Customers both new and existing could get £175 from NatWest for switching their main bank account. The bank announced the news earlier this week, however it has warned that the offer will only be available for certain amount of time.
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The limited time offer launched this week, and will run until April 2, 2020.
NatWest explains the bank’s Select account has no monthly fee and includes GetCash, which enables customers to withdraw money from a cash machine without their bank card, by using a passcode sent to the customer’s mobile phone.
There are also a number of other bank accounts eligible for the offer.
These are NatWest’s Reward, Reward Silver, Platinum and Black accounts.
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NatWest has launched its £175 bonus for switchers (Image: GETTY)
The Reward account gives customers £4 per month for two Direct Debits – with these needing to be at least £2 each.
Those who use mobile banking can get £1 a month back with this account when they login to the mobile app.
Customer should be aware that this particular account does charge a £2 monthly fee.
For this particular account, a person must be aged 18 or older, be a UK resident, and need to pay in £1,250 into an eligible NatWest account every month.
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For the latest offer by NatWest, a person is required to use the Current Account Switch Service, close their existing account, and transfer their main current account to NatWest.
Customers must pay in £1,500 to the account and log into online or mobile banking through the NatWest mobile app before May 10, 2020.
They will then receive £175 by June 5, 2020, the bank said.
Another requirement, in addition to customers being aged 18 or older, is that they must not have received a cash offer from NatWest for opening a new current account and switching after October 2017.
NatWest requires customers use the Current Account Switch Service as well as some other requirements (Image: GETTY)
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According to NatWest, in the first year of switching, a NatWest Reward account customer who meets the requirements will be guaranteed to be at least £211 better off once the £2 monthly charge has been deducted.
Customers can also benefit from regular retailer cash back offers.
Accounts can be opened online or in any NatWest branch.
Bruno Genovese, Head of NatWest Current Accounts, said: “Switching bank accounts couldn’t be easier and we hope our highest ever guaranteed switcher offer will give an added incentive for those who have been thinking about switching to a bank that can help make you more confident about money.”
NatWest is offering the bonus for switching to both new and existing customers (Image: GETTY)
Via the aforementioned switching service, payments such as Direct Debits and Standing Orders are automatically transferred to the newly opened account within seven days.
Last month, Martin Lewis – the founder of Money Saving Expert – revealed two banks had relaunched their bonuses for switching accounts.
He explained HSBC was giving switchers to HSBC Advance account £175 – provided they switched a minimum of two direct debits and pay in at least £1,750 per month.
Meanwhile, he pointed out First Direct was giving a £100 free bonus for switching.
To access this offer, customers would need to pay in £1,000 in the first three months.