THERE are just hours left for new customers to get their hands on a free bonus from two major banks.
NatWest and Royal Bank of Scotland are offering £200 in free cash to customers who switch to their qualifying accounts.
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However, you will need to apply by tomorrow to be able to collect the sum, so don’t delay.
New customers who switch their current accounts to an Everyday, Reward or Premier account using CASS, must meet certain criteria to cash in on the reward.
To collect the £200, customers will need to deposit £1,250 into their new current account and log into the mobile banking app within 60 days.
The money will then be paid into accounts within seven days.
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You won’t be able to switch if you have received a switching incentive from the NatWest Group, which RBS has been part of, since January 1, 2020.
Customers switching to NatWest or RBS’ Reward bank account can also earn up to £5 cashback when using their card.
This means they could earn £36 cashback over the year – but they’ll have to pay a £2 monthly fee.
Both banks don’t offer cashback on their Everyday current account but it is fee-free.
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Customers also have an opportunity to choose between three Premier accounts: Premier Select, Premier Reward and Premier Reward Black.
Those wanting to switch to a Premier Select account won’t have to pay a monthly fee, whereas, Premier Reward and Premier Reward Black customers will have to pay a £2 and a £31 monthly fee, respectively.
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HSBC and Santander also have switching offers for new customers, with First Direct’s popular £175 switching deal making a comeback but only for one month.
We have the full list of the best bank switching bonuses to get yourself up to £200 free cash.
It comes after Lloyds Bank offered new customers £175, plus other perks to anyone who switched from a different bank.
The offer ended on March 28 and new customers were also eligible for a 12-month Disney+ subscription, plus access to a linked saver paying 6.25%.
Things to look out for when switching your current account
Banks often offer different incentives throughout the year, to get customers to switch to them.
However, there are usually certain criteria that you need to meet to qualify for the cash bonus, so be sure to check all the details before signing up.
It is important to make sure the switch benefits you in the long term, no matter how tempting the free cash may be.
Some accounts need a set amount of money to be paid over a certain period of time, and others come with fees, so bear that in mind.
A lot of people feel nervous about switching as they think they will have to do all the work themselves, but that is not true.
In most cases, you must switch through the current account switching service (CASS) to qualify for the switching.
Savvy customers can earn thousands by taking advantage of the multiple switching offers throughout the year.
However, frequently switching banks can impact your credit score in the short term.
If you have an important credit application, such as a mortgage, it could be worth holding off switching banks until after that.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
