NatWest OFFER: Get £200 To Switch Bank Account
NatWest offers £200 to Switch Bank Account.
NatWest are offering a market leading cash switch reward for new customers as an incentive to switch your bank account to them.
Savers who switch their current account to NatWest now qualify for an attractive £200 cashback, one of the more significant cashback rewards currently in the UK.
You can switch your bank account using the Current Account Switch Service within seven days after applying, provided your current bank provider also participates.
Before switching, ensure you are familiar with the reward scheme’s terms and conditions, or you may lose out on £200 bonus.
What are the rules for NatWest’s account switching incentive?
Importantly, to be eligible for the £200 reward, you must apply for the switch online or via the mobile app – applying over the telephone, or through a local branch, will mean you are ineligible for the promotional offer.
Here are the requirements in order to receive the switching incentive:
- To receive NatWest’s £200 offer, switch your account from another bank to NatWest
- Upon opening your account, deposit £1,250 and log into the NatWest mobile banking app within 60 days. App eligibility criteria apply
- The switch service is only available for current accounts
- If you have previously received a switching incentive from NatWest, you will not be eligible for this offer
- Please note this offer can be withdrawn at any time
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?
You could still be eligible for the £200 reward if you already have a NatWest bank account.
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 £200 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
- To be eligible, Premier Banking criteria must be met, such as a minimum income requirement, and minimum borrowings or savings.
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
Which NatWest account should I switch to?
The two most favourable options, especially for new customers, are the NatWest Select, and NatWest Reward, accounts. The Select account is free, with no monthly fees and is a good option if your only incentive is obtaining the cash reward.
If you intend to stay with NatWest after switching, then the NatWest Reward bank account may be the better option as you’ll get rewards for having direct debits set up, potentially offsetting the monthly fee of £2 per month.
Do I have to close my existing bank account to qualify for the £200?
If you use the Current Account Switch Service then yes, your existing account will be closed upon moving account to NatWest.
Any Direct Debits and payments going to and from your old account will be automatically redirected by the Current Account Switch Service.
If you wish to keep your old account open you cannot use the Current Account Switch Service.
How long does the bank account switch process take?
The current account switch will take 7 days – the switch provider guarantees this.
You can still use your old bank account 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 immediately once the transfer completes.
What do I need to do before switching my bank account?
Switching accounts is relatively simple, there are only a couple of things to prepare beforehand:
- 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.
How does switching your bank account to NatWest work?
- Day 1 & 2 – You will be contacted by the current account switch service to confirm that your current bank provider can switch your account
- Day 3 – Once the green light is given, your new account will be set up, and current standing orders, direct debits etc, will be moved across
- Day 6-7 – NatWest will confirm with your old bank the moving across of your bank balance. On the 7th days, your bank balance will be moved across, and your old account will be closed. Switch completed!
Is it OK to keep switching bank accounts?
While there are no hard limits to switching bank accounts, some restrictions are in place, and switching could have negative impacts if you take advantage of short-term promotional rewards too often.
UK banks offering switch rewards typically have a period in which you’ll have to wait to receive the cash from a promotional offer, so switching often simply for money can have more downsides than the benefit of a short-term reward.
You will be ineligible for a cash reward from a bank if you have recently received a switching bonus from a different bank.
Switching bank accounts will go on your credit file, and having a short-term bank account may hinder your ability to create a long-term banking relationship with a single bank of your choice.
This could make it more challenging to take out loans or engage in other financial services.
That being said, exploring options and hunting for a better deal is always a good idea – such as NatWest’s £200 cash reward offering. Without switching, you’ll never know if a bank is more suitable for you than your current one.
What other UK banks give you money for switching?
Numerous UK banks often have cash reward schemes available, such as First Direct offering £175 for switching– yet, we’ve found none that are currently as competitive as NatWest’s offer.
NatWest is offering the highest cash reward amount compared to other UK banks as of 2023.
Other banks, such as RBS and those in the NatWest group are also running similar offers.
Can I qualify for more than one £200 reward?
You are only eligible to receive the £200 bonus reward once – for your first bank account transfer. Other banks offering similar offers will require that you haven’t previously received a cash reward of this type.
When will I get the £200 reward?
Once the switch to NatWest is complete and you have met their switch eligibility you will get £200 within 7 days.
When will this offer end?
This offer began on the 14th of February 2023 with no end date in sight; you must deposit the amount within 60 days of switching accounts if you change to a NatWest reward bank account to be eligible and fulfil the additional requirements stated above.
Bear in mind, however, that cash offerings from banks can be ended at any time – so it may be a good idea to look at the options and if you could benefit from a switch.