MoneySavingExpert Martin Lewis has explained how two banks are giving away £175 to new and existing customers who switch to their current account.
The incentive offered by NatWest and RBS is among the most generous current account switching offers available at the moment. But each deal is on for a limited time, with NatWest’s running until November 3 this year, and RBS until just next month, October 20.
For those switching to NatWest, they must do so by applying online or via the mobile app and switch a current account held elsewhere no later than November 3, according to the MoneySavingExpert website. Existing RBS or NatWest customers can already have an existing account with either bank, but they’ll need to make sure they close down a current account they hold with any other bank via the Current Account Switching Service.
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If a customer already has a NatWest Reward account, they can still be eligible for the £175 if they switch their main bank account held elsewhere to the Reward account. Those who are signing up for the first time will have the option to choose between Natwest’s free Everyday bank account, and the Reward bank account, which charges £2 a month.
In either case, switchers must make a deposit of £1,250 into the new account once it is open and log into the mobile banking app before December 16 to be able to receive the incentive offer, reports The Mirror. NatWest says it will pay the £175 into customers accounts by January 12 next year.
Those switching to RBS will only have until October 20 - they must deposit the £1,250 into a new RBS Select account or Reward account before December 2 to benefit from the offer. People who have already taken advantage of a cash switcher deal from RBS, NatWest or Ulster Bank any time from October 2017 to September 13, 2022, will not be eligible.
Both banks have a free Everyday account on offer, so switchers could simply set it up as a secondary account to benefit. A £175 return from a £1,250 deposit equates to a 14% return.
The Reward accounts also come with further benefits - both NatWest and RBS are giving up to £5 a month back in rewards, or £60 over the course of a year. If customers set up two or more Direct Debits each worth at least £2, they can earn £4 a month back in rewards. Plus, they’ll earn an extra £1 a month back in Rewards if they log into the mobile banking app at least once each month.
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