NatWest £150 pounds for switching bank account

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1st Account

Features Get £175 to switch & 7% on regular savings

Open With £1

Account Type Current Account

1st Account first direct

Open With £1

Account Type Current Account

Features Get £175 to switch & 7% on regular savings

More info

Why we like it: SPECIAL OFFER - Get £175 when you switch to a First Direct 1st Account. 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

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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 cash switching bonus

First Direct 1st Account offer a £175 incentive for switching to their 1st Account. You will need to switch your everyday banking to First Direct using the Current Account Switch Service, and you will have to 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

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.