In order to be eligible, customers must switch from a current account held elsewhere to NatWest’s Reward bank account, and pay in at least £1,250 within the next 60 days
A major bank is offering £200 in cash to Brits if they make a simple change.
NatWest is giving the money to anyone who switches from a current account held elsewhere to their Reward bank account. In order to be eligible, people must pay in at least £1,250 and log into their mobile banking app within 60 days.
If you meet the criteria, the cash will land in your account within a week. You’ll need to be aged 18 or over and a UK resident to apply for the offer, which has been available since February 14. You will not be eligible if you have previously benefitted from a cash switcher offer from NatWest, Royal Bank of Scotland or Ulster Bank between October 1, 2017, and February 13 this year.
The account comes with a £2 monthly fee, but you can earn rewards while shopping at NatWest’s partner retailers including Argos, Morrisons and Caffe Nero.
The banks states on its website: “We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take seven working days.”
Anyone who wants to apply can do so online or via the app. NatWest will then send a request to your current bank to confirm. Afterwards, your old account will be closed and your balance and any regular payments, such as direct debits, will be moved to the new account.
Lewis Broadie, customer manager at NatWest, previously said: “We are welcoming customers to the bank with our highest ever switcher offer of £200.” And Rachel Springall, a finance expert at Moneyfacts.co.uk, praised the free cash offer.
She said: “It’s exciting to see such a generous free cash switching incentive launched onto the market at a time where 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.”
Similarly, Halifax is now offering £150 to anyone who switches from another bank provider to a new Reward Current or Ultimate Reward Current account. The offer ends on August 31.
The bank says on its website: “You won’t be eligible if you’ve received a switching offer since April 2020 for switching to any Lloyds or Halifax Bank account. You may need to pay a monthly fee to maintain the account.”
Anyone with a Halifax Reward Current Account must spend £500 on their card each month to get their reward – such as a cinema ticket – or keep at least £5,000 in their account each day of the month. You will also need to pay at least £1,500 into your account and stay in credit.
There is a monthly fee of £3 per month to maintain the account, but this free if you pay in £1,500 or more each month. Meanwhile, any customers with a Halifax Ultimate Reward Current Account can get access to perks such as worldwide family travel insurance, AA breakdown family cover and mobile phone insurance. They must pay a monthly fee of £17.
Earlier this month, Money Saving Expert’s Martin Lewis released a guide to the best bank accounts offering £200 to switch, up to seven per cent interest or up to one per cent cashback. He said: “To qualify for switch bonuses you must close and switch your old account using the Current Account Switch Service – you do this through the new bank you’re switching to.
“The service automatically moves across all payments, direct debits and standing orders to the new account. It’s also worth downloading a few years’ statements from your old bank before switching – just in case you need them in the future.”
