NatWest has introduced one of the most attractive cash incentives currently available to account holders. From May 6, 2026, new and select existing customers can secure a £200 bonus by transferring their banking to a qualifying account.
Enhanced Reward Compared to Earlier Offers
This recent promotion represents a substantial increase from the £150 cash reward that NatWest and Royal Bank of Scotland (RBS) had been advertising earlier in 2026. It positions the new £200 bonus amongst the leading incentives available for standard current accounts in the marketplace.
On its website, NatWest states: "This offer is available to new and existing customers who did not hold a NatWest current account on May 6, 2026." The promotion is open to customers who transfer their current account to either the Select Account or the Reward Account offered by NatWest or RBS through the Current Account Switch Service (CASS), according to the Express.
Eligibility Criteria for the £200 Payment
To become eligible for the £200 payment, new customers must fulfil three particular criteria within 60 days of successfully completing their transfer. First, they need to deposit at least £1,250. This can be accomplished through one or more transactions, but the full amount must be paid into the account and remain there for at least 24 hours.
Second, customers must access the respective bank's mobile application within the same 60-day period. Once these conditions are met, NatWest or RBS pledges to transfer £200 to the customer's account within 30 days. NatWest explains: "Open a current account and switch to us. Apply for a Select or Reward account and request and complete a full switch to us from another bank using the Current Account Switch Service."
"Within 60 days of switching, pay in £1,250. This can be made of multiple payments and must remain in the account for 24 hours. Log in to our mobile app. This can be done on any device that supports the NatWest mobile banking app."
Regarding the final step, the bank states: "When you've met these conditions, we'll pay £200 into your eligible account within 30 days." NatWest and RBS have not announced an end date for this current account switching offer.
Exclusions and Restrictions
It's crucial to note the stringent eligibility requirements, which rule out some prospective switchers. Any customer who has previously received a cash switcher offer from NatWest, RBS, or Ulster Bank will not qualify for this latest bonus.
Benefits of the NatWest Reward Account
While the £200 payment for the Select Account offer represents a considerable upfront sum, customers choosing the Reward Account may also gain access to additional ongoing financial benefits. This is especially relevant for those who maintain monthly payments of £1,250 or more. Although the Reward account incurs a £2 monthly charge, the rewards available can easily offset this cost.
The Reward Account framework encourages regular account activity. By keeping two or more direct debits of at least £2 active, customers will automatically receive £4 in Rewards each month. A further £1 per month is earned for using the bank's mobile app. This means a customer can collect £5 in monthly rewards through these two steps alone, cancelling out the £2 charge and delivering a net benefit.
In addition to these guaranteed monthly perks, Reward customers can also build up rewards when shopping at NatWest's partner retailers. These partnership arrangements change frequently and feature a variety of businesses.
Customers can withdraw these built-up Rewards once they have accumulated at least £5. The rewards value can be claimed in multiple ways: transferred straight into a NatWest current or savings account, converted into e-gift cards valid with partner retailers, or given to a registered charity.
Branch Closures Amid Digital Shift
NatWest is closing many branches in 2026 to focus on online banking. They plan to close 14 more branches in May 2026, with additional closures happening in June, August, September, and early 2027. This comes after more than 100 branches were closed in 2025, as fewer people are visiting in person and more are using the mobile app.
