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Join Which? MoneyNatWest launches £200 bank account switching bonus - how does it compare?
It's the second new switching incentive announced this week
NatWest has launched a new £200 bank account switching offer.
The offer comes just two days after Lloyds Bank launched a £175 bonus for people switching to its Club Lloyds account.
Prior to Tuesday, there were no switching incentives on the market, so these deals are good news for consumers looking to swap banks and make some money in the process.
Read on to find out how NatWest's deal works and how the bank is rated for customer service.
How to get the switching bonus
NatWest is offering £200 for people switching to its Reward or Select bank accounts.
To qualify for the bonus, you must apply for an account online or via the NatWest mobile banking app, using the Current Account Switching Service.
As part of the switch, your old bank account will be closed and any funds and direct debits will be moved to NatWest.
Within the first 60 days of having the account, you'll need to deposit a total of £1,250 and log in to the mobile banking app at least once.
Upon meeting these conditions, your £200 bonus will be paid into your account within seven days.
Anyone who has received a switching bonus from NatWest or Royal Bank of Scotland since the start of 2020 isn't eligible for the deal.
This isn't the first time NatWest has offered a cash incentive for switchers. It offered a similar deal last year, which resulted in nearly 95,000 new customers signing up for accounts between 1 July and 30 September - the highest figure of any bank.
What do the accounts offer?
This new bonus is available for people signing up for a NatWest Reward or Select account.
The Reward account has a £2 monthly fee, but allows account holders to earn up to £5 a month back in 'rewards'.
These consist of a payment of £1 for logging in to the mobile app, and £2 for each of the first two direct debits. Account holders can also get 1% cashback at some retailers.
The Select account is a more basic everyday bank account, with no monthly fees or rewards.
Is NatWest a good banking provider?
NatWest achieved a satisfaction score of 72% in our most recent survey of the best banks, leaving it joint 12th out of 21 providers.
It scored well for ease of application process and its mobile banking app, receiving four stars for each.
However, it only achieved middling ratings of three stars for telephone and online banking and contacting customer services.
In our recent analysis of online banking security, NatWest came third out of 13 providers, achieving 77%.
- Find out more: best bank accounts and banks 2024
How does the offer compare?
NatWest currently offers the most cash for switching. The Lloyds incentive pays £25 less.
However, you shouldn't just base your decision on the cash bonus. It's best to research if the accounts will suit your circumstances and if you will benefit from the other perks on offer before making a move.
You can do more research using our banking guides.
Should I switch my bank account?
Switching bank account might seem like a great way to get some free cash, but there are some circumstances where it might not be the best idea.
See our story on the six reasons not to switch your bank account to find out more.
