWest has become the latest provider to launch a current account switching bonus this year, with the bank now offering £150 to customers who move to one of its Reward current accounts.

This switch incentive launched on 11 March 2025 and is available to new customers, as well as those who already bank with NatWest.

To receive the switching bonus, customers need to open an eligible NatWest account and use the Current Account Switch Service (CASS) to move a current account held with a different provider (not NatWest, RBS or Ulster Bank) to NatWest.

Once the switch is complete, you need to pay in a minimum of £1,250 (in one or more payments) and log in to the NatWest mobile banking app within 60 days of switching.

After meeting these criteria, NatWest should pay £150 into your account within 30 days.

There is no end date on this offer, which means NatWest could withdraw it at any time.

Bear in mind that you won’t be eligible to receive this switching bonus if you’ve ever received a cash switch bonus from NatWest, RBS or Ulster Bank.

Longer-term rewards

The NatWest accounts eligible for this £150 switch offer include the Reward, Reward Silver, Reward Platinum, Premier Reward and the Premier Reward Black account.

The NatWest Reward account charges a small £2 monthly fee and, as the most basic of these accounts, it is likely to have the widest appeal.

Despite the monthly fee, by fulfilling certain conditions you can cancel out the cost of the fee and end up £3 better off. This is because the account allows you to earn £1 a month in Rewards simply by logging into the mobile app, as well as a further £4 a month in Rewards if two or more Direct Debits (of a minimum of £2) leave your account.

As an additional benefit, it’s possible to earn at least 1% cashback when you spend with your debit card at particular partner retailers.

Once you have at least £5 in Rewards, you can exchange it for money, vouchers for selected retailers or donate it to charity.

Customers with a NatWest current account can also access the bank’s Digital Regular Saver which pays 6.17% AER, a competitive rate compared to other regular savings accounts. It allows you to save up to £150 a month and permits withdrawals, which may be attractive to those looking to maximise the interest on their savings.

Choosing a current account

It can be tempting to select a current account based on the amount of cash you would receive for switching. However, it’s important to consider other features of a current account to work out which one is best for you, and which one offers you the most overall value.

For example, while providers such as first direct, Nationwide BS and Lloyds Bank offer higher cash incentives than NatWest, the chance to earn up to £5 a month with a NatWest Reward account (as well as cashback on purchases) could make this a more rewarding option in the long-term.

“Consumers considering a switch should use the Current Account Switch Service (CASS) to do so and make sure to compare accounts carefully. Outside of reward schemes, some accounts can pay high credit interest or offer a competitive overdraft tariff,” explained Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.

“The right current account does depend on someone’s individual circumstances, so it is important consumers are not swayed by free cash alone,” she added.

For example, the FlexDirect account from Nationwide BS not only offers a £175 switch incentive but also pays 5.00% AER on balances up to £1,500 for the first 12 months and allows you to earn up to £5 cashback per month on your debit card spending.

Because every current account comes with different switch bonuses, fees, cashback and other perks, it’s important to compare all these features and check the terms of every account before switching provider.

“Customers may be looking at ways to maximise their budget in advance of the summer, so a free cash boost could make a big difference. However, it is vital customers pick the right current account that suits their everyday needs,” Springall concluded.