NatWest has launched an £150 switch offer (Image: Getty)
NatWest has launched a £150 switch offer to entice new customers while existing customers may also qualify for the free funds.
You can get the payment when you switch your current account to a Reward Account, with the cash arriving within 30 days of you meeting the conditions.
You will need to switch using the Current Account Switch Service and pay in at least £1,250 into the new account within 60 days of the switch, which you can deposit in multiple transactions. The funds have to be in your account for at least 24 hours.
Also within this 60-day window, you must log in using the mobile app. This can be done on any device that supports the NatWest Mobile Banking App.
You can get the funds when switching to a NatWest Reward, Reward Silver, Reward Platinum, Premier Reward, or Premier Reward Black account.
Paul Slinger, customer manager at NatWest, said: “Now is the perfect time to switch to NatWest. Customers who make the switch will not only receive £150 cash, but will also enjoy 6.17% AER interest on their regular savings and earn an additional £5 each month through using their new Reward Account.”
NatWest currently offers a Digital Regular Saver paying 6.17%. Savers can despoit up to £150 a month in the account and earn up to £59.93 interest in the first year.
Customers may also be able to get a further £5 a month in rewards, or £60 a year, through the NatWest Reward account. You will will receive £4 in rewards each month if you have two direct debits of £2 or more, and another £1 if you log into the mobile app.
However, people may also want to note that the standard Reward Account comes with a £2 monthly fee. The Reward Silver account has a £10 monthly fee, the Reward Platinum account has a £22 monthly fee while the Reward Black account has a £36 monthly fee.
When opening a Reward Account, you should receive your debit card within three to five working days.
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Several banks are currently offering similar switch incentives, with Lloyds Bank offering a £175 when you open a Club Lloyds account.
Nationwide Building Society is also giving away £175 when you switch to a FlexPlus, FlexDirect or FlexAccount.
Nationwide is also adding a new function to its mobile banking app later this year. The new feature came to light after the group was asked to clarify what customers should do if they have forgotten their PIN.
The group said: “If a customer has forgotten their PIN, they can request a new one via the Internet Bank, over the phone or in branch.
“The new PIN will be sent to the address registered on their account. Later this year our customers will also be able to view their existing PIN via the Mobile Banking App.” The group declined to confirm an exact date when the new function would be added.