NatWest launch bank switching deal – you could earn £125 but there’s an urgent deadline

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NatWest has unveiled a new offer for both existing and new customers looking to make changes for their main bank account. Customers who switch their main bank account to them will receive a payment of £125 but time limits for this are in affect.

The limited offer runs until November 19, 2020, but it may end sooner.

NatWest’s Select Account has no monthly fee and also features the benefit of “GetCash” which enables customers to withdraw money from a cash machine without their bank card using a passcode sent to their mobile phone.

For those who are new to NatWest, it is possible to apply to switch to a Select or Reward account.

Existing customers can also move to these accounts but will also be able to switch to NatWest’s Reward Silver, Reward Platinum or Reward Black accounts.

Their Reward account gives customers £4 per month if they have two Direct Debits and an additional £1 for logging onto online banking.

In the first year of switching, NatWest detailed a customer who meets the requirements will be at least £161 better off, once the £2 monthly charge has been deducted.

Customers can also benefit from regular retailer cashback offers.

Allan Hardie, NatWest’s Head of Savings, welcomed the offer with the following comments: “We are welcoming new customers with our latest switcher offer so they too can benefit from our award-winning mobile app and also take advantage of our recently launched Digital Regular Saver account paying three percent interest.

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NatWest assures customers that switching bank accounts is simple and can be done through the Current Account Switch Service.

Payments, such as direct debits or standing orders will automatically be transferred to new accounts within seven days.

Accounts with NatWest can be opened on their website or by downloading their app.

Savers will likely be keen to take advantage of any deals they can in the current environment given how low interest rates are at the moment.

Interest rates across the board are at unprecedented lows at the moment which is largely a result of decisions made by the Bank of England.

The central bank sets what is known as the base rate which retail financial firms tend to emulate.

At the moment, the base rate is 0.1 percent, the lowest it has ever been.

The next base rate decision will occur on November 5 and some fear negative rates may be introduced.

These fears ramped up recently as it was reported Sam Woods, the deputy governor of the central bank, wrote to UK banks asking them if they are prepared for the prospect of negative rates.

As the correspondence detailed: “For a negative bank rate to be effective as a policy tool, the financial sector – as the key transmission mechanism of monetary policy – would need to be operationally ready to implement it in a way that does not adversely affect the safety and soundness of firms.”

“As part of this work, we are requesting specific information about your firm’s current readiness to deal with a zero bank rate, a negative bank rate, or a tiered system of reserves remuneration – and the steps that you would need to take to prepare for the implementation of these.

“We are also seeking to understand whether there may be potential for short-term solutions or workarounds, as well as permanent systems changes.”

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