The offer runs until 2 April 2020 and customers will need to close their existing account and use the Current Account Switching Service to be eligible.

The Current Account Switching Service makes switching easier by transferring a customer’s existing current account, with all direct debits, standing orders and salary commitments transferred within seven days.

To get the cash, customers must pay in £1,500 to the account and log into online or mobile banking through the NatWest app before 10 May 2020. They will then receive £175 by 5 June 2020.

They can switch to one of several NatWest accounts including Select, which lets customers withdraw money from a cash machine without their bank card using a passcode sent to their mobile phone.

NatWest’s Reward, Reward Silver, Platinum and Black accounts are also eligible for the offer.

The £2 a month Reward account gives customers £4 per month for two Direct Debits and an additional £1 for logging onto online banking. This means that in the first year of switching, a customer could be at least £211 better off once the monthly charge has been deducted. Customers can also benefit from regular retailer cashback offers.

Bruno Genovese, head of NatWest current accounts, said: “Switching bank accounts couldn’t be easier and we hope our highest ever guaranteed switcher offer will give an added incentive for those who have been thinking about switching to a bank that can help make you more confident about money.”

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

Earlier this month, NatWest and RBS scrapped cashback on household bills for Reward current account holders.