NatWest has launched a compelling new offer designed to attract customers away from other banks, providing substantial financial incentives for those who make the switch.
Lucrative Switch Deal Details
The bank is offering new customers the opportunity to receive up to £120 in rewards alongside access to a savings account with a competitive 4% interest rate. This attractive package is specifically for individuals switching to either a NatWest Premier Select or Premier Rewards current account.
To secure the enhanced savings rate, customers must subsequently open a Limited Edition Saver account after completing their current account switch.
How the Rewards and Switching Process Work
NatWest utilises the Current Account Switch Service to ensure a seamless transition for new clients. This service guarantees that all existing payments, including Direct Debits and Standing Orders, are automatically moved to the new NatWest account within a swift seven-day period.
The £120 incentive is not paid as a single lump sum but is distributed in monthly instalments. For customers with a Premier Reward account, the structure is particularly detailed: they will receive £9 per month provided they have at least two active direct debits, each valued at a minimum of £4.50. An extra £1 is added monthly simply for logging into the NatWest mobile app. It is important for potential switchers to note that the Premier Reward account carries a monthly fee of £2.
Official Statement and Customer Value
Barry Robinson, Premier Transformation Director at NatWest, commented on the new initiative. He stated, "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."
This offer positions NatWest as a strong contender in the competitive UK banking market, providing clear, quantifiable benefits for customers considering a change. The combination of upfront cash rewards, a high-interest savings vehicle, and a hassle-free switch makes it a proposition worth examining for anyone looking to maximise their banking returns.
