All the banks are at it! Spend a few minutes with a Natwest current account switch and you’ll soon be £125 richer.
It looks like all the banks are at it. Switch your current to them and they pay you for the privilege. Has it ever been such a good time to be a bank account switcher? Natwest is the latest bank to jump on the bandwagon, and are offering new and existing customers a £125 incentive.
Is it tough to do?
No. Switching your current account is very easy to do. The hardest part is probably making sure you’ve written down the details of your old account’s sort code and account number correctly. I have performed over 10 account switches in the last few years, earning me over £1500. On average, they’ve taken me 15 minutes to do.Twice I have been asked for ID. Once I sent a copy of my passport by email and the other time I was asked to go into a branch. I never got around to it, and they opened my account anyway (Barclays, in case you’re wondering).
An account switch shouldn’t take more than 7 days, and all your standing orders and Direct Debits are moved automatically. Plus, any payments received into your old bank will be automatically forwarded to your new Natwest account.
What do I have to do?
All customers then need to do the following by March 16th:
- Use the Current Account Switch Service online to transfer your everyday banking to NatWest
- Pay at least £1,500 into this current account
- Log in to Online Banking or our Mobile app
We’ll then deposit £125 into that account by 13 April.
So existing customers qualify?
You’re eligible for this offer if you:
(a) apply for a Select, Reward, Reward Silver, Reward Platinum or Reward Black account (‘eligible account’) via natwest.com or through the NatWest mobile app between 10 January and 16 February 2018;
or (b) have a NatWest Select, Reward, Select Silver, Reward Silver, Select Platinum, Reward Platinum, Black or Reward Black account (‘eligible account’),
Any other benefits?
You can choose the Select account, which is free. Or you can opt for the Reward account for a fee of £2 every month. This account gives;
2% back in Rewards on eligible household bills
At least 1% back in Rewards at our partner retailers
All you need to do is pay at least £1,500 into your account every month.
Is it worth it?
Of course. A Natwest current account switch will usually take around 15 minutes of your time. That works out at £500 per hour. Plus, it’s certainly worth considering using their Rewards account.