New customers switching to NatWest could bag a £200 cash bonus plus ongoing monthly cashback
New customers opening a NatWest account could bag a welcome cash boost to their balance. The high street bank is also offering cashback to those who deposit a specific amount each month.
As of June 11, Martin Lewis’ team behind the MoneySavingExpert website describe this NatWest offer as a “decent option with ongoing cashback and a strong regular saver”. The NatWest Reward account is available to millions of eligible Brits who are able to carry out a few simple steps upon getting signed up.
Switchers who meet the eligibility criteria can secure a one-off £200 cash bonus. Setting out the complete switch deal, MSE said: “There’s a 5.25% variable linked regular saver which works differently to most.
“Here you can put up to £150 a month into it, but rather than only lasting a year, you can keep saving up to a maximum of £5,000 (this takes three years if you save the max each month). So, if you can leave your money untouched for longer, this can be lucrative.”
The NatWest Reward pays £5 cashback monthly if customers deposit at least £1,250, set up at least two Direct Debits of £2 or more and utilise its mobile app, reports the Express.
What steps are needed to switch banks?
To begin, new customers must open a NatWest Reward account either online or via the app. To qualify, applicants must be UK residents aged 18 and over and supply proof of ID and address.
Under the Current Account Switch Guarantee, NatWest will handle everything required to close your old account. This includes automatically transferring your balance, Direct Debits, standing orders and salary payments, as well as closing the account itself.
To be eligible for the £200 payment, new customers must:
- Pay in £1,250: This can be made of multiple payments and must remain in the account for 24 hours.
- Log in to the mobile app: This can be done on any device that supports the free NatWest mobile banking app.
People will be automatically excluded from the bonus if they have previously received a NatWest, RBS or Ulster Bank switch bonus.
Switching banks isn’t a hard process, with most of the work handled by the new bank, and it can help people secure a decent bonus. There’s no restriction on how many switches you can make, though most banks will typically only pay out on a switch offer once.
There is only one genuine ‘caution’ before switching. Each time you apply for a new account, a check is conducted, leaving a ‘hard search’ on your file that usually lasts for months.
MSE’s Chris Collier explained: “Switching banks regularly can affect your ability to get credit in future, as the applications will show on your file, and could indicate a lack of stability. Done sensibly, it’s not usually a big deal, yet multiple applications in a short time can look odd.”
He advised that people with any significant credit plans, such as a mortgage, should avoid making a switch for at least six months beforehand.
