NatWest is looking to entice new customers with an offer of £175 in free cash for those who switch to the bank. The provider has unveiled a £125 switching offer for people transferring from another provider to a NatWest current account, plus an additional £50 bonus for opening a Digital Regular Saver account with them.
To qualify for the £125, customers must use the Current Account Switch Service to transfer their main current account, deposit £1,250, and log in using the mobile app within 60 days after completing the switch.
The £1,250 can be paid in multiple instalments, but the funds must remain in the account for at least a full day. Alongside the £125 switch incentive, there’s a chance to grab an extra £50 by setting up a Digital Regular Saver within the same 60-day timeframe.
This savings account has a 5.5% interest rate, allowing deposits ranging from £1 to £150 monthly. By maxing out the contributions, savers could accumulate £53.53 in interest over a year.
The 5.5% interest rate applies to balances up to £5,000, while any amount above this earns a lower rate of 1.15%. Paul Slinger, head of Account Opening at NatWest, said: “The Digital Regular Saver account is a great way to build a savings habit, and with Round Ups you can save even more.
“This offer is a great way to receive a cash bonus and fully take advantage of all our current account benefits.” Round Ups are a way to boost your savings by using your spare change. For instance, if you spend £2.80 on an item, you can ’round it up’ to the nearest pound, with the 20p difference going into your savings. This won’t count towards your £150 monthly limit.
Additionally, you can earn rewards that you can use to add to your savings. These rewards can be earned when you pay your direct debits, use your debit or credit card, or even when logging into the mobile app.
Once you’ve accumulated £5 in rewards, you can deposit this into your NatWest current account or savings account. This also doesn’t count towards the £150 limit.
To take advantage of this, you’ll need to switch to a NatWest Reward Current Account when making the switch, rather than a Select Account. The switch offer is available when switching to either a NatWest Select, Reward, Premier Select or Premier Reward account.
When you switch bank accounts using the Current Account Switch Service, all your payments, such as direct debits and standing orders, will be automatically transferred to your new account. The entire process typically takes seven working days to complete.
