High street bank Natwest launches switching incentive for new and existing customers.
NatWest is offering customers a £175 cash bonus if they switch their main current account to the high street bank.
The deal is open to new and existing customers who open a Natwest Select, Reward, Reward Silver, Platinum or Black account.
To be eligible for the deal, customers must use the Current Account Switching Service by 2 April 2020.
Customers must pay in £1,500 to the account and log in online or via mobile banking through the Natwest app before 10 May 2020.
They will then receive the £175 incentive by 5 June 2020.
Bruno Genovese, head of Natwest current accounts says: “Switching bank accounts couldn’t be easier and we hope our highest ever guaranteed switcher offer will give an added incentive for those who have been thinking about switching to a bank that can help make you more confident about money.”
How does NatWest's switching deal compare?
NatWest's switching bonus is currently one of the highest incentives offered by banks.
The monthly pay-in is less than HSBC, which also offers a £175 switching incentive for its Advanced Account.
|HSBC Advanced||£175||£1,750 per month||Ongoing|
|first direct 1st account||£100 + 0% overdraft||£1,000||Ongoing|
|Natwest||£175||£1,250||2 April 2020|
What about rewarding customers who do not switch?