A MAJOR high street bank is offering customers free cash to switch their current accounts, but the deal ends tomorrow.
NatWest is offering £175 to switch to one of its current accounts
In his weekly newsletter, Martin Lewis explained that the deal where NatWest gives customers £175 if they switch to one of its current accounts is coming to an end tomorrow at 5pm (November 3).
To be eligible for the payment, customers have to make the switch using the Current Account Switch Service (CASS).
New and existing NatWest customers will also be able to bag £36 a year in cashback.
The NatWest Reward current accounts give those who switch £175 in cash and £5 a month in cashback, but the account comes with a £2 a month fee so really it is £3/month.
You won’t be eligible for the switching bonus if you have opened up a new NatWest account since October 2017.
You also can’t have had switching cash from NatWest, RBS or Ulster Bank since October 2017.
You will only get the cash if you’re switching from a non-NatWest account to NatWest.
For example, it is possible to get the bonus if you move from a Nationwide account to NatWest.
It takes just seven working days to process under CASS, and you won’t have to lift a finger.
Martin does point out that there are some alternatives that offer you more money or better terms.
Below we explain exactly how you can claim this offer and other switching schemes available.
How to claim this offer
You can apply online or through the mobile app to switch a current account.
You have until tomorrow at 5pm to get the free cash.
You do need to make sure that you deposit £1,250 into your account once it’s opened and log into the NatWest mobile banking app before December 16.
Once you’ve done NatWest will pay you the £175 by December 23.
Check the NatWest website for more information.
How do I switch bank account?
It’s easy to switch your bank account using the Current Account Switch Service (CASS).
You don’t have to remember to move direct debits or salary over when moving as it does this for you.
All you have to do is apply for the new account you want and the new bank will let your existing provider know you’re moving.
There are some steps you can take before switching though, such as choosing your switch date, or organising transferring your old bank statements to your new account.
To get your old statements you should get in touch with your bank.
This service is only available to switch current accounts. Any other products you have with your old bank won’t be moved at the same time.
Over 40 UK banks and building societies have signed-up to the Current Account Switch Service.
What are other banks offering?
Nationwide is giving customers up to £200 as part of their latest switching bonus.
New customers need to switch from a non-Nationwide current account to a FlexDirect account and make sure they have two active direct debits set up to get the free cash.
The cash will then be paid into the new account within 10 days.
Nationwide FlexDirect customers will also get 5% interest for a year on balances up to £1,500 and some may even qualify for a 12-month interest-free overdraft.
To qualify for the interest rate perk, customers will need to pay £1,000 into their FlexDirect account every month.
First Direct pays new customers £175 in free cash through the 1st Account.
You have to deposit £1,000 when you open but there’s no minimum amount per month you need to pay in to get the cash.
Customers should expect to receive the free cash in 28 days.
First Direct also offers new customers an interest-free arranged overdraft on any balances up to £250.
But remember, an interest-free overdraft should only be used in an emergency or to tide yourself over during an expensive month.
The Royal Bank of Scotland is giving customers £175 in free cash until tomorrow at 5pm as well.
The RBS Reward current accounts give those who switch £175 in cash and £3 a month in cashback.
Lloyds Bank offers new Club Lloyds account holders £150 in free cash within 10 days of account opening.
To qualify for the free cash and the account customers must pay in £1,500 into the account every month or pay a £3 a month fee.