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Switching current account to NatWest
Why we like it: Earn 0.60% 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 review
NatWest offer four main types of current accounts to meet the needs of different kinds of customers.
Select Bank Account – A standard, everyday account that offers mobile and online banking as well as the option for an arranged overdraft.
Reward Account – NatWest offer four different reward accounts: Reward, Reward Silver, Reward Platinum and Reward Black. Each type of account comes with a monthly account fee that increases depending on which benefits you want to receive. Reward is the cheapest at £2 per month and Reward Black the most expensive at £28 per month.
Youth Account – NatWest offer child bank accounts as well as student and graduate accounts to match the needs of younger borrowers, those still in full-time education or who have recently graduated.
Foundation Bank Account – A basic bank account which is only available to those who are not eligible for any of NatWest’s standard bank accounts, often due to previous financial issues.
What to look for when switching current accounts
There are various key things to consider when deciding which current account is right for you and your everyday banking needs. The following are some of the most common things you should think about to help you see which current account best suits you.
Interest rates – The interest rates you pay on your savings and/or overdraft can make a big difference to whether an account offers good value for you or not. Which of the two interest rates is most important to you will generally depend on whether you are more of a saver or a spender, and therefore whether you are more likely to be in credit or in your overdraft most of the time.
Switching incentives – Many current account providers now offer attractive joining bonuses, including cash and other introductory offers. This can make a significant difference to whether a particular account offers good value or not, with some current accounts offering over £100 in switching bonuses.
Cashback – It is now common for current accounts to offer cashback deals to help make their accounts more appealing. For example, with a TSB Classic Plus Account you can earn up to £120 cashback a year just for having active monthly Direct Debits and using your debit card regularly. Others, such as the Santander 1|2|3 Current Account offer cashback on your household bills, which can soon add up to significant amounts.
Additional benefits – Many current accounts also come with additional benefits as standard or as added extras, which can be unlocked for an additional fee. These extra benefits typically include free insurance covering a range of things including travel, mobile phones and bikes. Some accounts also offer other freebies, such as free internet security software.
Compare current accounts
Take a look at the range of current accounts presently on offer from all the leading providers across the market right now to see which offers the best deal for you.