Banks are paying out large cash sums to encourage Brits to swap accounts but there are some strings attached before you can bag the rewards.
The deals change regularly but all aim to offer attractive incentives to get customers to sign up to their bank accounts.
However, consumers will need to be aware of certain guidelines or rules to follow in order to get the incentives before they sign up.
For example, you may need to have a large amount of money in the account to begin with (upfront), or switch a certain number of direct debits to come out of the new account.
NatWest is giving away £150 to all new and existing customers taking out its NatWest Select, Reward, Premier Select or Premier Reward account via natwest.com or the mobile app.
It may seem simple but there are steps you’ll need to follow to get the £150 cashback, like deposit £1,250 into your new account, and you’ll only have until 5pm on April 7th to secure the deal.
For new customers:
As part of your application consumers will need to transfer a non-NatWest current account to your new eligible account (which includes closing your non-NatWest current account and moving all your payment instructions to your new eligible account) using the Current Account Switch Service online or via the mobile app.
After your new account is opened and before May 12th, 2022, deposit £1,250 into your new eligible account and log into the NatWest mobile banking service.
NatWest say if you meet these conditions, they will pay £150 into your new eligible account by June 9th, 2022.
The service is only available to switch current accounts. Any other products you have with your old bank won’t be moved at the same time.
For existing customers:
If you already have a NatWest Select, Reward, Reward Silver, Reward Platinum, Premier Select, Premier Reward or Premier Reward Black account (‘existing eligible account’) opened prior to January 24th, 2022, to get £150 you must:
By 5pm, April 7th, 2022, transfer a non-NatWest current account to your existing eligible account (which includes closing your non-NatWest current account and moving all your payment instructions to your existing eligible account) using the Current Account Switch Service online
Before May 12th, 2022, deposit £1,250 into your existing eligible account and log into our mobile banking service.
If you meet these conditions, NatWest will pay £150 into your existing eligible account by June 9th, 2022.
Key tip to remember with the deal as well is to apply online or via their mobile app. If you apply in branch or over the phone, no payment will be made to you.