Major financial institution affords £150 switching supply to new AND current clients together with a 6.17% financial savings fee

NatWest has launched a new current account switching offer for new and existing customers.

New and existing customers can bag £150 if they switch their current account to the NatWest Reward account, which comes with perks and a exclusive savings rates.

Customers will need to pay £1,250 into their account and log into the mobile app within 60 days of using the Current Account Switch Service (Cass). The cash will then be paid within 30 days.

On top of the cash giveaway, the account offers customers a further £60 a year, with £4 monthly rewards if they have two direct debits of £2 or more.

An additional £1 is given to customers who log into the mobile app, but be aware that the account does come with a £2 monthly fee.

New deal: NatWest is offering current account switchers a £150 sweetner

Customers will also have access to a 6.17 per cent interest rate with a Digital Regular Saver, which you can save up to £150 a month in.

This is a high headline rate, but it is only really valuable to those starting out a savings habit.  

Switching bank accounts is straightforward. More than 50 banks and building societies have signed up to Cass and 99 per cent of switches are completed within seven days. They’ll also switch your payments and transfer your balance.

Which other banks offer cash for switching? 

Other high street banks are looking to tempt customers with even more generous switching offers.

First Direct pays new customers who switch their first account £175 within 45 days, but you will need to deposit £1,000, make at least five debit card payments, and log on to digital banking.

You will only be eligible if you haven’t previously been a First Direct or HSBC customer.

Nationwide is also offering £175 to those who switch and set up two direct debits from their account.

Like First Direct, you will need to put at least £1,000 into the account, which doesn’t include transfers from other Nationwide accounts, and pay for something using your card.

Customers tempted by a Lloyds account could also bag £175 if they open a new Club account, which come with varying fees of up to £22.50 for its platinum account.

But you only have until 14 April to take up the offer before it ends.

The switch must include the transfer of three active direct debits from your old account.

NatWest is trying to tempt more customers by offering access to the Travel Reward credit card which gives 1 per cent back in rewards on travel sped, which can be exchanged for cash or vouchers.

It is also offering a free subscription to Rooster Card, a prepaid debit card and pocket money app which usually costs £19.99 per year.

Alastair Douglas, chief executive of TotallyMoney said the account is a ‘good option for both spending and saving.’

‘Loyalty doesn’t pay, but you could earn £150 by moving to NatWest. So, it’s worth considering, but always check the small print before jumping in.’