Plus £34 extra a year and 6.17% savings.
From 15 February 2024, Natwest is offering £200 if you switch bank. And there’s also the opportunity to get another £34ish via linked rewards and £60 interest on top.
Here’s how the offer works and my analysis.
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How much can you get for switching to Natwest?
This Natwest switching offer is pretty straightforward. You’ll get a fixed £200 if you meet the conditions outlined below. Though this isn’t the first time you can get this much from the bank, it is is the largest switching deal they’ve ever offered.
You can only get one bonus per person, regardless of whether you have more than one solo or any extra joint accounts. You’ll also only get one payment per joint account, so if two of you want the cash you’re better off opening two new individual accounts.
Who can get the Natwest switching offer?
It’s another deal where new and existing customers can get the free cash. Customers will need to have one of these accounts:
- Select
- Foundation
- Reward
- Reward Silver
- Reward Platinum
- Select Silver
- Select Platinum
- Premier Select
- Black
- Premier Reward Black
Then you need to use the Current Account Switching Service to move over an account from a different bank (this is only non-Natwest, so an RBS or Ulster account will be fine).
If you don’t have a spare account, then it’s worth considering setting up a dummy current account to use for switching.
What if you’ve previously had switching cash from Natwest group banks?
Existing or previous account holders won’t get the money if you’ve had any cash since January 2020 from switching to any bank in the Natwest Group, which consists of RBS, Ulster Bank or Natwest.
However, this is better than the last iteration of the offer. That had a date of September 2017 – so this later date might mean you can get this offer even if you had switching cash from the group before.
It’s worth noting that in 2023 many readers reported in our Facebook group that they were able to get an offer from each bank in the group, despite the terms saying it wasn’t possible.
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What are the requirements for the Natwest switching offer?
To get the £200 you need to:
- Open or already have one of the accounts listed above after 20 February 2024
- Start a full switch via the Current Account Switch Service via the Natwest website or app
- Switch from a non-Natwest bank
- Pay in £1,250 within 60 days of switching the account
- Log in to mobile or app banking within 60 days of switching the account
- Keep the account open until you’ve had the switching cash
That £1,250 deposit doesn’t need to be in one go, so you can add money across the qualifying period. It can even be the same smaller amount added and then withdrawn so you can add it again. However each single deposit (rather than the total £1,250) needs to be in the account for 24 hours.
Note, the wording suggests that the 60 days begins when the switch completes.
You won’t be eligible if you start the switch in a branch or over the phone. Upgrades to one of the eligible accounts won’t count either – it needs to be an existing account or a new one.
When will the money be paid?
The full £200 will be paid to your account within seven calendar days of meeting the above criteria
When will the offer end?
There’s no set end date for this promotion, so it could end at any time. I’ll update this article if a date is announced.
Natwest £200 switch summary
| Switching bonus | £200 |
| Bonus paid | Within 7 Days of completing criteria |
| Open to existing customers | Yes |
| Eligible accounts | Select, Reward, Premier Select or Premier Reward (for new customers, longer list for existing customers) |
| Requirements | Pay in £1,250 within 60 days of switching |
| Log on to mobile app banking within 60 days of switching | |
| Switch using the Current Account Switch Service and close your old account | |
| You must start the switch from the Natwest website or your mobile app | |
| The old account must be from a different bank | |
| Exclusions | Offer limited to once per person |
| Cannot have received a switching bonus from RBS, Ulster or Natwest since 1 January 2020 | |
| Offer ends | Unknown |
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Which Natwest account should I choose?
So, you’ve got four accounts to choose from. Let’s ignore the Premier Reward accounts as they’re really only worth considering if you have a high income or, in the case of the Reward Black if you also need travel insurance and breakdown cover. And there are probably better options out there for those types of account.
That leaves either the Select or Reward account. The Select account is free to use and a good choice if you just want to get the bonus.
However if you’ve got a couple of spare Direct Debits, adding them to the Reward account will earn you £4 a month. You’ll get another £1 for using your Natwest app each month. Deduct the £2 a month fee and you’ll earn £3 a month, or £36 a year. It’s not the highest-paying account out there, but worth nabbing if you are going to use Natwest.
You’ll also be able to deposit up to £150 a month (more if you use the round up feature when spending), earning 6.17% in the Digital Regular Saver.
| Benefits | £5 monthly reward, made up of: |
| – £4 for having two Direct Debits | |
| – £1 for opening the mobile app each month | |
| Limited cashback with retailers via debit card | |
| Interest | Access to 6.17% (variable) AER Digital Monthly Saver (max £150 a month) Read more |
| Fee | £2 a month |
| Requirements | Two active Direct Debits of at least £2 each |
| Open the app once per month | |
| Multiple accounts? | Yes, but you can only claim Rewards once per person |
| Notes | You need to withdraw your rewards to use them |
Is it worth switching to Natwest?
Andy’s analysis
Though I expect a number of you will be ruled out as you got the free cash from previous RBS or Natwest offers, anyone eligible should certainly consider it.
Not only can you get the free switching cash, but you’ll get £36 a year with the Rewards account. You’ll also have access to the Digital Regular Saver which pays 6.17% on £150 a month (max of £5,000 overall), earning you up to £60 in the first year.
It’s also good to see the stricter switch and stay conditions from a few years ago are gone, making it a very easy offer to nab – and then potentially move on from with another switch.
Are there better switching offers
If you’re a repeat bank switcher then you might only be able to pick one or two options, but for complete newbies you’ve got a few choices.
Here’s everything you need to know about all these different bank switching deals.
