Another major bank is giving away £200 for free – an easy move to claim the bonus
ANOTHER major bank is giving away £200 free cash to customers who make an easy switch.
NatWest is the latest lender to offer a bonus to those who switch to it.
Banks and building societies regularly offer switching offers to attract new customers, but these are usually only valid for a limited time.
In most cases, the process can be carried out via the Payment Account Switching Service (CASS).
NatWest's offering requires the customer to transfer their checking account.
Your checking account is a bank account where you can store and withdraw money. Most people use these for everyday transactions.
All customers need to do is use the CASS, deposit £1,250 into the NatWest account and log into the mobile app within 60 days of switching accounts.
The €1,250 deposit can consist of multiple credits and must remain in the account for 24 hours
Once you have met these conditions, the bank will deposit €200 into your eligible account within seven days.
Customers can also get an additional €60 in Rewards back each year by signing up for a Rewards account.
Every month customers can get £4 back for two direct debits and a further £1 for logging into the mobile app.
Please note that the Rewards account has a monthly fee of £2.
However, it is important to note that if you have previously received a switching bonus from NatWest Group since January 1, 2020, you will not be eligible for the offer.
The last time NatWest offered a similar deal was in 2023, and 100,000 customers made the switch between July and September last year.
How do I switch?
The easiest way to switch banks is to use the Current Account Switching Service (CASS).
To date, more than nine million people have used the service to exchange their checking accounts.
Most major banks and building societies are affiliated. The full list is on the CASS website.
Through the service, you will need to contact your new bank of choice to apply for one of its accounts.
If you are accepted, they will offer to automatically transfer for you and ask you to choose a date to do so.
Your old bank will then have to talk to your old one and everything will be transferred, including your balance, direct debits and salary.
You will then receive your new cards, login details and any PIN codes.
How switching bank accounts affects your credit score
Switching banks frequently can negatively impact your credit score, meaning you're less likely to be approved for a loan or line of credit.
Your credit score may be affected if you switch, so keep that in mind if you're looking to apply for a loan or buy a home soon.
Do other banks offer switching bonuses?
One other bank has announced a new switching offer so far this year.
Lloyds' switching incentive for new customers looking to open an account launched this week, but you'll have to be quick.
The bank is offering existing and new customers from another bank account £175 if they switch to a Club Lloyds account between now and March 28.
Three other banks – Co-op, TSB and First Direct – with switching bonuses all withdrew their offers in January this year.
HSBC and Nationwide also had offers for switching bonuses worth up to £200, but these offers expired last year.
As with the NatWest offer, the switching bonuses usually come with requirements, such as two regular direct debits into your account or a monthly amount.
It's worth keeping an eye on whether these offers come up again.
Meanwhile, a savvy saver told how he and his family made more than £7,000 thanks to a tip from Martin Lewis who encouraged a bank switch.
Plus, see our story for more information on the Lloyds offer.
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