NatWest steals 83k new prospects from different banks with £200 money bonus

NatWest reeled in 83,131 new bank account switchers in the first three months of the year, according to the Current Account Switch Service.

The banking giant had the highest net switching gains of any other bank between January and March 2024, the new data which is three months in arrears shows.

The banking giant gained 60,497 more customers than it lost during this time.

Giant gains: NatWest gained more bank account switchers than any other bank in the first three months of 2024. 

NatWest was followed by RBS, TSB and Lloyds Bank for the highest net switching gains.

RBS gained 13,210 more customers than it lost while TSB had net gains of 11,640 and Lloyds saw 11,076 net gains, so NatWest was leagues ahead in the eyes of bank account switchers. 

In February 2024, NatWest was paying a £200 switching bonus to new joiners. The cash bribe was clearly a major draw for many customers and blew NatWest’s competitors out of the water.

At this time, Lloyds Bank launched a £175 switching incentive through its Club Lloyds account.

Prior to these deals being launched in February 2024, there were no other cash bonuses available for switching apart from NatWest and Lloyds. 

NatWest pulled its £200 switching incentive in April 2024.

In the last three months of 2023, NatWest lost 43,000 more customers than it gained. 

The biggest winner of the switching battle at this time was Nationwide which gained a whopping 163,000 more customers than it lost. 

This beat the previous biggest quarterly net gain of 111,941, also by Nationwide, in the last three months of 2022. 

Andrew Hagger, founder of website MoneyComms said: ‘The NatWest figure is impressive and was driven by a £200 switching incentive on offer from 15 February until 2nd April.

‘While it was a good quarter for NatWest the big question is how many of those customers will stick around and how many will leave soon in search of the next cash handout.’

There are more switching bonuses on the market now, as banks scramble for customer deposits.

First Direct, Barclays and Lloyds are offering a £175 switching bonus, while Co-op is paying £160 for new customers to move their current accounts.

The data shows the current account switch service facilitated 313,293 bank account switches between April and June 2024.

The CASS said: ‘In a quarter where interest rates have stabilised and switching incentives have been sporadic, the figures provide a positive outlook on the long-term health of the current account market.

‘The CASS facilitated 1,411,553 switches in the past 12 months, up 10 per cent from the 1,277,484 switches recorded in the 12 months prior. 

‘The continued upward switching trend demonstrates that finding the right bank or building society remains a priority.’