NatWest is offering customers who switch to its current savings account a bonus worth up to £288, including interest and rewards.
Customers who switch their main current account to a NatWest Current Account using the Current Account Switch Service can claim £125. To get this bonus they will need to pay in £1,250 and log into the mobile app within 60 days.
Customers can claim an additional £50 bonus if they open a Digital Regular Saver within the same 60 days.
In addition to this, NatWest said savers who put aside up to £150 a month can take advantage of an interest rate of 5.5% AER on balances up to £5,000 and that doing so will earn them an £53.53 in interest in a year.
Their deposit then continues to earn interest at 5.5% until the balance reaches £5,000.
NatWest said customers can then earn an extra £60 each year in rewards with £4 paid every month for having two Direct Debits of £2 or more, plus an extra £1 for logging into the mobile app.
NatWest’s offer was launched the same day as UK-based digital bank Zopa launched its first current account, allowing users to earn up to £256 a year through a combination of cashback and interest.
The account, Biscuit, pays 2% annual interest on all balances and offers 2% cashback on household bills paid by direct debit, capped at £1,500 of direct debits per year. Additionally, customers can access a linked regular savings account with a competitive 7.10% interest rate on deposits up to £300 per month. After 12 months, the regular saver converts to an easy access account with a 3.5% rate, and customers can open a new regular saver to continue earning the higher rate.
