Customers are being offered £125 when they switch and another £50 for staying with the bank for one year, but they will need to meet the right criteria before getting the cash. The switcher gift applies to those who register for a NatWest Select, Reward, Reward Silver or Reward Platinum account by June 7, 2019. Once the account is opened, customers must then pay in at least £1,500 and log in to online or mobile banking by 12 July. NatWest will then pay the £125 by August 9, with the remaining £50 being rewarded for those who are still with the bank in one year’s time.
Customers will be required to complete a full switch in order to get the money, which includes closing their main account and registering for online and mobile banking.
The main account is usually where your salary is paid into and as well as direct debits or standing orders.
Those hoping to gain the switcher gift must not have already received a cash offer from NatWest since October 2017.
Existing customers are required to not already have their main bank account with NatWest.
Before deciding to switch, customers are advised to do their research before changing accounts to make sure it is the right move for their money.
The Select Account has no monthly fee and you must be aged 18 or over and a permanent resident of the UK to apply.
The Reward accounts vary in their monthly fees, from as little as £2, going up to £20.
But the benefits of these include two per cent cashback on bills paid by direct debit, providing you pay in £1,500 a month.
Those switching to Reward Silver or Platinum accounts are also offered no fees on debit card purchases made abroad, as well as other bonuses.
Switcher gifts for changing bank accounts are not a new concept and there are currently a wide range of offers available.
First Direct offers new customers £100 for switching banks.
This is on the condition of paying in £1,000 minimum within three months of opening the account.
It is worth noting there is a £10 monthly fee after six months if £1,000 is not paid in each month, or the account goes below £1,000.
Halifax will pay £50 to new customers when they switch and a further £85 after six months.
This is on the condition of at least £1,500 per month being paid in, as well as going paper-free with statements and using a debit card.
M&S Bank customers can get up to £180 in the form of a gift card, with £100 up-front and a further £80 after 12 months.