NatWest has launched a brand new £150 switching offer for new and existing customers who switch a current account held with another bank to an eligible NatWest Reward or Select account. Alongside the cash incentive, switchers also gain access to a Digital Regular Saver paying 7% interest. The offer launched on 17th February 2026 and runs until 28th May 2026.
How to qualify for the £150 NatWest switching offer
To qualify for the £150 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:
- Be at least 18 years old and a UK resident
- Apply for a Reward or Select account by 28th May 2026
- Complete the switch by 16th June 2026 - switching a current account from RBS, NatWest, or Ulster Bank does not qualify for the offer
- Deposit £1,250 into your new account and ensure the money remains in your account for at least 24 hours
- Log in to the NatWest mobile banking app within 60 days of the switch completing
- Move all funds and Direct Debits to the bank account of your choice using CASS
- Close your old bank account
Customers who qualify for the offer will have £150 paid into their account within 30 days of meeting the above conditions.
If you have ever received a switching incentive from the NatWest Group (NatWest, RBS, Ulster Bank) before, you won't qualify for this offer. Also, joint accounts are excluded from taking advantage of the offer.
Unlike previous offers, this deal is stricter for existing customers. You cannot apply if you held a NatWest current account or savings account on 17th February 2026. This means if you already bank with NatWest, you are likely excluded. You can qualify if you only have other NatWest products (such as a mortgage). Full offer details can be found on the NatWest website.
How to get the 7% bonus interest rate
Once you opened a NatWest Reward or Select account, you must open a Digital Regular Saver by 16th June 2026. Once you've completed the current account switch you will be eligible for 7% AER interest on your Digital Regular Saver. The 7% AER is made up of a variable rate of 5.25% AER per annum, on balances up to £5,000, plus a 12-month fixed bonus of 1.75% AER per annum. You earn 1% AER per annum on balances over £5,000.
If you save the maximum £150 per month allowed into Digital Regular Saver, you could earn approximately £68 in interest over the year. Combined with the net rewards from the Reward account (£36/year), the total value of the switch package can be as high as approximately £254 in the first year.
How to switch your bank account
The process is simple when you use the free Current Account Switch Service (CASS). Once you've selected your new bank, save any old bank statements you might need, then open the new account. You'll be asked if you want to switch during the application process.
It takes just seven working days to switch. Your new bank will transfer all your regular payments, Direct Debits, and outstanding balance to your new account. They will also arrange for your old account to be closed. If anyone attempts to make a payment to your old account, it will be automatically redirected to your new one.
There are better bank switching offers out there
While the NatWest offer is generous, there are even more generous bank switching incentives out there, offering as much as £200. You can find all the latest deals in our roundup of the best bank account switching offers, which we regularly update.
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