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NatWest offers £180 to make Reward Account switch

NatWest offers £180 to make Reward Account switch
Matt Browning
Written By:
Posted:
23/10/2024
Updated:
23/10/2024

NatWest is launching a new deal where new and existing customers can take home £180 for switching to one of its Reward Accounts.

The cash bonus will enter your account seven days after you’ve decided to switch. Now for the details.

You need to pay £1,250 into the new account and log into the mobile banking app within 60 days of making the move. The switch to the Rewards account also has to be made through the Current Account Switcher Service (CASS).

Customers can receive up to £60 back in Rewards, with £4 in Rewards earned if they have two Direct Debits of £2 or more per month. A further £1 is sent to the account for logging into the mobile app.

The basic Reward account has a monthly fee of £2 and lets customers earn money back for their spending with a wide range of retailers under myRewards.

Some of the stores you can earn e-gift codes with include John Lewis, Marks & Spencer, Argos, Currys and TK Maxx.

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However, the deal is only for a limited time and the bank noted this can be withdrawn at any time. If you already have two Reward accounts, you are exempt from the bonus offer.

The benefits on offer from a NatWest Rewards account differ depending on the account you select.

Reward account options

There are three other Reward accounts with a monthly fee to choose from:

  • Silver (£10 a month)
  • Platinum (£22)
  • Black (£36)3

The Reward Silver has European travel and mobile phone insurance as well as fee-free spending abroad on your card, while the Platinum account has worldwide travel insurance and UK car breakdown cover.

Whereas the most expensive Black option has those insurances but offers family cover for mobile phones and home emergency cover too.

The switch cash bonus applies to whatever account you switch to and so does a 6% interest rate available on the Digital Regular Saver account. This savings account can earn £59.93 in interest during the first year of saving.

A tool called Round Ups lets you add up your transactions to the nearest £1 and have the change of that enter your savings account.

The banking provider follows both Lloyds and Nationwide, which both launched switch offers to new and existing customers in September.

Lewis Broadie, customer manager at NatWest said: “As well as the upfront cash offer, we offer a wide range of features and benefits, from helping kids with their money through our Rooster offering to our save the change feature, Round Ups.”