Two major UK banks are offering switching bonuses but the deals are only available for a limited time
Two leading UK banks are offering £175 to customers who complete some simple steps as part of switching to their services. Banks frequently provide incentives to attract new customers, particularly when they’re seeking to grow their client base.
Money Saving Expert (MSE) explained: “Banks sometimes offer switch incentives – free cash, boosted savings rates or other perks – to new customers who switch in an existing current account to a new current account with them. Essentially, banks want your custom and switch bribes are a double win for banks – you not only join them, but you leave one of their rivals.”
These promotions are typically available for a limited period. Currently, two offers in the UK provide £175 for switching to either Nationwide or NatWest. MSE provided further information about both deals on its website.
Nationwide
Customers can receive £175 by switching to a Nationwide FlexDirect account. Additional benefits include five per cent in-credit interest on balances up to £1,500 for 12 months (worth up to £75) and one per cent cashback for a year, capped at £5 monthly when depositing £1,000 or more each month.
The account also features a £50 zero per cent overdraft facility. You’re ineligible if you’ve previously switched into a Nationwide account or received switch cash from Nationwide.
However, if you’ve previously received a bonus by switching into a sole account and are now switching into a joint account, you will still qualify.
Here’s how to secure the £175 bonus:
- Open the account online (or switch into an existing FlexDirect account)
- Switch over an account from a different bank, including two or more direct debits, within 28 days
- Within 31 days of requesting the switch, deposit £1,000 or more and make at least one payment using the debit card
The £175 is paid within 10 days of meeting all the criteria.
NatWest
You could receive a free £175 upfront by switching to the NatWest Reward account. This also comes with £36 a year cashback and 5.5 per cent interest linked regular saver.
However, it’s important to note that this account comes with a £2 a month fee. But you will get £5 a month cashback when you deposit £1,250, pay out two or more direct debits of £2 or more and log into its mobile banking app each month.
The switch offer is also available when you switch into NatWest’s fee-free Select Account, though you won’t receive the ongoing cashback. Similarly, the same switch bonus is available through sister bank RBS’s Reward Account and Select Account.
To get the bonus you can’t have held an existing NatWest current account as of September 16. And you can’t have ever received a switch bonus from NatWest, RBS or Ulster Bank before.
Here’s how to secure the £175 bonus:
- Open a new NatWest Reward or Select account
- Switch from a non-NatWest, RBS or Ulster Bank account online or through the mobile app
- Deposit £1,250 or more and log in to mobile banking within 60 days
The £175 will be credited to your account within 30 days of meeting these criteria.
