High street banking giant NatWest has announced an attractive £120 bonus payment for customers who switch to its premium current accounts. The limited-time promotion targets new clients seeking enhanced benefits and rewards.
How the £120 NatWest Bonus Works
The offer applies specifically to customers opening either a Premier Select or Premier Rewards account. According to the bank's terms, customers with the new Premier Reward account will receive £9 monthly in rewards when they maintain two direct debits of at least £4.50 each. An additional £1 is added monthly for simply logging into the mobile banking app.
Barry Robinson, Premier Transformation Director at NatWest, explained the reasoning behind the promotion: "At NatWest, we're always striving for ways to create meaningful value for our customers. Our new Switch & Save offer is designed to welcome new Premier customers with a fulfilling start to their savings journey with us, accompanied by our exceptional services and rewards."
Important Dates and Switching Requirements
The attractive switching bonus is available for a limited period between November 18, 2025, and January 6, 2026. This places NatWest in direct competition with other major UK banks including HSBC UK, Santander, Lloyds, Barclays and Nationwide.
Customers must use the Current Account Switch Service to qualify for the £120 incentive, which requires closing their previous bank account. NatWest assures customers that this service ensures all payments are transferred seamlessly to minimize confusion.
Alternative Switching Options
For those preferring to maintain both accounts, NatWest offers a partial switch option, though this does not qualify for the £120 bonus. The bank advises: "Speak to us and we can explain your current account switching options. When switching current accounts, your old account will still be active and usable up to and including Day 6."
During the switching process, customers can continue using their old account for card payments, online banking and mobile banking. However, the bank cautions against setting up new payments on the old account during this period, as these cannot be transferred across.
