NatWest Reward Account Explained: Benefits, Costs And Downsides
The NatWest Reward account promises to pay you for everyday banking. On paper, it sounds appealing: a small monthly fee, cash rewards for direct debits and app logins, plus cashback at partner retailers. But once you scratch beneath the surface, is it actually worth switching to?
I’ve had this account for years, so this isn’t a glossy brochure review. This is how it works in the real world.
NatWest Reward account review
Not a bad account if you’re keen to stay with NatWest. You’ll get money for direct debits and earn cashback at partner retailers. But there are better reward accounts out there with more generous incentives.
Pros
- Only costs £2 per month
- Exchange earnings for higher rewards
Cons
- Limited monthly earning potential
- Account extras are underwhelming
- Partner retailers are generally poor
Reviewed by Household Money SavingNatWest Reward account: key features at a glance
Feature | Details |
|---|---|
Monthly fee | £2 (£24 per year) |
Minimum pay-in | £1,250 per month |
Direct Debits required | 2 active Direct Debits (£2+ each) |
App login required | Yes (once per month) |
Core rewards | £4 for Direct Debits + £1 for app login |
Maximum monthly reward | £5 |
Net monthly gain | £3 (after £2 fee) |
Cashback | 1% at selected partner retailers |
Trade Up option | Yes (4%–10% bonus on vouchers) |
Interest on balance | None |
Who it suits | Existing NatWest customers who want low-effort rewards |
What Is The NatWest Reward Bank Account?
The NatWest Reward account launched back in 2015, at a time when banks were scrambling to keep customers from jumping ship to rivals like Santander and digital challengers such as Monzo and Starling Bank.
Unlike the old Santander 123 account, NatWest didn’t pay interest on balances. Instead, it focused on rewards for activity, mainly direct debits. At the time, it was competitive. Since then, however, most reward accounts (including this one) have been quietly nerfed.
NatWest Reward Account Benefits
Here’s exactly what you can earn each month:
£4 in Rewards for having at least 2 active direct debits of £2 or more
£1 for logging into the NatWest mobile app once per month
1% cashback at selected NatWest retail partners
Option to exchange rewards for cash, vouchers or charity donations
The maximum you can earn from core rewards is £5 per month.
How Much Does The NatWest Reward Account Cost?
The account fee is £2 per month.
To qualify for rewards, you must:
Pay in at least £1,250 each month
Have at least 2 qualifying direct debits
Log into the NatWest app once per month
The £1,250 doesn’t need to be your salary. You can move it in from another account and move it straight back out again, which is what many people do.
Also worth reading
The Santander Edge account rewards you with cashback every month.
NatWest Reward Partner Retailers
NatWest sends personalised cashback offers via its “MyRewards” platform. Cashback typically ranges from 1% to 15%, and retailers change regularly.
Examples include:
Caffè Nero
E.ON
Morrisons
NOW TV
P&O Ferries
Sky
Waitrose
In theory, this sounds good. In reality, my personal experience has been poor. Over several years, the only offer I’ve consistently received is Europcar. If you don’t rent cars often (or ever), that cashback is completely useless.
How Does Trade Up Work?
Instead of withdrawing your rewards as cash, you can “trade up” for vouchers and get a small bonus.
Available retailers include:
Argos
Avios
B&Q
Cineworld
Currys
Greggs
John Lewis
Marks & Spencer
Morrisons
Red Letter Days
TK Maxx
The bonus is usually between 4% and 10%. It’s fine, but nothing life-changing.
Upgrading To NatWest Reward Platinum
If you like the Reward account, NatWest will happily upsell you to Reward Platinum.
You get everything above, plus:
Worldwide travel insurance
Mobile phone insurance
UK car breakdown cover
The cost? £20 per month.
That’s £240 per year, which is steep. It only makes sense if you’re already paying for those insurances elsewhere and can genuinely save money by bundling them.
Other NatWest Account Features
Beyond rewards, NatWest includes some standard digital banking tools:
Loyalty card hub – store loyalty cards digitally
Spending insights – categorise spending and set budgets
Cash without a card – withdraw cash using the app
Open Banking – view external accounts in one place
Digital Regular Saver – save up to £150 per month
Free access to Rooster Money – useful if you have kids
None of this is bad. None of it is special either.
Also worth reading
The Club Lloyds account gives you a free reward each year and you can avoid the monthly fee by paying in £1,500.
Is The NatWest Reward Account Worth It?
I’ll be blunt: this account used to be better.
Yes, you can still make £3 per month after fees if you hit the criteria. But that’s £36 per year. The partner cashback is unreliable, and the extras feel underwhelming compared to newer accounts.
If you’re already with NatWest and don’t want to switch, it’s fine. If you’re actively hunting for the best rewards account, this wouldn’t be my first choice.
Is There A Switching Incentive?
NatWest regularly offers switching bonuses, sometimes worth up to £200.
To qualify, you’ll usually need to:
Use the Current Account Switch Service
Have active direct debits
Not have received a NatWest bonus within a set timeframe
Always check the latest terms before switching. Take a look at my post on the switch offers currently being offered.
Final Verdict
The NatWest Reward account is easy to use, cheap and predictable. But it no longer stands out.
If you want minimal effort and already bank with NatWest, it does the job. If you want meaningful rewards, stronger cashback or better perks, you’ll find better options elsewhere.
Further reading
The NatWest account isn’t your only option. Check out these other reward accounts to see where you get best value for money.
And if you’re interested in knowing which accounts I have, take a look at why I think you should have more than one current account.
FAQs
When are Natwest rewards paid?
Rewards can take up to 35 days from when you made the transaction to appear in your account.
Does the Reward account come with travel insurance?
No. If you are looking for more benefits, the Natwest Reward Platinum account offers extra but for £20 per month.
What is a Natwest Reward credit card?
This is a separate product from the Reward current account. This card earns you cashback at selected retailers, including 1% at supermarkets.
Do you earn Natwest rewards for paying bills?
Not any longer. The scheme was scrapped and you can now earn a set amount each month.
Where do I see My Rewards offers?
You set up your My Rewards account through natwest.com/myrewards
You will need your card number and email address, and you will need to create a password.
Hello..I’ve had my account for years.. the reason I had it was because there was no limit to how much yij coukd take out at any one time…
Thay obviously is still the case correct?
Hi David. From what I can see, that’s an old feature that hasn’t existed for a while. Your daily limit is likely £300 from a cash machine. If you need a bigger sums of cash, head to a branch with ID—just keep in mind that since 2026, banks have stricter fraud checks, so they’ll likely ask for 24 hours’ notice if you’re taking out more than £2,000.