The offer is for new and existing customers switching their main bank account by 19 November 2020, though it could end sooner.

New customers to the bank can apply to switch to the free Select or the Reward account which charges £2 a month. The Reward account offers £4 a month if customers set up two direct debits, and they can earn an extra £1 for logging onto online banking.

This means in the first year of a switch customers can earn £161 after the £2 a month fee. It also runs retailer cashback offers.

Existing customers can switch to these accounts as well as its Reward Silver (£10 a month), Reward Platinum (£20 a month) and Reward Black (£31 a month) accounts.

To get the cashback, current account switches need to go through the Current Account Switch Service which means the existing product will be closed.

Customers must pay in £1,500 to the account and log into online or mobile banking through the NatWest mobile app before 15 January 2021 and will then receive £125 by 12 February 2021.

Customers must be 18 or over and must not have received a cash offer from Royal Bank for opening a new current account and switching after October 2017.

Switchers will also be able to open the NatWest Digital Regular Saver paying 3% gross on up to £1,000 a year.

Allan Hardie, NatWest, said: “We are welcoming new customers with our latest switcher offer so they too can benefit from our award-winning mobile app and also take advantage of our recently launched Digital Regular Saver account paying 3% interest.”

As the coronavirus pandemic unfolded, lenders withdrew their current account switch offers.

But they’ve made a come back in recent weeks:

• HSBC £125
• Lloyds £100 (ends 9 Nov)
• RBS £100
• Metro Bank offers an up to £500 total ‘refer a friend’ switch deal – £50 for existing customers and £50 for each friend.
• Halifax was the first bank to launch a switch deal. It offered £100 but the offer was withdrawn on 14 September.