Another bank switch deal has launched, this time offering £200 for switching.
Natwest is offering £200 if you switch bank, the highest bonus it’s ever offered. And there’s also the opportunity to get another £60ish via linked rewards and savings accounts.
Here’s how the offer works and my analysis.
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Other switch offers
Now the Natwest offer has ended, you might want to check out one of these additional deals that are currently running
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. This is the largest switching deal they’ve offered yet.
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. New customers will need to open up one of the following accounts via the Natwest website or app:
- Select
- Reward
- Premier Select
- Premier Reward
Existing customers will need to have one of these accounts prior to 14 February 2023:
- 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 account should be fine).
Existing or previous account holders won’t get the money if you’ve had any cash since October 2017 from switching to any bank in the Natwest Group, which consists of RBS, Ulster Bank or Natwest.
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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
- Start a full switch via the Current Account Switch Service via the Natwest website or app
- Pay in £1,250 within 60 days of opening the account (it doesn’t have to be in one go)
- Log in to mobile or app banking within 60 days of opening the account
- Keep the account open until you’ve had the switching cash
Note, for existing customers switching in, the 60 days begins when the switch completes.
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. The offer will end at 8am on Monday 11 September 2023.
Natwest £200 switch summary
| Switching bonus | £200 |
| Bonus paid | Within 7 Days of completing criteria |
| Open to existing customers | Yes (more here) |
| 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 |
| Log on to online or app banking within 60 days | |
| Not have received a switching bonus from RBS or Natwest since October 2017 | |
| 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 |
| Offer ends | 8am on Monday 11 September 2023 |
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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 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 Natwest.
| 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 and access to the Digital Regular Saver which pays 6.17% on £150 a month (max of £5,000 overall).
It’s also good to see the stricter switch and stay conditions from a year 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.
i already have the £1250 in my old current account, which has now been switched over to natwest so in theory does this still class as the £1250 deposit to get the £200 switch incentive
Will I get the £200 switch bonus if I switch to Ulster Bank from RBS?
Hi, will I get this incentive if I switch from an RBS account to NatWest? (Never received a switching bonus before)
I have tried to switch to Nat west to take advantage of the cash incentive, it says I can’t transfer from a joint account so feel like I’m going around in circles any help would be appreciated
They tend not to allow a switch from a joint account into a single one to get the bonus. In fact, joint accounts seem very much excluded from offers like these, IMO.
One scheme that DOES allow a joint account to switch to a new joint account with them for a switching bonus is Nationwide. I know simply because I have done it. As well as allowing a switch bonus for joint accounts, Nationwide will also let both individuals do a switch from one of their old, unused, personal bank accounts held elsewhere into one of their own oersonal banking accounts.
They didn’t open my account even though my credit score is excellent. No explanation. Meh.
Same…
Was this from applying online? They rejected me as well but when I queried it via an email they provided in the rejection email, they then said I could reapply. I did it again by phone and they told me their system had a fault when doing the checks so there was nothing actually wrong with my original application
Dear Andy,
NatWest..
Do I have to keep the £1250 in the account or can I spend it & still qualify?
previous rewards received. Thanks for update.
I really look forward to your reply soon.
Yours faithfully
Kind Regards,
Garibov
hi
did you find out any answers to this? I also dont want to keep the £1250 in there as ive got a big spend coming up, so it will be going.
It usually just means you need to pay this in but you can still take it out. Someone from a bank told me years ago they only needed to see the incoming transaction and I could technically move it back out after
Hmm it wouldn’t let me switch from my RBS dummy account as when I put the card details in it said it was a NatWest account. How do you get the switch bonus from RBS to NatWest?
Does my salary being paid into the account count towards the £1500 that needs to be paid in to get the bonus? Or do I literally have to deposit the money myself?
Just to clarify, it is a single £1250 payment into the account by 12th December – Christmas is going to be expensive so does that money have to be in the account for a particular ammount of time? Can’t seem to find an answer to that with Natwest,
Thanks!
Hi, does it completely close your other bank account if you switch? As I currently use Monzo and would like to keep it open. Thanks
Sadly yes your old account will be closed. But you could look at opening an account elsewhere that you don’t want to keep, and switch that. More here https://becleverwithyourcash.com/the-best-extra-dummy-accounts-for-bank-switching/
They denied me an account cos I have done too many switches already. 🙁
Met all their requirements but no 150 on june 9th been on phone with them for 1 hour they say ive met the req but no ide why i haven’t been paid??
Soooooo, 9th of June is here. Did anyone get their bonus payment? Because we haven’t, but we did receive to the text to say we would?
Same here
After pay in £1250, can I move around those money or does it needs to stay there untill reward paid? Thanks
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
Hmm, hard to say. You could try contacting them?
Dear Andy,
Thanks for update.
I really look forward to your reply,
Many thanks 🙏
Garibov
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?
This latest offer doesn’t require you to stay once you have the cash, but always check terms and conditions in case deals change
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…?
More info here https://becleverwithyourcash.com/how-to-switch-bank-accounts/
Can i deposit lets say 100. Then withdraw then deposit again same amount until it totals to 1200. Whilst just initially having 100
Yep. It doesn’t have to be in one go
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.
Dear Andy,,,
Thank you for your Reply,
Once I have received the 02/11/2022-?-£175 from Natwest can I switch straight after or do you have to stay with them for a certain amount of time?
I look forward to your reply.
Yours faithfully
Kind Regards,
Garibov
Dear Andy,,,
Thank you for your Reply,
Once I have received the £175 from Natwest can I switch straight after or do you have to stay with them for a certain amount of time?
I look forward to your reply.
Yours faithfully
Kind Regards,
Garibov
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.
Hi Jess, sadly yes it needs to be another bank you switch from.
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?
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.
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.
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.
NatWest – Do I need to transfer DDs?
Do I have to keep the £1250 in the account or can I spend it & still qualify?
Don’t have to keep it there.