NatWest £150 pounds for switching bank account

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1st Account

Features £175 welcome bonus when you switch to a 1st Account

Open With £1

Account Type Current Account

1st Account first direct

Open With £1

Account Type Current Account

Features £175 welcome bonus when you switch to a 1st Account

More info

Why we like it: SPECIAL OFFER - Switch to a 1st Account and bank £175*. You also get access to a 7% AER/gross fixed for 12 months Regular Saver Account if saving between £25 and £300 a month (up to £3,600 per year). £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. No first direct fees for when spending abroad, withdrawing cash from the UK or when making a debit card payment in a foreign currency in the UK. Mobile banking app. UK based contact centre. For the £175 switching cash offer you need to open a 1st Account, switch your everyday banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account. This offer is only available to new First Direct customers, or HSBC customers who haven't opened an account since 1 January 2020. *Complete a full switch using the Current Account Switch Service, including at least 2 Direct Debits or standing orders. Then deposit £1,000, make 5+ debit card payments, and log on to digital banking, within 30 days of your account opening. New customers only, who haven’t previously held a first direct product. Sorry, we also can’t offer this to people who have opened an HSBC current account on or after 1 January 2018. Offer can be withdrawn at any time. Subject to status. UK residents only

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How to earn £175 for opening a bank account

Whilst getting a nice cash reward for moving is a great bonus if you are looking to move your current account to a different provider, there are other factors to consider.

Factors such as what interest rate you will pay on your overdraft if used, the rate of interest (if any) you will earn on your savings as well as mobile banking features which may or not be important to you.

First Direct 1st Account - £175 welcome bonus for switching

First Direct are offering a £175 welcome bonus if you switch to their 1st Account. To qualify you must complete a full switch using the Current Account Switch Service, including at least 2 Direct Debits or standing orders. Then deposit £1,000, make 5+ debit card payments, and log on to digital banking, within 30 days of your account opening

Is it worth opening a new bank account for a good switching offer?

When thinking about opening a new bank account, switching offers can be a good deciding factor, but it is also important to think about your long term needs. 

This may not be the most attractive offer upfront, but it means if you are likely to keep a large balance in your account and pay a number of household bills out of your account, the interest and cashback you earn can soon add up and outweigh most switching offers.

It is therefore a good idea to think about exactly what you need from a current account and how you are likely to use it before making a decision about opening a new bank account. This can help to ensure you get the most out of your account on an ongoing basis.

Find the best bank accounts to switch to

Whatever your reasons for opening a new bank account, it is a good idea to spend some time researching your various options before making the switch. Check out the range of current accounts on offer from across the market to see which offers the best deal for you.