- £180 cash paid within 7 days to customers who open a NatWest Reward account
NatWest is the latest major bank to launch a current account switching deal with a £180 cash carrot on offer.
New and existing customers can earn £180 by transferring their main account to NatWest’s Rewards account.
Customers must use the official current account switching service, deposit £1,250 into the account and log into the mobile app within 60 days of switching.
Once all these steps have been taken and the transfer is complete, the £180 cash is promised within seven days.
NatWest has launched a £180 cash bonus for customers who move their current account to a NatWest rewards account
Existing NatWest customers who transfer their current account from another current account to the Rewards account can get this deal.
Direct debits and standing orders are automatically transferred to the newly opened account within a week via the Payment Account Switching Service.
Unlike NatWest’s previous switching deals, which offered £200 in the past, this cash bonus is only available to customers who open NatWest’s Reward account and not the Everyday or Select current account.
On top of the £180 cash bonus, customers can receive an additional £60 per year through the NatWest Reward account.
For a fee of £2 per month, NatWest’s Rewards account says it can give customers £60 back in rewards every year.
Every month, customers can get £4 back in Rewards if they have at least two direct debits and a further £1 for logging into the bank’s mobile app – a method to prevent people from simply switching and using it as a secondary account in instead of their main account. An.
Customers with a rewards account also earn 1 percent back when they shop with NatWest’s retail partners.
NatWest’s Lewis Broadie said: ‘In addition to the upfront cash offer, we offer a wide range of features and benefits, from helping children with their money through our Rooster offer to our save-it-change feature, round-ups.’
How does this compare to other switching bonuses?
Switching bonuses are making a comeback and four major banks now offer them: First Direct, Nationwide Lloyds and now NatWest.
The benchmark for switching bonuses these days starts at £175, with the best deals offering as much as £200.
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First direct
First Direct will pay a £175 cash bonus to customers who convert their main account to a first account.
Customers must switch via Cass and complete at least two direct debits or standing orders.
They must also pay a minimum of £1,000, make at least five debit card payments and log into digital banking.
Customers will receive the money no later than the 20th of the following month after the switch is completed.
Four banks are competing to lure current account customers by paying switching bonuses of between £175 and £200
Nationwide
Nationwide is giving customers the chance to earn £175 when they switch to Flexplus, FlexDirect or FlexAccount.
Customers must transfer a non-National account via Cass to one of these three account options and transfer via at least two active direct debits.
Customers must also deposit £1,000 into the account and make one card payment within 31 days.
The cash will be paid out within 10 days after the switching criteria are met. Nationwide’s FlexPlus account has a monthly fee of £13, rising to £18 per month from 1 December.
Lloyds
Lloyds Bank is offering new customers a £200 switching bonus when they move their current account to one of its Club Lloyds accounts.
This is the largest switching bonus on the market and also the fastest: the money is paid out within three days of completing the switch.
Club Lloyds accounts have fees ranging from £3 per month to £22.50 depending on the account. The £3 monthly fee for the basic account will be waived if customers deposit £2,000 each calendar month.
Customers must switch via Cass and transfer at least three active direct debits.
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