New customers opening a NatWest account could receive a welcome cash boost to their balance. On top of this, the high street bank is also offering cashback for those who pay a certain amount each month.
As of June 11, Martin Lewis‘ MSE team describe this NatWest offer as a “decent option with ongoing cashback and a strong regular saver”. The NatWest Reward account is accessible to millions of eligible Brits.
Switching customers who fulfil the eligibility requirements can earn a one-off £200 cash bonus. Outlining the full 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 each month if customers can pay in at least £1,250, pay out at least two Direct Debits of £2 or more and use its mobile app.
What do I need to do to switch banks?
To start, new customers must open a NatWest Reward account either online or through the app. To be eligible, applicants must be UK residents aged 18 and over and provide proof of ID and address.
Under the Current Account Switch Guarantee, NatWest will handle everything that is needed when closing your previous account. This includes automatically moving your balance, Direct Debits, standing orders, and salary payments, as well as shutting down the account itself.
To qualify 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 disqualified from the bonus if they have previously had a NatWest, RBS or Ulster Bank switch bonus.
Switching banks is not a tedious process, with most of the work done for you by the new bank, and it can help people pocket a decent bonus. There’s no limit to how many switches you can make, although the majority of banks will generally only pay out on a switch offer once.
There is only one real ‘warning’ before switching. Each time you apply for a new account, a check is run, leaving a ‘hard search’ on your file that tends to last for months.
MSE’s Chris Collier said: “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 said that people with any major credit plans, such as a mortgage, should not make a switch for at least six months beforehand.
