A UK bank has announced it will be giving £200 in free cash to anyone who makes one simple change to their account. NatWest has said that its banking customers who switch their existing bank accounts to its Reward account will be eligible for the money.
You’ll also need to deposit a minimum of £1,250 within the first 60 days of switching to the account in order to bag the cash. Banking customers can change their accounts either online or via the NatWest app.
And if you’re eligible, you’ll receive the funds within seven days of switching, Liverpool Echo reports.
You must be a UK resident aged 18 or over to qualify, and if you have previously received a “switching incentive” from the NatWest Group, you won’t be eligible. The account comes with a £2 monthly fee, but you can also earn Rewards when you shop at NatWest’s partner retailers including Argos, Morrisons and Caffe Nero.
How it works
If you apply to make the switch, NatWest will send a request to your current bank to confirm. Then, your old account will be closed and your balance and any regular payments, such as Direct Debits, will be moved to the new NatWest account.
This change applies to both new and existing NatWest customers.The offer was available earlier this year as well when £200 was the “highest ever” sum of money that NatWest had ever offered for switching accounts.
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At the time, Lewis Broadie, customer manager, NatWest, said: “We are welcoming customers to the bank with our highest ever switcher offer of £200.”
Rachel Springall, a finance expert at Moneyfacts.co.uk, 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.”
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