Martin Lewis' MoneySavingExpert (MSE) team has described NatWest's latest offer as a 'strong' deal for new customers, featuring a £200 cash bonus and ongoing cashback opportunities. The NatWest Reward account, available to millions of eligible UK residents, provides a one-off £200 payment for switching, along with monthly cashback and a high-interest regular saver.
Key Features of the NatWest Reward Account
New customers who switch to the NatWest Reward account can earn a £200 cash bonus by meeting specific criteria. Additionally, the account offers a 5.25% variable linked regular saver, which allows savers to deposit up to £150 per month, with a maximum balance of £5,000 over three years. MSE notes that this saver is 'lucrative' for those who can leave their money untouched for longer.
To receive the monthly £5 cashback, customers must pay in at least £1,250 each month, set up two Direct Debits of £2 or more, and log into the NatWest mobile app. The account is accessible through online or app applications, requiring proof of ID and address for UK residents aged 18 and over.
How to Qualify for the £200 Bonus
To qualify for the £200 switching bonus, new customers must pay in £1,250 (which can be from multiple payments and must remain in the account for 24 hours) and log into the mobile app. Those who have previously received a switch bonus from NatWest, RBS, or Ulster Bank are automatically disqualified.
Under the Current Account Switch Guarantee, NatWest handles all aspects of closing the previous account, including transferring balances, Direct Debits, standing orders, and salary payments.
Important Considerations Before Switching
MSE's Chris Collier warns that frequent bank switching can affect credit scores, as each application leaves a 'hard search' on credit files. He advises against switching within six months of applying for major credit, such as a mortgage. However, for most people, a single switch is unlikely to cause issues.
The MSE team emphasizes that while the NatWest offer is a 'decent option with ongoing cashback and a strong regular saver,' customers should consider more than just the one-off reward when choosing a bank.
