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NatWest launches £200 switch bonus and 6% savings

Paloma Kubiak
Written By:
Paloma Kubiak
Posted:
Updated:
14/02/2023

NatWest Group – including RBS – has launched its “highest ever” bank switch bonus of £200, while the interest rate offered on regular saver accounts has risen to 6%.

New and some existing customers switching their everyday banking to NatWest or RBS online or via mobile app can bag a £200 cash sweetener within seven days of meeting certain eligibility criteria.

This includes completing the move via the Current Account Switch Service (CASS) which automatically transfers all direct debits and standing orders, logging into mobile banking and depositing a one-off £1,250 within 60 days.

However, if you switch your account in branch or over the phone, you won’t get the deal. And if you’ve already received a switching bonus from NatWest, RBS or Ulster Bank between 1 October 2017 and 13 February 2023, you won’t be able to get it again.

But existing customers who already hold one of its current accounts but who don’t use it as a main account can get the £200 bonus if transferring a non-NatWest current account to the existing open account, as long as they meet the eligibility criteria.

The banking group said this is its “highest ever” switcher offer after previously running a £175 bonus.

Customers can open any current account with NatWest or RBS, including the fee-free Select account, winner of the YourMoney.com Personal Finance Awards 2022 in the category ‘Best everyday current account provider’, or the £2 a month Reward account which pays up to £5 a month back (£1,250 a month pay in required).

Regular saver interest rate increases to 6%

For the one million Digital Regular Saver customers – a savings product for current account holders – they’ll see the rate increase from 5% to 6% gross (variable) / 6.17% AER (variable) on balances between £1 and £5,000 from today.

For amounts above £5,000, you’ll earn 0.65% gross (variable). The maximum amount you can deposit each calendar month is £150, while the minimum standing order amount is £1.

However, there is a way to put more than £150 into the regular saver each month through its round ups feature.

NatWest and RBS are currently running ‘Double Ups’ which allow customers to double the amount that is rounded up and transferred to savings accounts. For example, if you make a payment of £4.50 in a shop, if you choose Double Ups then instead of 50p being transferred, it will transfer £1 to your savings account.

To quickly build your savings balance, use your NatWest or RBS debit card for all your everyday card purchases and where possible, try to split transactions.

NatWest is also running a savings prize draw with a top prize of £10,000 for those who turn on the Round Ups feature in the mobile app. It said it is launching the prize draw “to help encourage customers to develop a savings habit”.

There are 33 prizes to be won with three top prizes of £10,000 and 30 prized worth £500 each. The prize draw closes on 21 April 2023.

Lewis Broadie, customer manager at NatWest, said: “We are welcoming customers to the bank with our highest ever switcher offer of £200. Customers will also be able to benefit from a new savings prize draw with top prizes of £10,000 and our Digital Regular Saver account which is increasing to 6% to help encourage a savings habit.

“We hope these incentives will help customers build their financial resilience and support them in managing some of the pressures of the cost-of-living crisis.”

NatWest is also making it easier to pay friends and family by enhancing the ‘Pay Your Contacts’ feature in the bank’s mobile app. A secure payment link can now be shared over email, WhatsApp or text message. There’s no need to send bank details as all the information is contained in the secure link and the service can be used to pay any bank customer.