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NatWest launches £200 current account switching offer for new and existing customers | Personal Finance | Finance

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NatWest is offering £200 for new and existing customers when they switch their current account.

NatWest is the latest major bank to relaunch a current account switching offer to incentivise Britons to banking with them.

New or existing customers can bag the cash by switching their main current account to either the NatWest Reward or Select account.

Figures from the Current Account Switch Service (CASS) showed that in the third quarter of 2023, NatWest gained the most number of switches (94,796) due to its £200 switching incentive previously launched in February 2023.

Their £200 incentive follows the announcement that Lloyds Bank launched their own switching bonus worth £175 this week.

As the cost of living crisis continues to rise, Britons are encouraged to secure the free cash if it is right for them.

How to get the £200 offer to switch to NatWest:

Apply online or via their mobile app to switch a current account held elsewhere using the Current Account Switch Service into a NatWest bank account from February 15, 2024.

Deposit £1,250 into the account and log in to the mobile banking app within 60 days.

When people meet these conditions, NatWest will pay £200 into their eligible account within seven days.

The £1,250 deposit does not have to be a lump sum – it can be made in multiple payments.

Also, the CASS will make the switch a seamless process by closing one’s old current account for them and moving any active direct debits or standing orders to their new NatWest account.

Britons will not be eligible for this offer if they have received a switch incentive from NatWest, Royal Bank of Scotland or Ulster Bank since January 1, 2020.

A few days ago, Lloyds Bank launched a £175 switching incentive through its Club Lloyds account.

Prior to this launch, there were no cash bonuses available for switching so this deal and NatWest’s deal are currently the only two on the market.

Lloyds bank said the £175 would be paid to customers within three days of the switch being completed.

There is a £3 monthly fee to maintain a Club Lloyds account – or no fee if £2,000 or more is paid into the account each month.

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