NatWest will pay you £175 if you switch your main bank account to them – and even existing customers can get it
NATWEST is offering £175 to customers switching their main bank accounts.
Even better, the deal is open to existing customers too, so even if you already bank with NatWest you can get the cash.
To get the deal you need to make the switch before April 2, this year.
The NatWest select account has no monthly fee and has GetCash a service which means you can take money out of an ATM with a code.
So with this basic account your maximum bonus is £175.
The offer is also available on the NatWest Reward, Reward Silver, Platinum and Black accounts.
While the Reward account comes with a £2 monthly fee, customers can get a £5 bonus for having two direct debits and £1 for using online banking.
This means that anyone switching would still be £211 better off after the first year.
Sliver, Platinum and Black accounts all have higher costs but also bigger awards.
You could get an even bigger bonus, but the accounts can be expensive to run and usually have terms and conditions including a minimum number of direct debits.
Whichever account you choose, to get the bonus, you will need to switch using the
You'll need to close your existing main account and you need to pay £1,500 into your new NatWest account before May 10.
Then, you'll be paid your £175 bonus by June 5, 2020.
How to switch bank accounts?
NOT sure what switching could do for you? Here's what you need to know:
- Switching is easy. Under the switching service, swapping banks should take seven working days. That includes all your payments, direct debits and standing orders being moved too. Just open your new account and then ask your new provider to close your old account using the switch service.
- Make sure you are eligible. Most accounts have certain requirements, such as paying in a minimum amount of cash each month.
- Watch your overdraft. Check your new bank will offer you the same limit — and does not have higher costs for using it.
Customers must be over 18 and cannot have received a cash switching bonus from NatWest since October 2017.
The Current Account Switch Service will do all the work, moving everything across from your old account within seven working days, including Direct Debits and standing orders.
All you need to do is tell it the details of your old bank account and when you want the switch to begin.
An account can be opened online at or in any NatWest branch, but you must use the switching service.
You'll also want to check what overdraft you will be approved for with a new NatWest account and what the charges are.
It's also worth checking other rates such as interest paid on accounts in credit and overdraft costs, to make sure the new account is right for you.
If you're an existing customer, the process is similar.
You'll need to have another account elsewhere, such as a second current account or a joint account.
If you switch it across to NatWest using the same process as new customers, you're on track to get the bonus.
You also need to pay in £1,500 before May 10 and log into your online banking.
What other switch offers are available?
HSBC: New customers can also get £175 by switching to HSBC, but you'll need to pay in £1,750 each month to meet the criteria - .
If the conditions are too steep, HSBC also offers a £75 switch bonus with no minimum monthly pay in.
First Direct: New customers can get £100 for switching, and there is a linked 2.75 per cent regular saver account - .
You need to pay in at least £1,000 in the first three months after you open.
Nationwide: You can get £100 if a friend refers you to Nationwide or the same bonus if you refer them - .
Make sure your friend isn't planning on moving on though, Nationwide say it may reclaim the bonus if someone closes their account without good reason within three months.
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