Natwest bank switch offer: Get £150

Another bank switch deal has launched, this time offering £150 for switching.

Natwest is offering £150 if you switch bank – and this one looks far easier than last year’s “switch and stay” promotion. And there’s also the opportunity to get another £50ish via linked rewards and savings accounts.

Here’s how the offer works and my analysis.

Natwest Bank switch offer

How much can you get for switching to Natwest?

This Natwest switching offer is pretty straightforward. You’ll get a fixed £150 if you meet the conditions outlined below. This is much better than last year’s promotion which gave £100 for the switch and an extra £50 if you stayed for a year and regularly used the account.

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. You will need to open up or already have one of the following accounts:

  • Select
  • Reward
  • Reward Silver
  • Reward Platinum

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 account should be fine).

You won’t get it if you’ve had any cash from switching to RBS, Ulster Bank or Natwest since October 2017.

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What are the requirements for the Natwest switching offer?

To get the £150 you need to:

  • Open one of the accounts listed above
  • Start a full switch via the Current Account Switch Service by 5pm 7 April 2022 via the Natwest website or app
  • Pay in £1,250 by 12 May 2022 (it doesn’t have to be in one go)
  • Log in to mobile or app banking by 12 May 2022
  • Keep the account open until 9 June 2022

When will the money be paid?

The full £150 will be paid to your account by 9 June 2022 as long as you meet the above criteria.

Which Natwest account should I choose?

So, you’ve got four accounts to choose from. Let’s ignore the Silver and Platinum accounts as they’re only worth considering if you 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 RBS.

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 and access to the Digital Regular Saver which pays 3.04% on £50 a month (max of £1,000 overall). In total you could be up £200 in a year.

It’s also good to see the stricter switch and stay conditions 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 I’d actually look elsewhere – at least to start.

You can get up to £125 via switch it to Nationwide, followed by £150 from HSBC (or £130 from First Direct) AND still have time to then switch again for this Natwest offer. That’ll get you a huge £425(ish).

But if you only want to switch once I’d probably go for the new Santander 123 Lite switching offer. You’ll get £140 for switching and earn cashback every month on your household bills – worth an ongoing £40 to £60 a year.

Here’s everything you need to know about all these different bank switching deals.

Details on last year’s £150 switch and stay promotion

Just in case you took advantage of the 2021 offer, I’ve left details here so you can ensure you’re doing what you need to do to qualify for the bonuses.

The initial £100 switching bonus

To get the first £100 you need to:

  • Start a full switch via the Current Account Switch Service by 5pm 2 December 2021 via the Natwest website or app
  • Pay in £1,500 by 13 January 2022 (it doesn’t have to be in one go)
  • Log in to mobile or app banking by 13 January 2022
  • Keep the account open until 11 February 2022

The extra £50 loyalty payment

Then for the additional £50 you must:

  • Make 10 eligible credit or debit transactions every month between January and September 2022
  • Keep the account open until 30 November 2022

These 10 payments are going to be easy to sort out. Here’s the full list from the offer Ts&Cs:

  • Direct Debits (for example, regular bill payments made with your account).
  • Standing orders.
  • Payments to or from your account made in the UK or abroad (for example, online payments, Faster Payments,
  • CHAPS, BACS, international payments and payments made to or from your account over the counter in a bank branch or via a cash and deposit machine).
  • ATM withdrawals.
  • Cheque payments to or from your account.
  • Using your debit card (for example, to pay for things online, using chip and PIN, contactless, Apple Pay and Google Pay – criteria apply).
  • Using Paym (Pay Your Contacts).
  • Recurring point of sale payments (for example, recurring payments set up with your debit

Payments that won’t count though are the account fees such as the £2 a month you’ll pay with the Natwest Reward account.

As reader Jonathan suggested for the RBS offer, you could easily set up a standing order to and from a different bank account to cover this, and you’ll have two Direct Debits already if you have the Reward account. Though obviously these payments need to happen a total of 10 times.

17 thoughts on “Natwest bank switch offer: Get £150

  1. After pay in £1250, can I move around those money or does it needs to stay there untill reward paid? Thanks

  2. Used to have a natwest acc,can’t remember if I got an incentive or not. Can’t find acc details,how do I find out if I’m eligible or not

    1. Hmm, hard to say. You could try contacting them?

  3. Once I have received the £150 from Natwest can I switch straight after or do you have to stay with them for a certain amount of time?

    1. This latest offer doesn’t require you to stay once you have the cash, but always check terms and conditions in case deals change

  4. Hi Andy,

    pretty new in this things… when you say switch… what is it involved in it? Change your salary account? close your previous account…?

    1. Can i deposit lets say 100. Then withdraw then deposit again same amount until it totals to 1200. Whilst just initially having 100

      1. Yep. It doesn’t have to be in one go

  5. NatWest biggest conn going. Switch over in November had £1500 in account by 13th January. Yet now told wont get reward as I opened the wrong account. Never said anything about this when I spoke to them in branch 3 times about the switch and never said anything when I phoned them twice about the switch between Dec and Feb this year.

  6. I switched from natwest current to natwest reward and had 1.500 paid into my account does this mean I qualify or do I have to go to a complete utter bank to qualify which I don’t want to do.

    1. Hi Jess, sadly yes it needs to be another bank you switch from.

  7. Can you get the £150 switch bonus by opening a new Select account and switch in from elsewhere if you already claimed free cash from their student account offer in October 2021?

    1. Hmm, maybe. The terms and conditions say “not have previously received or participated in any other incentive for switching to any of our accounts or any account with cahoot or Cater Allen which are part of Santander UK plc”. Since the student account wasn’t a switch then in theory you should get it. Worth calling up to check.

    2. Hi I had a similar experience. “Last year”offer conditions I thought stated that I would still receive an £100 award not withstanding having received an award for a previous Nat West Bank bank transfer post October 2017. Was this incorrect? In your explanation of condition of award you don’t mention previous rewards received. Thanks for update.

      1. Sadly that’s a very clear condition for this offer. It’s possible the date will move, so it’s worth keeping track of when you switched so you’ll know if you’re eligible in the future.

  8. NatWest – Do I need to transfer DDs?

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