NatWest Select Current Account
In addition to the £200 cash incentive, the NatWest Select Current Account boasts features such as:
- No account fees
- Minimum opening balance of £0.01
- 0% AER interest (annual equivalent rate)
The NatWest Select Current Account also gives you access to their Digital Regular Saver. The top rate of interest on this savings account for balances up to £5,000, and the £200 cash reward create a total earning of £508.50 in one year.
Requirements for the NatWest Select Current Account
- Minimum deposit of £1,250 to open the account
- Must switch using the Current Account Switch Service
- Must log in to the NatWest banking app within 60 days
Should you meet the criteria for this current account, you will receive the £200 cash bonus within 7 days.
NatWest Reward Current Account
The £200 bank switch offer also applies to the NatWest Reward Current Account. This product comes with a fee of £2 per month and you can earn up to £5 in Rewards for 2 or more Direct Debitsand £1 with 1 mobile app log in, So that' a net figure of £3 per through this bank account.
Switching to the NatWest Reward Current Account enables you to make a total earning of £236 in a year by:
- Minimum deposit of £1,250 to open the account
- Must switch using the Current Account Switch Service
- Must log in to the NatWest banking app within 60 day
- Logging in to the NatWest banking app once a month
- Setting up at least two direct debit payments of £2 plus
- Meeting eligibility criteria set out by NatWest
How to open a new NatWest current account
Both the NatWest Select and Reward Current Accounts have much to offer. It is advisable to think about your own financial circumstances and goals as you compare these two current account products.
The first step to creating your new current account with NatWest is to sign up via their banking app or website. Once you have signed up with your new provider, the Current Account Switch Service will step in to converse with your old bank. The service can set up your new bank account within seven working days thanks to their Current Account Switch Guarantee.
As part of the current account switch process, NatWest will ask you to complete an application form. Fortunately, this is usually a simple process that only requires:
- A credit history check
- Your nominated switch date (seven days in advance of the bank switch)
- Two documents for proof of identity and address (driving licence, passport, payslips or utility bills)
Considerations of the NatWest bank switch offer
- Ongoing debit payments linked to your card must be redirected
- Can switch to a sole current account from a joint account, but not vice versa
- Credit rating may decrease if you open several accounts at once or your application is rejected
- A new bank account will protect any ISAs, savings accounts or credit cards, but not your old savings products
