NatWest giving new and existing customers £200 - after similar move from Lloyds

15 February 2024 , 11:59

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NatWest has launched a new switch offer (Image: AFP via Getty Images)

NatWest has launched a new £200 bank switch offer for new and existing customers.

To get the switch cash, you need to move your current account to either a Reward or Select account. You must then pay in £1,250 into the new account and log into the mobile app within 60 days of switching. The money will be paid within seven days after you’ve done this.

If you go for the Reward account, you can earn £4 cashback each month if you have two direct debits, plus an additional £1 for logging into the mobile app. But the account has a monthly fee of £2, which takes your total potential cashback to £3 a month. This amounts to £36 in cashback over a year.

The switch bonus is available with both the NatWest Reward and RBS Reward accounts. If you don’t want to pay a monthly fee, you can also get the £200 switch by opting for the free NatWest Select, RBS Select or Ulster Select accounts - although these don’t come with cashback features.

These accounts, except Ulster, also allow you to open a linked 6.17% regular saver where you can save up to £150 a month. You won’t be eligible for the £200 switch money if you’ve had switch cash from NatWest, RBS or Ulster since January 1, 2020.

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It comes after rival Lloyds Bank introduced a new £175 switch offer this week. The money is being paid to customers who switch to a Club Lloyds account between February 13 and March 28. As well as opening the new bank account, you need to transfer across two direct debits.

On top of the switch cash, Club Lloyds customers can also choose from a range of other perks, including a Disney+ subscription, Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership.

You also get access to a linked regular saver which pays 6.25% fixed interest on up to £400 a month. But keep in mind the Club Lloyds account comes with a £3 fee, unless you pay in at least £2,000 a month. You won’t be eligible for the £175 switch money if you’ve had switch cash from Lloyds or Halifax since April 2020. You need to complete your bank switch using the free Current Account Switch Service, either online, by phone or in branch.

Levi Winchester