- NatWest has relaunched its popular £200 switching bonus
- Cash is promised within seven days after the exchange is completed.
- This is now the largest cash bonus offered to customers for trading
NatWest is the latest major bank to relaunch a current account switch offer with a £200 cash incentive again available.
New or existing customers can earn cash by switching their main current account to the NatWest Reward or Select account.
They must use the official current account switching service, pay £1,250 into the account and log in to the mobile app within 60 days of switching.
Once all these steps have been taken and the exchange is complete, cash is promised within seven days.
Blockbuster offer: NatWest has launched a £200 switching bonus, making it the largest cash bonus on the market.
Direct debits and standing orders will be automatically transferred to the newly opened account within one week via the Current Account Switching Service.
The NatWest switching bonus is now the highest switching incentive offered to customers.
Two days ago, Lloyds Bank launched a £175 switching incentive through its Club Lloyds account.
Prior to this launch, there were no cash bonuses available to trade, so this deal and the NatWest deal are currently the only two on the market.
Lloyds Bank said the £175 would be paid to customers within three days of the switch being completed.
There is a monthly fee of £3 to maintain a Club Lloyds account, or no fee if £2,000 or more is paid into the account each month.
NatWest saw a record number of customer switches between July and September 2023, as 94,796 customers flocked to the bank to receive their £200 switch bonus before Christmas.
This meant that the bank was able to attract 59,158 more clients than it lost due to the changes completed between July and September 2023.
Experts believed the recent pause in banks’ exchange offerings was due to timing.
James Blower, founder of Savings Guru, said: “Bonuses come and go in line with the larger banks wanting to push to attract more current accounts.”
NatWest’s launch of the £200 switch deal signals another push to gain even more current account sign-ups.
The NatWest Rewards Account offers customers £60 in rewards each year. Each month, customers can receive £4 in rewards for two direct debits and an additional £1 for logging into the bank’s mobile app. The Reward account has a monthly fee of £2.
The Select account has no monthly fee.