Major bank offering new customers free £200 to switch - plus £36 a year cashback

15 February 2023 , 11:05

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NatWest has launched a new £200 switch offer (Image: PA)

NatWest is paying new customers £200 when they switch their bank account - and you could also earn £36 a year in cashback.

You can get the switch money when you change your current account to one of several NatWest, RBS or Ulster accounts.

To get the additional £36 a year cashback, you would need to go with either the NatWest Reward or RBS Reward accounts.

The cashback, which is worth £5 a month, is available when you use the mobile app and pay out two direct debits worth at least £2 every month.

But there is a catch. Both accounts come with a £2 monthly fee, which takes the cashback effectively down to £3 a month, or £36 over the year.

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If you just want the £200 switch offer, the NatWest Select, RBS Select and Ulster Select accounts don’t come with a fee.

With the NatWest and RBS account, you can open a linked 6.17% regular savings account where you can save up to £150 a month.

To get the £200 bonus, you need to pay in £1,250 and use mobile banking within 60 days of opening the account.

You can't have had switching cash from NatWest, RBS or Ulster Bank since October 2017 to be eligible.

You must also be moving from a non-NatWest account if switching to NatWest, from a non-RBS account if switching to RBS, or from a non-Ulster account if switching to Ulster.

The switch can be done through the Current Account Switch Service, which was transfer all your direct debits and standing orders to your new account within a week

The £200 will be paid within seven days.

If you’re not eligible for the NatWest switch reward, check out the offers currently available at other banks.

First Direct is paying new customers £175, while TSB is handing out £125 upfront then another £75 by November.

Lloyds is paying £200 when you switch to one of its packaged bank accounts, which all come with monthly fees.

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The cheapest is the Lloyds' Silver account, which offers travel, breakdown and mobile insurance for a £10 monthly fee.

Last week saw Santander end its £200 cashback switching offer due to overwhelming demand, having launched it on January 23.

Levi Winchester