Natwest is handing customers a free £200 to switching customers. The deal shared on MoneySavingExpert reveals how those that switch to a new NatWest current account can benefit from a selection of perks including the free cash, and cashback.
Switching account is quick and straightforward. The Current Account Switch Service (CASS) transfer your balance, Direct Debits, and standing orders from your old account to the new account. The only thing that you must keep a note of its recurring card payments, such as subscriptions as these don’t move and therefore will need to be update manually.
To make that switch, you open a new account with your chosen bank, and request for it during the application. Both banks must be signed up to CASS, which the majority of are, and it will happen automatically.
NatWest’s latest deal for switchers, is £200 upfront, as well as a £36 a year cashback and 5.25% interest linked regular saver.
MoneySavingExpert explained: “The NatWest Reward pays £5 cashback each month you pay in £1,250+, pay out 2+ Direct Debits of £2+ and use its mobile app. Factoring in the £2/month fee, that’s a net gain of £36/year.”
It also highlighted the 5.25% variable linked regular saver, which works by allowing account holders to put £150 a month into the account, and keep saving up to a maximum of £5,000, which takes three years, if you save the max each month.
However, in order to get the free cash bonus there are a few requirement. You must open the account by May 28, do a complete switch through CASS, and then within 60 days you must pay in £1,250 and log into the app. The £200 will then be paid in within 30 days of all the requirements being met.
Chris McGuinness, Switching Expert at NatWest said: “We know customers want banking that delivers real value and makes managing money simple.
“Our latest switcher offer is our way of welcoming customers to NatWest for their everyday banking, with a straightforward, stress free switch through the Current Account Switch Service.”
You must have not received a previous NatWest, RBS, or Ulster Bank switch bonus, or have a NatWest current account on or after May 6, in order to get the bonus.
