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Customers switching their current accounts to one of NatWest’s Select, Reward, Premier Select or Premier Reward accounts will be offered a top-rate one-off payment of £200. Customers can also benefit from cashback perks with the Reward accounts, as well as eligibility to open a linked 6.17 percent regular savings account.
To qualify for the deal, new customers need to close and transfer their non-NatWest current account to the new NatWest account using the Current Account Switch Service (CASS) online or through the mobile app.
New customers must also deposit at least £1,250 into the account within 60 days of opening, and also log into NatWest’s mobile banking service within 60 days.
Customers won’t be eligible for this offer if they (or in the case of a joint account, either account holder) have already taken advantage of a cash switcher offer from NatWest, Royal Bank of Scotland and/or Ulster Bank between October 1, 2017, and February 13, 2023.
Fortunately, existing customers can also benefit from the bank switch deal, and similar rules apply.
Those who already have a NatWest Select, Foundation, Reward, Reward Silver, Select Silver, Reward Platinum, Select Platinum, Premier Select, Premier Reward, Black account or Premier Reward Black account opened prior to February 14, 2023, can also get £200 if they close and transfer a non-NatWest current account to the new account.
Similar to new customers, they must use the CASS online or via the mobile app to do this, as well as deposit £1,250 within 60 days of switching. They also need to log into NatWest’s mobile banking service.
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No payment will be made for only converting a NatWest account to an eligible account or upgrading to one of its packaged accounts, and the bank has stressed that the transfer must take place via the CASS system and not in a branch.
If successful, the £200 reward will be paid seven days after the steps are completed.
But while NatWest offers an attractive switching deal with additional perks, it isn’t the only account offering a sizeable sum to transfer to a new bank.
Offering bank switchers a one-off £175 payment, first direct is rewarding those opening a new 1st account using CASS.
To be eligible, they must be a new customer and pay in at least £1,000 within three months of opening the account. The money will then be paid within 28 days.
TSB is offering eligible customers a £125 payment for switching and a further £75 for those who stay until the end of September.
The account must be opened by Friday, March 3 and the switch – including transferring at least two direct debits, spending using the debit card, and logging onto mobile banking – must be completed by Friday, April 21.
Lloyds is also offering a £200 bank switch reward, however, the accounts that qualify come with monthly fees of £10 and £21.
Lloyds Silver Account costs £10 to maintain and comes with European and UK multi-trip family travel insurance, AA breakdown cover, and mobile phone insurance, while the Lloyds Platinum Account costs £21 to maintain and all of the above is also applicable apart from the multi-trip family travel insurance is extended to cover locations worldwide.
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