A major UK bank is providing £200 in cash to Britons in exchange for making a simple change.
NatWest is providing the money to everyone who transfers money from another bank’s current account to their Reward bank account. You must pay at least £1,250 and log onto their mobile banking app within 60 days to be eligible.
If you meet the requirements, the money will be in your account within a week. To apply for the deal, which has been open since February 14, you must be 18 or older and a UK resident.
If you received a cash switcher offer from NatWest, Royal Bank of Scotland, or Ulster Bank between October 1, 2017, and February 13, 2018, you will not be eligible.
The account comes with a £2 monthly fee, but you can earn rewards while shopping at NatWest’s partner retailers including Argos, Morrisons and Caffe Nero.
The banks states on its website: “We have designed the Current Account Switch Service to let you switch your current account from one bank or building society to another in a simple, reliable and stress-free way. It will only take seven working days.”
Anyone who wants to apply can do so online or via the app. NatWest will then send a request to your current bank to confirm. Afterwards, your old account will be closed and your balance and any regular payments, such as direct debits, will be moved to the new account.
Lewis Broadie, customer manager at NatWest, previously said: “We are welcoming customers to the bank with our highest ever switcher offer of £200.” And Rachel Springall, a finance expert at Moneyfacts.co.uk, praised the free cash offer.
She said: “It’s exciting to see such a generous free cash switching incentive launched onto the market at a time where consumers may well be looking to move their bank account for a cash boost. NatWest may be a good choice for customers looking to earn extra rewards throughout the year and savers may be enticed by the prize draw and the competitive linked regular saver.”
Similarly, Halifax is now offering £150 to anyone who switches from another bank provider to a new Reward Current or Ultimate Reward Current account. The offer ends on August 31.
The bank says on its website: “You won’t be eligible if you’ve received a switching offer since April 2020 for switching to any Lloyds or Halifax Bank account. You may need to pay a monthly fee to maintain the account.”
Anyone with a Halifax Reward Current Account must spend £500 on their card each month to get their reward – such as a cinema ticket – or keep at least £5,000 in their account each day of the month. You will also need to pay at least £1,500 into your account and stay in credit.