NatWest offers £175 switching bonus as banks ramp up current account incentives

NatWest is offering new customers a £175 cash bonus if they switch their current account using the Current Account Switch Service, the bank said in an update on 16 September 2025.

The incentive applies to customers who open NatWest Select, Reward, Premier Select or Premier Reward accounts, deposit at least £1,250 into the account and log into the bank’s mobile app within 60 days. NatWest says the switching payment will be made within 30 days of the switch completing and that the offer is available for a limited time. Customers switching from Royal Bank of Scotland or Ulster Bank accounts are excluded from the deal because those banks are part of the NatWest Group.

NatWest’s Reward account carries an additional rewards structure worth up to £60 for new switchers. For a £2 monthly fee, Reward account holders earn up to £4 a month in rewards if they have two or more direct debits of at least £2 set up, and a further £1 a month for logging into the app, NatWest said.

The new NatWest offer comes as other banks continue to compete for switching customers. Lloyds Bank announced a £200 switching bonus days earlier, but that incentive is limited to customers who move to Club Lloyds or Lloyds Premier accounts. Club Lloyds typically requires customers to pay in £2,000 per month or face a £5 monthly fee, while Lloyds Premier customers must hold savings or investments worth £100,000 or pay in £5,000 monthly to avoid a £15 monthly charge. Lloyds requires the transfer of three active direct debits to qualify for its bonus and says it will pay eligible customers within ten working days.

First Direct is matching NatWest with a £175 offer for customers who switch through the Current Account Switch Service, subject to moving two direct debits and paying in £1,000 within 30 days of account opening; the bank said eligible bonuses will be paid by the 20th of the month following qualification. The Co-op is offering up to £150 for new switchers: a £100 payment within seven days for those who deposit £1,000, set up at least two active direct debits and make ten or more card transactions, plus up to a further £75 paid as £25 a month for three months if account activity conditions are met.

Banks typically attach eligibility requirements, minimum deposit thresholds and account conditions to switching incentives, and firms warn offers can be withdrawn at short notice. NatWest’s statement described the £175 payment as a limited-time promotion and specified the usual exclusions relating to customers moving from accounts within its own group.

The renewed flurry of switching incentives highlights ongoing competition in the retail banking market to attract current account customers. As banks offer higher upfront cash bonuses, customers weighing a move should review account fees, qualifying conditions and the full terms and conditions attached to each promotion before switching.