Households squeezed by rising bills could pocket a quick £200 by moving their everyday banking, with NatWest the latest high street name to ramp up its switching offer.
The bank is paying new customers a £200 lump sum if they move to one of its current accounts through the official Current Account Switch Service, according to the Mirror. The cash typically lands within a few weeks once the move is complete.
On top of the upfront payment, NatWest is offering ongoing monthly cashback rewards for customers who meet a handful of basic conditions. Those usually include paying in a regular salary, keeping the account active and setting up a couple of direct debits.
Switching bonuses have become a familiar tool for the big lenders as they fight for market share in a tight retail banking market. Lloyds, First Direct and Santander have all run similar deals in recent months, with payouts ranging from £150 to £200.
Consumer experts point out that the Current Account Switch Service handles the heavy lifting, moving direct debits, standing orders and incoming payments to the new account within seven working days. The old account is then closed automatically.
Anyone tempted should still read the small print. Bonuses are normally one per customer, are not paid to people who have held a NatWest account in the recent past, and require the switch to be completed within a set window after opening.
With the cost of food, energy and mortgages still biting, a free £200 plus regular cashback could cover a weekly shop or a chunk of a monthly energy bill. The Money Saving Expert team has long argued that switching is one of the easiest ways for households to claw back cash without changing their spending habits.
Customers who think they may be eligible can apply through the NatWest website or in branch, and should keep an eye on the deadline as banks often pull these offers without much warning.