NatWest Awards £175 Switching Bonuses to Thousands of New Customers
NatWest has distributed free £175 payments to 8,800 customers who switched to its current accounts in the final quarter of 2025, according to recent data from the Current Account Switch Service (CASS). This move comes as part of a broader trend in the banking sector, with consumers increasingly seeking better value through account changes.
Banking Switch Volumes Reach New Heights in 2025
The latest figures reveal that more than one million bank switches were completed throughout 2025, marking the third consecutive year that switching volumes have surpassed this significant milestone. In comparison, Nationwide attracted 42,000 switchers during the same period, significantly outpacing NatWest's gains.
John Dentry, Product Manager at Pay.UK, which operates the Current Account Switch Service, commented on the findings. "Reaching nearly 12.5 million switches since launch is a significant milestone, and it's encouraging to see October and Q4 emerge as the busiest month and quarter of 2025," he stated. "That level of activity highlights a competitive market where people feel confident moving to an account that better suits their needs."
NatWest's Switching Offer Details and Conditions
Starting from September 16, 2025, NatWest introduced a straightforward switching incentive, offering a fixed £175 bonus to customers who met specific conditions for opening one of its current accounts. Previously, this bonus was divided between a switching payment of £125 and an additional £50 for opening a Digital Regular Saver account, which offered a 5.5% interest rate.
Key points about the offer include:
- The bonus is now a set £175 for account opening, with no separate savings account requirement.
- Customers can still open the regular savings account, but it does not provide an extra bonus.
- Only one bonus is allowed per person, regardless of whether they hold solo or joint accounts.
- For joint accounts, only one payment is made, so individuals seeking the cash are advised to open separate individual accounts.
Financial advice website Be Clever With Your Cash noted, "This NatWest switching offer is pretty straightforward. You'll get a fixed £175 if you meet the conditions outlined." Additionally, there were opportunities to earn extra rewards, such as £36 through linked offers and £53 in interest on top of the bonus.
Consumer Confidence and Market Competitiveness
The high volume of bank switches in 2025 underscores a growing consumer appetite for moving banks in pursuit of improved financial products and services. Dentry emphasized that the Current Account Switch Service continues to deliver fast and reliable switching at scale, providing consumers with a free and guaranteed process that has resulted in high satisfaction and recommendation levels.
This trend reflects a dynamic and competitive banking market, where institutions like NatWest and Nationwide are actively vying for customers through attractive incentives and enhanced account features. As consumers become more financially savvy, such switching bonuses are likely to remain a key strategy for banks aiming to attract and retain clients in an increasingly crowded marketplace.
