Another bank switch deal has launched, this time offering £175 for switching.
Natwest is offering £175 if you switch bank 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.
How much can you get for switching to Natwest?
This Natwest switching offer is pretty straightforward. You’ll get a fixed £175 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. You will need to open up or already have one of the following accounts:
- 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).
Existing or previous account holders won’t get the money 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 £175 you need to:
- Open one of the accounts listed above
- Start a full switch via the Current Account Switch Service by 5pm 3 November 2022 via the Natwest website or app
- Pay in £1,250 by 16 December 2022 (it doesn’t have to be in one go)
- Log in to mobile or app banking by 16 December 2022
- Keep the account open until 12 January 2023
When will the money be paid?
The full £175 will be paid to your account by 12 January 2023 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?
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 3.82% on £50 a month (max of £1,000 overall). In total you could be up £235 in a year.
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.
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 extra 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.