NatWest launches free £175 cash offer for customers - are you eligible?

They need to deposit £1,250 and log into the mobile app within 60 days, with a further £60 in rewards is available each year for customers signing up to the NatWest Reward account.

Each month, customers will get £4 in rewards if they have two direct debits of at least £2 or more, with an extra £1 up for grabs if they log into the bank's mobile app.

The bank's Reward account has a monthly fee of £2 with customers also being able benefit from extra offers, including money off at a range of retailers.

Paul Slinger, the head of Current Accounts at NatWest, said: “We are committed to providing our customers with exceptional service and value.

"Our new £175 switcher offer, along with additional rewards and benefits, is designed to make banking with us even more rewarding."

As well as this cash incentive, the bank is offering customers a Digital Regular Saver account which has a 5.5 per cent AER interest rate attached.

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This product is an instant access account that rewards customers with competitive savings interest, which is available on balances up to £5,000.

As well as this, the bank is also providing support via the Round Ups feature on its app that saves the change to the nearest pound with each transaction, enabling customers to save regularly.

NatWest customers can also take advantage of the Travel Reward Credit Card which gives one per cent back in rewards on travel spend.

These rewards from the high street bank can also be exchanged for cash or vouchers.

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Households are also being urged to take advantage of NatWest's free Roster Card subscription for children, which helps families develop better money habits.

This s a prepaid debit card and pocket money app, and up to three are available for free per family.

Normally, the card costs £1.99 per month or £19.99 per year, which is a saving of £59.97 for three children over a year.

Other banks, including Lloyds and Barclays, have announced similar account switch incentives in recent months.

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Alastair Douglas, the CEO of TotallyMoney, said: "Loyalty doesn’t pay, but moving your money can. And, if the Lloyds accounts aren’t for you, then look at the offers from first direct, who are offering £200 in cash and vouchers, or Co-Op Bank who will pay you £100 up front, and an extra £75 if you stay.

“With the Current Account Switch Service, it’s easy – your regular incoming and outgoing payments will all be moved automatically, along with your balance and any saved payee details.

"And not only can you often benefit from a cash incentive, but also better service, improved savings rates, and interest-free overdrafts."