Get £175 for switching bank account to NatWest or RBS

NatWest and RBS have launched a new bank account switching incentive, offering joiners £175 when they sign up and make a deposit.

The offer is available to both new and existing NatWest and RBS customers, and is one of the most generous current account switching offers currently available.

Both banks, which form part of the NatWest Group, are running the offer for a limited period of time.

NatWest’s offer runs until 3 November this year. Switchers must apply online or via the mobile app and switch a current account held elsewhere no later than 3 November.

Existing RBS or NatWest customers can already have an account with either bank, but they will need to close down a current account they hold with another bank via the Current Account Switching Service. 

For example, if a customer already has a NatWest Reward account, they can switch their main bank account held elsewhere to the Reward account and still be eligible for the £175.

Those signing up for the first time must choose between its Everyday bank account and Reward bank account. The former is free whilst the latter charges £2 a month.

In either case, switchers must deposit £1,250 into the new account once it is open and log into mobile banking app before 16 December in order to receive the incentive offer.

NatWest says it will pay £175 into the account by 12 January next year.

RBS’ offer is only available until 20 October. Switchers must then deposit £1,250 into a new RBS Select or Reward account before 2 December to benefit.

In both cases, switchers who have already taken advantage of a cash switcher offer from RBS, NatWest or Ulster Bank between October 2017 and 13 September 2022 will not be eligible.

How does it compare to other cash incentives?

The cash bribe matches that of First Direct as the most generous cash freebie currently on the market.

The fact that all switchers need to do is deposit £1,250 into the account will likely appeal to some. There is no need for having at least two direct debits for example.

Both banks offer a free Everyday account which means there also isn’t a monthly charge. This means that in theory, switchers could simply set it up as a secondary account to benefit.

A £175 return from a £1,250 deposit equates to a 14 per cent return on their investment. That’s much more than any savings account.

RBS’ offer is only available until 20 October. Switchers must then deposit £1,250 into a new RBS Select or Reward account before 2 December to benefit.

First Direct’s offer is arguably even better though. To claim its £175 bonus, switchers must open First Direct’s 1st Account using the Current Account Switch Service and pay in £1,000 within three months.

Of course they must not have previously held an account with the bank or opened a HSBC current account after 1 January 2019.

A £175 return from £1,000 represents a 17.5 per cent return on investment.

However, for those looking to use the new account as their main account, there may be some sense in opting for the Reward account.

Both NatWest and RBS’s reward accounts give up to £5 a month back in rewards, or £60 over the course of a year.

Customers can earn £4 a month back in rewards for setting up two or more Direct Debits (two of those Direct Debits need to be at least £2 each). Plus, they will earn an extra £1 a month back in Rewards for logging into the mobile banking app at least once each month.

Even with the £2 monthly fee it’s still possible to make an extra £36 in cashback.

For those who want to find out what other offers are also available, we have written our round-up what we think are the five best current accounts.