NatWest launches £100 switching offer - how does it compare?
17th May 2018 12:14
by Edmund Greaves from interactive investor
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Current account customers looking for a new bank might want to consider switching to NatWest.
The bank is offering a £100 cash bonus if you switch to it using the Current Account Switching Service (CASS) before 15 June. You’ll also need to pay in at least £1,500 – whether in one go or in smaller transactions – and set up and log in to NatWest’s online banking platform or its mobile banking app by 13 July.
NatWest says assuming these criteria are met, you’ll receive your bonus paid into your account by 10 August 2018.
NatWest has a selection of current accounts to choose from when you switch. Its Select Account is a no monthly fees no frills banking option with typical services such as online banking and contactless debit card.
Its Reward account meanwhile has a monthly fee of £2 and pays 2% cashback on certain household bills and 1% cashback on spending at NatWest’s retail partners.
The bank also offers Reward Silver and Reward Platinum accounts for £12 and £19 per month respectively. Both come with mobile phone insurance and 2% cashback on certain household bills. In addition, the Silver account includes European travel insurance while the Platinum account offers worldwide cover. The Platinum account also offers UK car breakdown cover.
How does the deal compare?
This deal from NatWest represents the best upfront cash deal for switching currently on the market. The next best is Halifax which offers £75 upfront. However, with Halifax, you’ll also earn £3 per month if you pay in at least £750 monthly. This represents a total return of £111 over a year.
In terms of overall potential monetary gain, Barclays currently has the best deal, paying up to £384 over a year, but this offer expires on 29 June this year. The deal also requires you to sign up to Barclays’ Blue Rewards scheme and pay £3 per month with the amount you earn dependent on the transactions you make and the Barclay’s product you hold. For instance, the Blue Rewards scheme normally pays £7 per month in cashback as a reward for having a direct debit but with this deal it’s doubled for the year to £14 per month.
Another option is M&S Bank, which offers a £125 M&S gift voucher for switching with a further £5 in vouchers each month for a year. This may appeal if you’re a regular shopper at the retailer.
The best non-monetary offer currently is from First Direct, which gives switchers a variety of options to choose from including electronics worth up to £189, a £150 Expedia voucher, or a selection of online self-development courses.
The Moneywise verdict
The NatWest deal is certainly the best upfront cash offer. It is, however, a limited-time offer, so if you want the reward you’ll have to be quick in switching before 15 June. In terms of overall value, however, there are better deals available such as Barclays’ or First Direct’s offerings, but these don’t have the bonus of upfront cash.
This article was originally published in our sister magazine Moneywise, which ceased publication in August 2020.
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