NatWest launches competitive £175 current account switch bonus

NatWest is the third provider to launch a current account switch incentive over the past week.

Anyone who is willing to change their current account provider now has another offer to choose from after NatWest and Royal Bank of Scotland (RBS) launched a £175 switch incentive today (16 September).

To receive this £175 cash bonus, customers need to switch their main current account to an eligible account using the Current Account Switch Service (CASS) then, once open, deposit at least £1,250 (across one or more payments) and log into the mobile banking app within 60 days.

NatWest and RBS will pay the £175 into your account within 30 days of meeting these requirements, as long as the account remains open.

“It’s exciting to see another big brand launch into the fray with a tantalising free cash sweetener for banking customers making a switch,” Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, commented.

This switching offer applies to NatWest’s Select and Reward accounts, as well as the Select and Reward accounts from RBS. The switching bonus also applies to the providers’ Premier accounts, which are designed for more affluent customers and come with certain financial criteria.

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

Boost your bonus with Rewards

Customers who will deposit at least £1,250 per month could consider switching to a Reward account to boost this £175 cash bonus even further.

While the Reward account charges £2 per month, customers can earn £4 in Rewards per month if they have at least two Direct Debits worth £2 or more and a further £1 per month simply by logging into the mobile app.

“This means those diligent to hit the cap every month for a year can take home over £200 from the rewards and cashback when they switch,” Springall noted.

Moreover, this account offers additional Rewards when spending at partner retailers.

Customers can exchange these rewards for cash, e-gift cards at selected retailers or a donation to charity.

“The account benefits may be pushed towards spending, but they do offer a separate Digital Regular Saver which encourages the savings habit while also paying a competitive rate of interest,” Springall added.

The Digital Regular Saver pays a competitive 5.50% AER on balances between £1 and £5,000 and allows customers to save up to £150 per month. See how it compares to other regular savings accounts.

Switching competition heats up

The end of the summer saw many providers withdraw their switching offers, which meant first direct was, at one point, the only bank with any kind of switch incentive. Its 1st account continues to give switchers £175 in cash, which is comparable to the recently launched NatWest offer.

Similarly, The Co-operative Bank offers a £175 switching bonus, but this will be spread over a £100 upfront sum and three £25 monthly payments.

However, customers could receive an even larger £200 bonus by switching to an eligible account from Lloyds Bank, after this provider launched a new switch incentive today. Once they have met the criteria, customers can receive this sum within 10 working days.

But it’s important not to choose a current account based on the switch incentive alone. Each provider offers different features and perks so, even if an account offers a larger switching incentive, a different account may offer better value for you in the long-term.

Always compare all the features of an account before switching to ensure it’s suitable for your requirements and situation.

Compare current accounts

See our charts to discover the full range of current accounts available and compare the different features they offer.

Alternatively, our current account switching offer page highlights those accounts that offer some form of switch incentive.