Cash incentive comes as high street bank also ups the rate on its Digital Saver to 6.17% AER.
NatWest has launched a £200 switching incentive on a range of its current accounts, matching the market-leading cash offers currently available from Lloyds Bank and Royal Bank of Scotland.
To take advantage of the offer, you’ll need to apply online for a NatWest Select, Reward, Premier Select or Premier Reward account via natwest.com or the bank’s mobile app. You’ll then need to deposit £1,250 into your new account within 60 days of opening and log in to NatWest’s mobile banking service. The £200 will then be paid into your new account within seven calendar days.
Existing customers who have a NatWest Select, Foundation, Reward, Reward Silver, Select Silver, Reward Platinum, Select Platinum, Premier Select, Premier Reward, Black account or Premier Reward Black account can also take advantage of the offer.
The switch itself is done via the Current Account Switch Service, a quick and easy process that will automatically transfer your existing direct debits to your new account.
Anyone who has previously received a switching incentive from NatWest won't be eligible for this offer.
As well as the £200 switching incentive, you’ll also be able to access NatWest’s Digital Regular Saver account, which offers a rate of 6.17% AER on savings up to £5,000, with a rate of 0.65% paid on a portion of the balance over £5,000.
There’s a maximum monthly deposit of £150 that you’ll need to consider, with the option of having interest paid away or compounded on a monthly basis.
Account: Reward Account
Interest Rate (AER): Up to 0.00%
Overdraft Rate (AER): 39.49%
Switching Incentive: Switch your current account to NatWest and you could enjoy £200 plus monthly rewards of up to £5* if you choose a Reward account for just £2 a month. T&Cs apply.
TERMS AND CONDITIONS: use the Current Account Switch Service to close your current account held elsewhere and switch to NatWest. Apply online or via the NatWest app only. Pay in at least £1,250 and log in to the NatWest app within 60 days of account opening. NatWest will pay £200 into your open a NatWest current account within 7 days of meeting these criteria. If you’ve previously received a switching incentive from NatWest Group, you aren’t eligible. You can only receive this offer once. 18+ and UK resident. Offer T&Cs, account eligibility and app criteria apply. Offer may be withdrawn or amended at any time.
*Earn up to £5 per month back: £4 in Rewards for 2 or more Direct Debits (2 of the Direct Debits need to be +£2 each) and £1 with 1 mobile app log in. £2 monthly fee applies.
If you choose to switch to the NatWest Reward account you can earn an extra £4 a month by setting up two or more direct debits, along with an additional £1 a month for using NatWest’s mobile banking app. While this adds up to an additional £60 per year, this account does come with a £2 monthly fee, which means the rewards effectively total £3 a month, or £36 over the course of a year.
Commenting on this latest switching offer, Rachel Springall, Finance Expert at Moneyfacts, said:
“It’s exciting to see such a generous free cash switching inventive launched onto the market at a time when consumers may well be looking to move their bank account for a cash boost. NatWest may be a good choice for customers looking to earn extra rewards throughout the year and savers may be enticed by the prize draw and the competitive linked regular saver.
“In comparison, Lloyds Bank is currently offering a £200 switcher incentive for those switching to their Platinum or Silver current accounts, both of which have their own bundle of incentives, such as insurance add-ons and cashback. first direct is offering £175 for those who switch, and TSB will pay £125 with its Spend & Save account which pays monthly cashback. All these options are worth exploring in depth before starting the switching process as the right account depends on someone’s individual circumstances. Switching offers don’t tend to stay around for long, a good example is the Santander £200 free cash offer which ended recently.”
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