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This comparison simply includes all savings accounts.

123 Current Account Santander
Open With £500
Account Type Current Account
Interest AER 1.00%

Why we like it: Earn 1.00% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm.

NatWest Current Account

NatWest offer a range of bank accounts each with their own range of rewards.
At the first level they offer a Select bank account which is very much a standard account from which you can:

  • Set up Direct Debits, make payments and transfers
  • Access Mobile and internet banking
  • Access the NatWest app which has a range of useful features intended to make life easier
  • Free Text Alerts
  • Request an arranged overdraft 

You will also have access to UK call centres, which are available 24 hours a day, and be able to visit one of the 1,500 NatWest branches.

Rewards and Offers

  1. 3% cashback on household bills

NatWest also offer a reward account. There are no monthly payments for this account making it a great option for those who are unable to meet the high minimum payment requests of some other accounts. There is, however, a charge per month of £3.

The rewards you can earn on this account are similar to the Santander 123 account in that you can earn cashback on your household bills. As this account is a cheaper option than the Santander account, it’s a great choice for those who pay a lot of household bills out of one account and would like to see some return on that; however, you would need to spend over £100 on bills per month to see any profit on this.

The scheme is quite simple, you can automatically earn 3% on seven kinds of household bills, including council tax. As soon as you reach £5 in rewards you can exchange it for £5 which you can convert to money and transfer in to your current account or even use towards your NatWest credit card balance.

 Natwest state that:

 ‘There's no limit to the rewards you can earn. On average, currently our customers earn £120 per year in rewards, based on average monthly Direct Debits of £333 (£4,000 per year) and excluding the monthly fee.’

You are also able to exchange the rewards for gift cards or codes to spend at selected UK retailers or donate to one of four charities.

You can earn your ‘rewards’ on the following bills when you pay by Direct Debit from your reward bank account; council tax, mobile, landline, TV package, gas, electricity and broadband.

 However, they don’t allow you to earn rewards on payments to organisations such as insurance providers, repairs or home maintenance.

  1. At least 1% back in rewards at partner retailers

Another reward which this account offers is 1% cashback offers at UK retailers. You will receive personalised retail offers where you will be able to earn extra rewards when you use your NatWest debit card.

A great feature which you’ll receive with any NatWest account is the mobile app. It’s simple and straight forward but also allows you to:

  • Withdraw money without your bank card, up to £130 per day, from RBS, NatWest or Tesco cash machines. Great news if you’ve forgotten your bank card
  • Check your balance, recent transactions and pay friends or family quickly and easily
  • Pay your contacts via your mobile. You can pay anyone with a UK mobile number who has a NatWest, RBS, Ulster Bank, NatWest Offshore, or Isle of Man mobile app
    You do not earn in-credit interest on this account

    Useful to Know

  • The arranged overdraft has a £10 buffer but is charged at £6 per month fee and 19.89% EAR interest
  • The unarranged overdraft has a £6 per day fee with max charges of £90 per month plus a £6 per unpaid item fee with max charges of £60 per month. This is higher than a lot of other banks so be wary if you’re likely to slip in to an unplanned overdraft

Overall this is a great account for rewards and with no minimum monthly pay-in, it is a cheaper option than other current accounts. The £3 a month charge would be covered by your rewards if you take full advantage of the offer.

The high unarranged overdraft fees could be a problem for some people as well as there being no interest on the in-credit balance.

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