The eligible Reward accounts come with further perks including the opportunity to earn up to £60 a year in rewards (and more with the Premier Reward Black account) as well as access to the NatWest Digital Regular Saver which currently pays 6.17% AER on balances up to £5,000 if you save up to £150 per month.
However, the Rewards accounts come with monthly fees as well. These range between £2 to £36 depending on your account of choice, with the most expensive Premier Reward Black account option requiring a minimum annual income of £100,000.
That said, the switching offer is a great way to get some extra cash in time for Christmas while also getting all the perks of a NatWest Reward account. It's worth keeping in mind that this is a limited-time offer which can be withdrawn at any time meaning that if you're interested and eligible, you should initiate the switch as soon as you can.
How to qualify for the NatWest switching offer
To qualify for the NatWest switching offer you need to be a current or new customer with an eligible account. Eligible accounts include NatWest Reward, Reward Silver, Reward Platinum, or Premier Reward Black. The account can be either an existing Reward account you already have, a new account you've opened, or an existing NatWest account that you've converted to an eligible account.
Once you have your eligible account, you need to request and complete a full switch of a current account you hold using CASS. This has to be done either online through the NatWest website or via the app. The current account you're switching can't be held with NatWest, RBS or Ulster Bank.
Bear in mind that as part of the full switch, the account you're switching will be closed and your regular payments will be moved over to your new NatWest account. The switch must also be completed via the Current Account Switch Service (CASS).
To get the £180, you also need to complete the following steps within 60 days of completing the switch:
- Pay at least £1,250 into your eligible account - This can consist of multiple payments, but the money must remain in your account for at least 24 hours to count.
- Log in to the NatWest mobile app - This must be the latest version of the NatWest app so make sure you check for updates if you already have the app.
As long as you complete these steps and you're eligible, you should receive your £180 switch bonus into your new account within 7 calendar days.
What are the NatWest switching offer exclusions?
You will not be eligible for the £180 NatWest switch offer if:
- You've ever received a cash incentive for switching bank accounts from a NatWest, RBS, or Ulster Bank before
- You request the switch in branch or over the phone (the switch request must be made online or via the mobile app)
- You close the eligible account before you receive the switch offer (even if you completed all the steps)
- You're not a UK resident
Joint accounts can benefit from this offer too, but you will only receive one £180 payment.
Also, if one of the joint account holders has previously received a NatWest, RBS, or Ulster Bank switch offer payment before, then the bonus won't be paid into the account.
What are the eligible NatWest accounts?
To qualify for this switching offer, you need to make sure you open an eligible NatWest account. The eligible NatWest accounts include:
- Reward - costs £2 per month
- Reward Silver - costs £10 per month
- Reward Platinum - costs £22 per month
- Premier Reward Black - costs £36 per month and requires an income of £100,000 per year
NatWest's Rewards accounts allow you to earn Rewards when you shop with partner retailers, log into the mobile app, or even simply maintain two active Direct Debits worth at least £2. The Rewards can be redeemed as money into your current account, traded for gift cards, or even simply donated to charity.
Depending on your Rewards account of choice, you may get extra features like travel insurance. We compare some of the key features of the eligible accounts below to help you decide which one is right for you.
| Feature | Reward | Reward Silver | Reward Platinum | Premier Reward Black |
| Monthly fee | £2 | £10 | £22 | £36 (and must earn £100,000 per year) |
| Digital Regular Saver (6.17% AER on balances up to £5,000) | YES | YES | YES | YES |
| 1% debit card Rewards when spending with partner retailers | YES | YES | YES | YES |
| £4 in monthly rewards for two Direct Debits | YES | YES | YES | £9 a month for two Direct Debits worth at least £4.50 |
| £1 in monthly rewards for logging into the app | YES | YES | YES | YES |
| European travel insurance | NO | YES | NO | NO |
| Worldwide travel insurance | NO | NO | YES | YES |
| UK car breakdown cover | NO | NO | YES | YES (+ European breakdown cover) |
| Fee-free spending abroad | NO | YES | YES | YES |
| Mobile phone insurance | NO | YES | YES | YES |
| Home emergency cover | NO | NO | NO | YES |
Whichever account you pick, you will need to pay a monthly fee which will eat into your switching bonus. That said, if you're happy with the perks on offer by the Reward accounts, it could be a way to get a "free" packaged account for a while as the bonus you receive will cover several months of monthly fees depending on your account of choice.
The best current account switch offers on the market
NatWest's £180 current account switch offer is generous, particularly if you're looking for a packaged bank account. It's relatively easy to qualify for the bonus as well. That said, if you're unsure if this offer is right for you, there are other options available. Check out our article where we round up the best bank account switch offers. We update this article frequently as new offers come up so it's worth bookmarking as well.
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