NatWest has launched a brand new £200 switching offer for new and existing customers who switch a current account held with another bank to an eligible NatWest, RBS, or Ulster bank account. It is currently the best cash incentive available to customers for switching a current account.
Customers who qualify for the offer will have £200 paid into their account within 7 days of meeting the required conditions. The offer is valid from February 15 2024 but terms and conditions apply. The news comes after Lloyds launched its own £175 switching offer earlier this week.
How to qualify for the £200 NatWest switching offer
To qualify for the £200 NatWest switching offer, you need to apply online or via the relevant mobile app. This offer won't work if you apply in a branch or over the phone. You also need to use the Current Account Switch Service (CASS) to process the switch.
You will also need to:
- Deposit £1,250 into your new account and ensure the money remains in your account for at least 24 hours
- Log in to the mobile banking app within 60 days
- Move all funds and Direct Debits to the bank account of your choice using CASS
- Close your old bank account
While both new and existing customers are eligible, if you've received a switching incentive from the NatWest Group since January 1 2020, you won't qualify for this offer. Also, you won't qualify if you simply convert an existing bank account to an eligible switcher account. Upgrades to packaged accounts don't count towards the offer either. You must switch from a different bank as per the conditions above.
Joint account holders can qualify for the switch incentive as long as both parties agree to the switch and switch to a joint account - you cannot switch from a joint account to an individual account.
You can also only use this offer once. So even if you meet the conditions of the offer more than once, you'll only get one £200 payment.
Which bank accounts are included in the offer?
You need to switch to an eligible NatWest, RBS, or Ulster bank account in order to benefit from the offer. The table below shows which bank accounts qualify as eligible according to NatWest, RBS, and Ulster's terms and conditions.
| NatWest | RBS | Ulster |
| Select | Select | Select |
| Reward | Reward | uFirst Gold |
| Reward Silver | Reward Silver | Current |
| Select Silver | Select Silver | Current Plus |
| Reward Platinum | Reward Platinum | Private Current |
| Select Platinum | Select Platinum | uFirst Private |
| Premier Select | Premier Select | Foundation |
| Premier Reward | Premier Reward | |
| Black Account | Black Account | |
| Premier Reward Black Account | Premier Reward Black Account | |
| Foundation | Foundation |
You can find out more about the accounts on offer via the relevant bank's website.
How does the process work for existing customers?
If you already have an existing account with the NatWest Group, the switching process is simple and can take as little as seven days. You just need to tell the relevant NatWest Group bank which two accounts you want to switch between and provide their details. The NatWest group will then take care of the rest. You can do this online.
Once the switch is complete and you've completed all the conditions outlined above, you should receive the £200 within seven calendar days.
How does the process work for new NatWest customers?
If you're a new customer, you'll need to choose an eligible bank account from the options above. While the terms and conditions you must meet for each account differ, you need to be at least 18 years old and a UK resident to apply for all of these accounts.
Once you've selected your new bank account, you will need to complete an online form or do this via the app to open your new account and request the switch. The form is fairly straightforward and requires you to provide personal details like your name and contact details.
Once the switch is complete and you've met the other conditions laid out in the offer, you should receive your £200 incentive within seven calendar days.
How to switch your bank account
The process is fairly simple when you use the free Current Account Switch Service (CASS) to change bank accounts. Once you've selected your new bank, save any of your old bank statements you think you'll need in the future before you go ahead and open the new bank account with your provider. You'll normally be asked if you want to switch at this point. If not, you can contact your new provider and request the switch.
It takes just seven working days to switch accounts with CASS. All you need to do is pick a date that works for you, sign a form to authorise the switch and wait for it to happen. Your new bank will transfer all your regular payments and Direct Debits as well as your outstanding balance to your new account. Your new bank will also arrange for your old bank account to be closed. If anyone attempts to make a payment to your old account, this will be automatically redirected to your new account.
If you're thinking of switching but aren't sure that the NatWest offer is right for you, you can search for alternative account switching offers which we regularly update.
