The bank is offering £150 to new and existing customers who switch their main current account to a Reward Account.
To benefit from the offer, customers need to use the Current Account Switch Service (CASS), pay £1,250 into the new account and log into the mobile app within 60 days of switching accounts.
Payments, such as direct debits and standing orders, will be automatically transferred to the newly opened account within seven days.
What does the Reward Account offer?
NatWest’s Reward Account costs £2 per month and offers – as the name suggests – various rewards worth up to £60 per year.
Every month, customers will receive £4 in rewards if they have two direct debits of £2 or more. An additional £1 is received for logging into the mobile app. Customers can also benefit from partner offers, including money off at a range of retailers.
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NatWest also offers a Digital Regular Saver that pays 6.17% AER interest. Customers can save up to £150 per month in the account, meaning they can earn up to £59.93 interest in the first year. Unlike many regular saver accounts, the Digital Regular Saver doesn’t expire, so customers can receive even more interest in subsequent years.
The Reward Account also offers a children’s Rooster Card subscription. Rooster is a prepaid debit card and pocket money app, and up to three are available for free per family. The card normally costs £1.99 per month or £19.99 per year – so the offer potentially saves a family £59.97 for three children over a year.
Paul Slinger, customer manager at NatWest, said: “Now is the perfect time to switch to NatWest. Customers who make the switch will not only receive £150 cash, but will also enjoy 6.17% AER interest on their regular savings and earn an additional £5 each month through using their new Reward Account.”
NatWest customers can also apply for a Travel Reward Credit Card, which gives 1% back in rewards on travel spend. Rewards can also be exchanged for cash or vouchers.
Alastair Douglas, CEO of TotallyMoney, said: “It’s worth remembering that moving your account to a new bank is hassle-free when using the Current Account Switch Service. More than 50 banks and building societies have signed up, and 99% of switches are completed within seven days. They’ll also switch your payments and transfer your balance.
“Loyalty doesn’t pay, but you could earn £150 by moving to NatWest. So, it’s worth considering, but always check the small print before jumping in.”
It was recently announced that the bank would partner with the AA to launch savings products.
