The bank has announced a new offer for customers with certain accounts
NatWest customers are in for a treat as they may be able to get an extra £175 in free cash. The banking giant is offering a £125 bonus for customers transferring from other providers to a NatWest Current Account.
You can get an additional £50 if you open a Digital Regular Saver with the group. You can bag the £125 by moving your main current account using the Current Account Switch Service.
The rules are that you must deposit £1,250 and log into the mobile app within 60 days of making the switch. The £1,250 can be added in multiple instalment, but it needs to sit in your account for at least a full day.
Besides the £125 switch incentive, there’s an opportunity to land another £50 by setting up a Digital Regular Saver in the same 60-day window.
This savings account offers a 5.5% interest rate, and you can make monthly contributions ranging from £1 to £150. By maxing out the deposits, after a year, savers will accrue £53.53 in interest.
The 5.5% rate applies to balances up to £5,000, with any amount above this attracting a lower rate of 1.15%. Paul Slinger, NatWest’s head of Account Opening, said: “The Digital Regular Saver account is a great way to build a savings habit, and with Round Ups you can save even more.
“This offer is a great way to receive a cash bonus and fully take advantage of all our current account benefits.”
Round Ups allow you to utilise your spare change to boost your savings. For instance, if you spend £2.80 on a purchase, you can ’round it up’ to the nearest pound, with the 20p being added to your savings.
This won’t be included in your £150 monthly limit. You can also earn rewards that can contribute to the account. Rewards can be earned when you pay your direct debits, use your debit or credit card, or log into the mobile app.
Once you’ve accumulated £5 in rewards, you can deposit this into your current account or a savings account. This also won’t be counted towards the £150 limit.
To take advantage of this, when making the switch you’ll need to opt for a NatWest Reward Current Account, rather than a Select Account.
The switch offer is available when switching to either a NatWest Select, Reward, Premier Select or Premier Reward account.
When you switch bank accounts using the Current Account Switch Service, all your payments, such as direct debits and standing orders, will be automatically transferred to your new account.
The process typically takes seven working days to complete.