NatWest is the latest major bank to relaunch a current account switching offer with a £200 cash carrot once again available.
New or existing customers can bag the cash by switching their main current account to either the NatWest Reward or Select account.
They must use the official Current Account Switching Service, pay £1,250 into the account and log into the mobile app within 60 days of switching.
Once all of these steps has been taken and the switch completed, the cash is promised within seven days.
Blockbuster deal: NatWest has launched a £200 switching bonus, making it the biggest cash bonus on the market
Direct debits and standing orders will be automatically transferred to the newly opened account within a week through the Current Account Switch Service.
NatWest’s switching bonus is now the highest switching incentive on offer to customers.
Two days ago, Lloyds Bank launched a £175 switching incentive through its Club Lloyds account.
Prior to this launch, there were no cash bonuses available for switching so this deal and NatWest’s deal are currently the only two on the market.
Lloyds bank said the £175 would be paid to customers within three days of the switch being completed.
There is a £3 monthly fee to maintain a Club Lloyds account – or no fee if £2,000 or more is paid into the account each month.
NatWest scooped up record numbers of switching customers between July and September 2023, as 94,796 customers flocked to the bank to receive its £200 switching bonus before Christmas.
This meant the bank was able to reel in 59,158 more customers than it lost for switches completed between July and September 2023.
Experts believed the recent pause on banks offering switching offers was down to timing.
James Blower, founder of Savings Guru, said: ‘Bonuses ebb and flow in line with when the larger banks want to push to attract more current accounts.’
NatWest’s launch of the £200 switching deal indicates yet another push to get yet more current account sign ups.
NatWest’s Reward account gives customers £60 back in rewards each year. Every month customers can receive £4 back in Rewards for two Direct Debits and an additional £1 for logging into the bank’s mobile app. The Reward account has a monthly fee of £2.
The Select account has no monthly fee.
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