NatWest is offering both new and existing customers a bonus of £175 for switching to a NatWest current account.
To qualify for the NatWest switch bonus, customers must use the Current Account Switch Service to close down their existing current account with another bank, easily moving all of its incoming and outgoing payments to a fresh NatWest current account.
The Current Account Switch Service is a free, easy-to-use service which allows customers to easily switch between bank accounts with just a few clicks – any incoming and outgoing payments are automatically transferred across to the new account on a date chosen specifically by the customer.
The NatWest switch bonus is only available to customers who make the original switch before 2nd April 2020. Once switched, customers must pay £1,500 into the new account and use their NatWest online login to sign into either the NatWest app or NatWest online banking portal before 10th May 2020.
The £175 bonus will be paid into the account before 5th June 2020.
READ MORE: A Complete NatWest Review
NatWest switch offer – terms and conditions
There are 2 separate sets of terms and conditions regarding eligibility for the NatWest switching bonus: one for new customers and one for existing customers.
As per the NatWest website, existing customers must:
- Already hold a NatWest Reward, Select, Select Silver, Reward Silver, Select Platinum, Reward Platinum, Black or Reward Black account (opened before February 12th 2020)
- Transfer all payments from a non-NatWest current account to an existing NatWest current account using the Current Account Switch Service before 2nd April 2020.
- Deposit at least £1,500 into the account and log into NatWest online or mobile banking before 10th May 2020.
The terms and conditions for new customers are slightly different. They must:
- Open a new NatWest Reward, Select, Reward Silver, Reward Platinum or Reward Black account before 2nd April 2020 (either in-branch or online) using the Current Account Switch Service.
- Deposit at least £1,500 into your new Natwest current account, and log into NatWest online or the mobile banking app before 10th May 2020.
Is it worth switching current accounts?
Generally, yes! If your existing current account is not offering you any exclusive benefits, then there’s no reason why you shouldn’t be looking elsewhere to fulfil your banking needs.
Whether it’s to take advantage of a bank switch bonus like that currently offered by NatWest or to switch to reap the benefits that come with joining an all-digital bank like Monzo or Starling, the Current Account Switch Service takes any hassle of switching straight out of your hands.
Are bank switching incentives taxable?
No. HMRC has previously clearly stated that any incentives offered by banks, building societies and other financial service providers are not taxable. This includes any payments eligible for cashback as well as switching incentives.
Switching banks? Read our reviews first
Whether you want to make the switch to NatWest or fancy browsing some of the other big-name banks in the UK, Bobatoo has a range of extensive reviews that cover everything from savings and ISAs to overdrafts and packaged deals.
For more information about NatWest, read our full review here.