NatWest is offering a cash boost and an “inflation-busting” interest rate for new customers. Banks and building societies typically launch campaigns to attract new customers after the festive period, offering favourable deals in the first few months of the year to tempt them away from rivals.
NatWest is among them, offering Britons a £150 cash boost when they switch to a Select or Reward current account with the bank, deposit at least £1,250, and use the NatWest app in the first two months of their switch. Customers can then open a separate Digital Regular Saver savings account with a bonus savings rate of 7% AER for 12 months.
The 7% rate includes 5.25% / 5.13% AER/Gross p.a. (variable) on balances up to £5,000 as well as a conditional bonus of 1.75% (fixed) for 12 months, with interest paid monthly.
Customers get 1% AER/Gross p.a. (variable) on balances over £5,000. Brits can save between £1 and £150 in the account every month, and withdrawals can be made at any time without penalty.
The new bank switch offer is available to new and existing customers who haven’t previously received a switch offer and did not hold a NatWest current account or savings account as of February 17, 2026.
TotallyMoney chief executive Alastair Douglas said: “NatWest is the latest bank to offer cash for new customers. In this case, you can bank £150, and receive an inflation-beating bonus savings rate of 7.00% AER for a year.
“The offer is more straightforward than some of the others on the market – and the main thing to note is that you’re only able to save a maximum of £150 per month.”
It was announced this week that UK inflation fell to 3% in the 12 months to January this year, meaning the AER rate increases the value of your savings in real terms.
Once you’ve opened your current account, you have to open your Digital Regular Saver savings account by June 16, 2026, to get the bonus 7% rate.
Mr Douglas says those interested in switching banks for cash should “make sure you shop around”.
“Some will also offer interest-free overdrafts, cashback on purchases, and other perks.”
“And with several high street banks announcing that they’ll be closing branches over the next two years, you might find there’s even fewer reasons to stick with your current provider.”
You can find the full eligibility criteria and terms and conditions for NatWest’s switching offer here.