NatWest Launches £150 Switching Bonus with High-Interest Savings Offer
NatWest has introduced a compelling new customer promotion, offering a £150 cash bonus and an inflation-beating savings rate of 7.00% AER for one year. This initiative positions the bank competitively in the market, appealing to individuals seeking financial perks amid rising living costs.
How to Qualify for the NatWest Incentive
To secure the £150 bonus, customers must open a new Select or Reward account, deposit a minimum of £1,250, and actively use the NatWest mobile application within the initial two months of switching. The bank confirms that the bonus will be credited to eligible accounts within 30 days after all conditions are satisfied.
Alastair Douglas, CEO of TotallyMoney, highlighted the offer's simplicity, noting, "The offer is more straightforward than some others on the market. Key is the £150 monthly savings limit." He advises shoppers to compare options, as competitors may provide additional benefits like interest-free overdrafts or purchase cashback.
Streamlined Switching Process and Account Details
NatWest participates in the Current Account Switch Service, ensuring a guaranteed transfer of most banking commitments when customers switch. However, not all elements can be migrated, so a full account switch—where the old account closes—is recommended for those wanting a complete break.
For the Reward account, a monthly deposit of £1,250 is required, which also counts toward the switch offer, eliminating the need for separate payments. This clarification is particularly relevant for customers in Birmingham, where NatWest maintains branch presence.
With many high-street banks reducing physical branches, such incentives may encourage more consumers to reconsider their banking relationships and explore new opportunities for financial growth.
