Unlock £200 cash rewards by making a simple switch to NatWest’s Reward Account! Explore enticing bank offers for switching accounts and enjoy seamless transfers. Find out more here.
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NatWest, a prominent bank, is providing a £200 cash incentive to British individuals for a straightforward action. The offer entails transferring from an existing current account to NatWest’s Reward bank account. To qualify, applicants need to deposit a minimum of £1,250 and log into their mobile banking app within 60 days.
If the eligibility criteria are met, the cash reward will be credited to the new account within a week. Applicants must be at least 18 years old and residents of the UK. This offer has been available since February 14. Those who have previously benefited from a cash switching offer from NatWest, Royal Bank of Scotland, or Ulster Bank between October 1, 2017, and February 13 of the current year are not eligible.
While the account does come with a £2 monthly fee, it also offers rewards when shopping at NatWest’s partner retailers, including Argos, Morrisons, and Caffe Nero. NatWest’s website emphasizes the simplicity and reliability of their Current Account Switch Service, which facilitates hassle-free transfers between banks within seven working days.
Applying for this offer can be done online or via the bank’s app. Afterward, NatWest will request confirmation from the applicant’s current bank. Following confirmation, the old account will be closed, and the balance along with any regular payments like direct debits will be seamlessly transferred to the new account.
Lewis Broadie, a customer manager at NatWest, expressed enthusiasm about the bank’s generous £200 switcher offer. Rachel Springall, a finance expert at Moneyfacts.co.uk, commended the free cash incentive, particularly given the current environment where consumers might be considering changing banks for financial advantages.
In a similar vein, Halifax is presenting a £150 offer to those transitioning from another bank to their Reward Current or Ultimate Reward Current account, with the promotion concluding on August 31. Certain criteria apply, including spending £500 monthly on the card or maintaining a minimum balance of £5,000 for Reward Current Account holders. For Ultimate Reward Current Account holders, additional perks like travel insurance and breakdown coverage are available, albeit with a monthly fee.
Recently, Martin Lewis of Money Saving Expert published a guide outlining the best bank accounts offering cash rewards, interest, or cashback. He emphasized the necessity of utilizing the Current Account Switch Service when closing and transferring accounts, which automatically handles payment transfers, direct debits, and standing orders. He also advised keeping a few years’ worth of statements from the old bank as a precaution.
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