Thousands of NatWest and RBS customers will lose a monthly cashback perk from their bank accounts from October 1, when both lenders stop paying £1 for logging into their mobile banking apps. The change applies to standard and Premier “Reward” current accounts offered by both high street banks.
Currently, customers receive £1 each month for logging into the app and a further £4 for paying at least two Direct Debits worth £2 or more per month. From October, only the Direct Debit reward will remain in place.
What changes from October 1
The removal of the app login bonus means customers on these accounts will see their potential monthly reward drop from £5 to £4, provided they meet the Direct Debit criteria. The banks have not announced any replacement perk for the app login incentive.
The move comes as NatWest, which operates branches in Birmingham, highlighted the West Midlands as England's biggest untapped innovation opportunity. The bank suggested that hundreds of innovative businesses across the region could help drive the next wave of jobs, investment and economic growth.
West Midlands innovation potential
The findings were released as the West Midlands continues to strengthen its innovation ecosystem through investment in research, commercialisation and business support. The region is home to 1,743 innovative businesses and 838 recipients of public innovation grants, with established strengths in advanced manufacturing, transport technologies, engineering, clean energy and health innovation.
NatWest argues that the West Midlands' next economic prize lies not in creating more innovation, but in helping more innovative businesses scale successfully and create long-term value in the region where they were founded.
Bank's view on regional growth
Dipesh Mistry, Chair of the NatWest Midlands and East of England Regional Board, said: “The West Midlands has no shortage of innovation. What this report shows is the scale of the opportunity still ahead of us.”
Mistry added: “Across the region we see ambitious businesses developing world-class technologies and ideas. The challenge is helping more of those businesses access the finance, expertise and commercial connections they need to scale. If we can do that, the prize for the West Midlands could be significant in terms of jobs, investment and long-term economic growth.”
The cashback change takes effect on October 1, affecting all standard and Premier Reward account holders at both NatWest and RBS. Customers who wish to keep receiving a monthly reward must ensure they maintain at least two Direct Debits of £2 or more to qualify for the remaining £4 payment.
