NatWest increases current account switch bonus to £200

This is now one of the most competitive current account switching deals on the market.

From 6 May 2026, customers who switch their current account to an eligible account from NatWest or Royal Bank of Scotland (RBS) can receive an attractive cash bonus of £200.

This is higher than the £150 cash reward these banks were offering earlier in 2026 and is now one of the most generous incentives on the market (for standard accounts).

To receive the £200, customers need to switch to the Select Account or Reward Account from either NatWest or RBS using the Current Account Switch Service (CASS).

Once open, they need to pay in £1,250 across one or more payments (which must remain in the account for at least 24 hours) and log in to the bank’s mobile app. These conditions must be met within 60 days of switching. NatWest or RBS will then pay the £200 into your account within 30 days of meeting the requirements.

Note that any customer who has previously benefited from a cash switcher offer from NatWest, RBS or Ulster Bank won’t be eligible for this latest bonus.

The banks don’t specify an end date to this switching offer, so customers shouldn’t delay if they want to take advantage of this free cash boost.

However, while Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, notes that “switching cash offers do not always stick around for too long”, she warned that “consumers must not feel pressured to switch if they have not carefully compared the different packages out there”.

Barclays Bank also offers a £200 switch incentive on its Barclays Bank Account, but customers need to apply by 28 May 2026 to qualify. To receive the bonus, they need to open the account via mobile app, switch using the Current Account Switch Service (including at least two direct debits) and pay in £2,000 or more within 30 days of opening.

The Select vs. the Reward accounts

“Enticing 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,” Springall explained.

The Select Accounts from NatWest and RBS don’t come with any monthly fees but, consequently, they don’t provide customers with many additional perks or benefits.

If they pay in £1,250 or more each month, customers who switch to one of the bank’s Reward accounts could receive some extra benefits in addition to the £200 cash bonus.

Although the Reward account charges a £2 monthly fee, the total value of the potential rewards on offer will cover this cost.

Simply by having two or more direct debits of at least £2, Reward customers will earn £4 a month in Rewards. Moreover, they will receive £1 a month when they log into the mobile app.

Customers can also earn Rewards when they spend at NatWest’s partner retailers. The offers change regularly but can include deals with major shopping retailers, high street cafés and restaurants, among others.

These Rewards can be cashed in when you’ve earned at least £5. You can choose to have the value of them paid into your NatWest current or savings account, exchange them for e-gift cards with partner retailers, or donate them to charity.

Finding the right current account

Cash bonuses can be an appealing reason to switch accounts, but it’s important not to base your decision solely on the initial incentive. As well as ensuring you can meet the conditions of the offer (so you receive the cash reward), you should check that the account itself is suitable for your banking needs.

For example, do you meet any minimum requirements set by the bank? Does the account charge any fees and, if so, will the benefits it offers outweigh this cost? And, as many accounts give customers the opportunity to earn cashback or rewards, which scheme could provide you with the best value, based on your spending habits?

Visit our current account charts to compare the range of accounts available and the features they offer. And, if you want to see the accounts that are paying a cash bonus, see our current account switching chart.