NatWest Offer £150 For Switching Bank Account

NatWest offers £150 For Switching Bank accounts.

Banks are offering more and more cash rewards to customers as an incentive to switch their existing bank accounts to current accounts with them, and NatWest is the latest to launch a generous switch reward campaign.

Deal-savvy savers can now get £150 cashback for switching an existing current account to NatWest, one of the more significant rewards typically available from UK banks.

The reward scheme uses the Current Account Switch Service, which guarantees to complete your bank account switch within seven days of applying, provided that your old provider also participates in the service.

But before you make the switch, make sure you’re familiar with the terms and conditions of the reward scheme, or you could lose out on the £150.

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What are the rules for NatWest’s account switching incentive?

  • You must apply for the switch online or via the mobile app

If you apply over the telephone or in a branch, you won’t be eligible for the £150 reward.

  • You have from the 24th January to 5 pm on the 7th April to apply for the account switch
  • Once you’ve opened your account, you must deposit £1,250 into your new account before 12th May 2022 to qualify for the £150 bonus
  • You must also open your mobile banking app at least once after the switch completes
  • The switch service is only available for current accounts

Any other banking products or savings accounts you have with your existing provider will not be moved across and won’t be eligible for the cash reward

What if I’m already a NatWest customer?

If you already have a NatWest bank account, you could still be eligible for the £150 reward.

You can transfer an account with another bank into a new or existing NatWest account.

What type of NatWest account do I need to open to get the reward?

3 different NatWest bank accounts are eligible for the £150 switch reward.

We break down the features and benefits of each one:

NatWest Select Bank Account

  • Get notifications when you spend, and get more control over your money
  • No monthly fee
  • You must be over 18 and a UK resident

NatWest Reward Bank Account

  • Get £4 a month in Rewards for having 2 or more Direct Debits outgoing
  • £2 per month fee
  • You must deposit at least £1,250 per month
  • You must be over 18 and a UK resident

NatWest Premier Bank Accounts

  • Get personal support on complex financial decisions, online or over the phone
  • Premier Banking criteria must be met, such as a minimum income requirement, minimum borrowings or minimum savings to be eligible

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What type of bank accounts are eligible to switch?

  • Savings accounts, such as ISAs for example, are excluded from the switching service
  • Any bank account is eligible as long as your old provider takes part in the switch service
  • You can also switch a joint account, provided that both parties give consent and you are switching to a new joint account, not a sole account

Do I have to close my existing account to qualify for the £150?

Yes, your existing account will be closed upon completing its switch to NatWest.

Any Direct Debits and payments going to and from your old account will be automatically redirected by the Current Account Switch Service.

How long does the bank account switch process take?

The current account switch will take just 7 days – the switch provider guarantees this.

You can still use your old bank account right up until the 6th day of your switch, including bank transfers, debit card payments and online banking, and you’ll be able to use your new account straight away once the transfer completes.

What do I need to do before switching my bank account?

  • Ensure all your details are updated with your old bank, including your address.
  • Have the details of your active debit cards with your old bank.

Once you’re ready to switch, you can complete the switching application form either online or via your mobile app.

Can I qualify for more than one £150 reward?

You are only eligible for the £150 reward once – for your first bank account transfer.

When will the £150 reward be paid?

Provided that you meet all of the requirements and conditions, NatWest will pay £150 into your account by 9th June 2022.

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Written by James Caldwell ,
29th January 2022