NatWest has launched a fresh £200 cash incentive to lure customers from rival banks—and a financial expert has revealed how the deal could actually net you £287. The offer is available to new and existing customers who did not hold a NatWest current account on May 6, 2026.
To claim the bonus, switchers must use the Current Account Switch Service to move to either the fee-free Select account or the £2-a-month Reward account. To qualify, customers must pay in £1,250—which can be made in multiple payments—within 60 days of the switch and log into the NatWest mobile app. The £200 is then paid within 30 days.
Kate Steere, money expert at comparison site Finder, said the deal can deliver meaningful value. Ms Steere explained: “With NatWest’s new switching deal, you could be £287 richer by the end of 12 months. If you opt to switch to the NatWest Reward account, which has a £2 monthly fee, you’ll pocket a £200 switching bonus and £36 in annual rewards (after accounting for the £2 monthly fee). Plus, by maximising the NatWest Digital Regular Saver at 5.25% AER with a £150 monthly deposit, you’ll earn an additional £51 in interest.”
However, Ms Steere urged savers to compare the full picture, adding: “The best switching deal on the market is still Santander’s £180 offer. Although it has a lower cash bonus, the Santander Edge account offers up to £120 in annual cashback and a 6% AER saver, bringing your potential total earnings to an impressive £504 over 12 months.”
NatWest’s Select account is a five-star rated everyday option with no monthly fee, while the Reward account offers cashback for everyday spending and direct debits for a £2 monthly charge. Both accounts are open to UK residents aged 18 and over.
The Current Account Switch Service ensures that direct debits, standing orders, and balances move automatically within seven working days.
You are ineligible if you have previously received a NatWest Group switching incentive.
Switches from within the NatWest Group (including Royal Bank of Scotland or Ulster Bank) are excluded.
The offer can be withdrawn or changed at any time.
While £200 is a tempting upfront win, it is important to bear in mind that the true value depends on how well the account fits your long-term needs and whether the ongoing rewards of a competitor’s package ultimately pay more.