Natwest bank switch offer: get £180 

Plus £34 further a yr and 6.17% financial savings

From 22 October 2024, Natwest is providing £180 in the event you swap banks. And there’s additionally the chance to get one other £34ish through linked rewards and £60 curiosity on high.

Right here’s how the provide works and my evaluation.

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How a lot are you able to get for switching to Natwest?

This Natwest switching provide is fairly simple. You’ll get a set £180 in the event you meet the circumstances outlined beneath. Although it’s an honest quantity in comparison with different banks, it’s a drop from the £200 the financial institution supplied earlier this yr.

You may solely get one bonus per individual, no matter whether or not you’ve got multiple solo or any further joint accounts. You’ll additionally solely get one cost per joint account, so if two of you need the money you’re higher off opening two new particular person accounts.

Who can get the Natwest switching provide?

It’s one other deal the place new and current clients can get the free money. Not like earlier Natwest affords, you may solely get the cash with one of many Reward present accounts. These are:

• Reward
• Reward Silver
• Reward Platinum
• Premier Reward
• Premier Reward Black

You probably have a special Natwest account you may convert this to a type of listed above relatively than open a model new account.

Then, whether or not a brand new or current account holder, it is advisable to use the Present Account Switching Service to maneuver over an account from a special financial institution. This will’t embrace any banks throughout the NatWest group – you gained’t get the bonus in the event you swap from a NatWest, RBS or Ulster Checking account.

When you don’t have a spare account, then it’s price contemplating establishing a dummy current account to use for switching.

What in the event you’ve beforehand had switching money from Natwest group banks?

Current or earlier account holders gained’t get the cash in the event you’ve had any money EVER from switching to any financial institution within the Natwest Group, which consists of RBS, Ulster Financial institution or Natwest. Beforehand the lower off date was 2020, however now it’s at any time.

It’s price noting that in 2023 many readers reported in our Facebook group that they have been capable of get a suggestion from every financial institution within the group, regardless of the phrases saying it wasn’t potential.

What are the necessities for the Natwest switching provide?

To get the £180 it is advisable to:

• Open or have already got one of many accounts listed above after 22 October 2024
• Begin a full swap through the Present Account Swap Service through the Natwest web site or app
• Swap from a non-Natwest financial institution
• Pay in £1,250 inside 60 days of switching the account
• Log in to cellular or app banking inside 60 days of switching the account
• Maintain the account open till you’ve had the switching money

That £1,250 deposit doesn’t should be in a single go, so you may add cash throughout the qualifying interval. It may well even be the identical smaller quantity added after which withdrawn so you may add it once more. Nonetheless every single deposit (relatively than the overall £1,250) must be within the account for twenty-four hours.

Notice, the wording says that the 60 days begins when the swap completes.

You gained’t be eligible in the event you begin the swap in a department or over the telephone.

When will the cash be paid?

The total £180 might be paid to your account inside seven calendar days of assembly the above standards

When will the provide finish?

There’s no set finish date for this promotion, so it may finish at any time. I’ll replace this text if a date is introduced.

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Which Natwest account ought to I select?

Most individuals are finest off going for the Reward account. When you’ve obtained a couple of spare Direct Debits, including them to the Reward account will earn you £4 a month. You’ll get one other £1 for utilizing your Natwest app every month. Deduct the £2 a month charge and also you’ll earn £3 a month, or £36 a yr. It’s not the highest-paying account on the market, however price nabbing if you will use Natwest.

You’ll additionally have the ability to deposit as much as £150 a month (extra in the event you use the round up feature when spending), incomes 6.17% in the Digital Regular Saver.

Is it price switching to Natwest?

Andy’s evaluation

Although I count on a lot of you may be dominated out as you bought the free money from earlier RBS or Natwest affords, anybody eligible ought to actually take into account it.

Not solely are you able to get the free switching money, however you’ll get £36 a yr with the Rewards account. You’ll even have entry to the Digital Regular Saver which pays 6.17% on £150 a month (max of £5,000 general), incomes you as much as £60 within the first yr.

It’s additionally good to see the stricter swap and keep circumstances from a number of years in the past are gone, making it a very simple provide to nab – after which doubtlessly transfer on from with one other swap.

Are there higher switching affords

When you’re a repeat financial institution switcher you then may solely have the ability to decide one or two choices, however for full newbies, you’ve obtained a number of decisions.

Right here’s every part it is advisable to find out about all these different bank switching deals.