NatWest has launched a £500 cash bonus for customers who switch to its Premier banking accounts, but the offer is aimed squarely at high earners and wealthy savers.
To qualify, customers must meet at least one of three tests: earn £100,000 a year (rising to £120,000 for a joint account), hold at least £100,000 in savings or investments with NatWest, or have a NatWest mortgage worth at least £500,000.
Offer details and competition
The offer began on September 2 and has no fixed closing date, although NatWest says it can withdraw it at any time. The move puts NatWest firmly into a battle with rival banks for affluent customers, with HSBC also currently offering a £500 switching bonus for those who qualify for its Premier account. HSBC is also offering up to £290 cashback to eligible customers who take out its Premier World Elite Mastercard.
Caitlyn Eastell, personal finance analyst at Moneyfacts, said: “NatWest’s new £500 premier switching incentive is a significant move in the battle for affluent current account customers. The headline bonus puts NatWest firmly alongside the most generous premier switching offers.”
She added that for customers who qualify, the offer makes switching “considerably more attractive”, particularly because NatWest also provides dedicated Premier support and financial planning. But she warned that the £500 should be regarded as a “sweetener rather than the main reason to switch”, with customers advised to compare the ongoing benefits, eligibility requirements and fees.
How to get the £500
Customers must open a NatWest Premier Select or Premier Reward current account, complete a full switch from another bank using the Current Account Switch Service, and meet several other conditions.
- Have not held a NatWest personal current account on September 2, 2026.
- Have not previously received a NatWest Group cash switching incentive.
- Pay at least £15,000 into the new account within 90 days of the switch.
- Keep each payment in the account for at least 24 hours.
- Log into the NatWest mobile app.
NatWest says it will check the account after the 90-day period and, if all the conditions have been met, pay the £500 within 30 calendar days, provided the account remains open. The £15,000 does not have to be paid in one lump sum; it can be made up of multiple payments, including salary payments.
What you get with NatWest Premier
There are three levels of Premier banking. The Premier Select account is free and comes with 24/7 support, fee-free foreign currency transactions and no interest charged on the first £500 of an arranged overdraft.
The Premier Reward account costs £2 a month. Customers can earn £9 a month for having two qualifying Direct Debits, plus £1 a month for logging into the NatWest app and at least 1% cashback at selected retailers. There is also the top-end Premier Reward Black, currently costing £36 a month but rising to £39 from October 1. It includes benefits such as airport lounge access, travel insurance, mobile phone insurance, breakdown cover and cashback on selected entertainment.
NatWest also offers Premier customers access to financial experts and support with areas such as investing, mortgages and financial planning, although additional charges can apply for some specialist services.
The big catch
The £500 headline figure may sound tempting, but most current account customers will not qualify. This is a deal designed for the wealthier end of the market – and the competition is heating up.
HSBC is also offering £500 to eligible customers switching to its Premier account, provided they have a £100,000-plus salary or transfer £100,000-plus in savings or investments. Its Premier account has no monthly fee. That means wealthy customers are increasingly in a position to shop around and play the banks off against each other.
