NatWest offers Brits £150 free cash and £36 bonus but there's a major catch
NatWest has revealed a new incentive that could see Brits land a generous £186 bonus in their bank account. However, there's a major catch which could see many customers miss out
Cash-strapped Brits can get a hefty boost to their bank account following a major NatWest update.
The high street bank announced this week (March 12, 2025), that it will reward new customers with a free £150 bonus - along with the potential to earn a further £36 throughout the year. Most banking giants run temporary incentives to lure in more customers, offering perks such as a lump sum of money, complimentary cinema tickets, or free subscriptions to streaming sites. However, these 'bank bribes' often come with a strict criteria - meaning not everybody will be eligible.
To benefit from the generous offer, customers will need to use the Current Account Switch Service to close their old bank account and open a new one with NatWest. You'll have to log in to the mobile app within 60 days of switching accounts, and will need to pay in a staggering £1,250 into the new account.
The £1,250 can be made of multiple payments but must remain in the account for 24 hours. If you're not able to meet this criteria, you'll not get the £150 switch offer. If you've previously received a switch incentive from NatWest Group, you also won't be eligible for this offer - and the same applies if you switch a current account from Royal Bank of Scotland or Ulster Bank - as these are owned by NatWest Group.
In a public statement, NatWest also highlighted that customers can receive a further £60 back in 'rewards' each year if they sign up to the NatWest Reward account. Switchers will receive £4 in rewards if they have two Direct Debits of £2 or more, while an additional £1 is given just for logging into the mobile app. However, the Reward account has a monthly fee of £2, meaning you'll only pocket £36.
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"Now is the perfect time to switch to NatWest," said Paul Slinger, a customer manager at the bank. "Customers who make the switch will not only receive £150 cash, but will also enjoy 6.17 per cent AER interest on their regular savings and earn an additional £5 each month through using their new Reward Account."
NatWest adds that its offer may be withdrawn at 'any time' and that eligible Brits switching to the bank will receive their £150 cash within 30 days. Moving bank can have a temporary negative effect on your Credit Score - meaning those in the process of applying for a mortgage etc should think carefully about going through with a switch.
*This article does not constitute financial advice. Always read the full terms and conditions before switching bank accounts
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