NATWEST has launched a brand new switching offer, giving customers £175 in cash for moving bank account.
This is the largest cash bonus currently offered by UK banks, but you will have to meet some requirements before you get the money.
PA:Press Association The offer by NatWest is currently the biggest cash bonus offered by UK banks
In January this year, NatWest launched an offer giving new and existing customers £150, but the bonus expired around a month later.
But now it’s offering a larger £175. You’ll get the initial £125 in August, and the rest – £50 – if you stay with the bank for at least a year.
The new switching offer applies to those who request a switch to a NatWest Select, Reward, Reward Silver or Reward Platinum account by June 7.
The Select Account comes with no monthly fees, while the Reward accounts have monthly fees ranging from £2 to £20.
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On the flip side they come with two per cent cashback on bills paid by direct debit, such as council tax, energy, water and phones, but it requires you to pay in £1,500 each month.
The average customer could receive £83 each year in cashback if they have monthly bills of £345, according to NatWest – but you’ll have to make sure this applies to you to make the monthly fee worth it.
Customers switching to Reward Silver or Platinum accounts also benefit from no fees on debit card purchases made abroad, up to 40 per cent off cinema tickets as well as personal car breakdown cover.
What do you need to do to get the cash?
Apply for a new account or switch an existing account online or at a NatWest branch before June 7
You need to pay in at least £1,500 and log in to NatWest’s online or mobile banking by July 12. The £125 will then be paid out by August 9
Use the debit card at least once a month, and you’ll then receive £50 in June 2020
Customers need to do a full switch, i.e. close their main account and register for online and mobile banking
When switching your main bank account, it usually also means you have to move both where your salary is paid as well as any direct debits or standing orders
Customers must be 18 or over and not have already taken advantage of a cash offer from NatWest since October 2017 for opening a new current account and switching
Existing customers will only receive the cash if they don’t already have their main bank account with NatWest
How to switch bank accountNOT sure how it works? Here’s all you need to know and what you should check before:
Under the Current Account Switching Service, swapping banks should take seven working days. That includes all your payments, direct debits and standing orders being moved too. Just open your new account and then ask your new provider to close your old account using the switch service.
Make sure you are eligible. Most accounts have certain requirements, such as paying in a minimum amount of cash each month.
Watch your overdraft. Check your new bank will offer you the same limit — and does not have higher costs for using it.
What are the best switching offers from banks?
Switching bank account is a great way to make some extra cash, and it doesn’t have to be complicated either.
NatWest’s offer is currently the best cash bonus around if you switch and stay, but if excellent customer service is important to you First Direct could be another option.
The bank regularly tops consumer group Which?’s customer satisfaction tables, scoring around the 85 per cent mark.
Below are are some of the best switching deals right now:
First Direct: The online-only bank gives new customers a bonus of £100 for switching account.
You’ll also get a £250 zero per cent overdraft, and can open a linked 5 per cent regular saver.
But you need to pay in a minimum of £1,000 within three months of opening the account to get the bonus.
You also need to pay in £1,000 per month (or make sure you always have £1,000 in your account) to avoid the monthly £10 fee which comes in after six months.
If you don’t like the bank and decide to leave within six months, you’ll get £100 in compensation.
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Halifax Reward: Switch to the Halifax Reward account and you’ll get £50 paid before your switch completes, and another £85 after six months if you pay in £1,500 a month, use your debit card at least once and opt for online banking.
You can also get ongoing rewards of £2 a month if you pay in at least £750 each month, remain in credit, and pay out at least two direct debits.
M&S Bank Current Account: New switchers receive a £100 M&S gift card, with no minimum pay-in, plus reward points when they shop in M&S.
You also get a £100 0 per cent overdraft and access to a linked 5 per cent regular saver.
If you pay in £1,250 a month and keep four direct debits active in the first year, you’ll get another £80 gift card after 12 months.
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