Natwest brings back £150 current account switching bonus – here's how to get itJanuary 8, 2019
This is the joint-highest upfront bonus together with HSBC, but you'll have to meet some requirements before you get accepted.
NatWest has previously given up to £125 to new and existing customers but the offer was pulled in the beginning of December.
The new switching offer applies to those who request a switch to a NatWest Reward account by February 15.
It's not a free account, in fact you have to pay a monthly £2 fee.
On the flip side there is a 2 per cent cashback on bills paid by direct debt, such as council tax, energy, water and phones.
The average customer could receive £83 each year if they have monthly bills of £345, according to NatWest – but you'll have to make sure this applies to you to make the £2 fee worth it.
What do you need to get the account?
- |You must have £1,500 paid into the account each month
- Customers need to do a full switch, i.e. close the other main account and register for online and mobile banking
- You'll need to switch before February 15, and log in to NatWest's online or mobile banking by March 22. The switching bonus will then be paid out by April 19
- When switching 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 after 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
If excellent customer service is crucial to you, First Direct is offering a slightly smaller switching bonus of £125 to new customers.
The online bank regularly tops consumer group Which?'s customer satisfaction tables, scoring around the 85 per cent mark.
What's the verdict?
You need to make sure you use the cashback element of this card to make the £2 a month worth it.
HSBC offers £150 too and while you don't pay a fee you need to pay in at least £1,750 a month.
If you don't have enough cash or don't fancy paying a fee then you should consider First Direct or M&S Bank.
How to switch bank account
- 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.
Apart from NatWest's new offer, here are some of the best switching deals right now:
HSBC Advance: New customers will receive £150 in the first year, plus another £50 after one year.
You’ll also be eligible to get HSBC’s five per cent regular savings account.
But you’ll need to pay in £1,750 per month – or £10,500 every six months – so consider whether you’ll be able to meet this criteria before switching.
If you can’t afford it, HSBC’s Bank Account offers £75 to switch and has a lower £500 monthly pay-in.
First Direct: The online-only bank gives new customers a bonus of £100, but you can also get an extra £25 if you sign up via consumer website MoneySavingExpert.
You’ll also get a £250 zero per cent overdraft, and can open a linked five per cent regular saver.
But you need to pay in a minimum of £1,000 to avoid a monthly £10 fee.
If you don't like the bank and decide to leave within six months, you'll get £100 in compensation.
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 per 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 you shop in M&S.
You also get a £100 zero per cent overdraft and access to a linked five per cent regular saver.
If you pay in £1,250 per month and keep four direct debits active in the first year, you’ll get another £80 gift card.
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