NatWest confirms £200 free cash offer is ending - just days left to get bank account boost

NatWest bank branch in town

NatWest and Royal Bank of Scotland (RBS) is withdrawing its £200 free cash offer within days

Jessica Sheldon

By Jessica Sheldon

Published: 28/03/2024

- 12:45

Updated: 28/03/2024

- 12:47

NatWest and Royal Bank of Scotland are currently offering the highest amount of free cash as a switching incentive

NatWest and Royal Bank of Scotland (RBS) will withdraw their £200 free cash offer within a matter of days.

The NatWest Group has confirmed its current account switch incentive will end on April 2.

Those who apply for a NatWest or RBS current account before this deadline could get £200, provided they meet the eligibility criteria.

To qualify, people must apply online or via the mobile app to switch a current account held elsewhere into a NatWest or RBS account, using the Current Account Switch Service.

They must also deposit £1,250 into the account and log into the mobile banking app within 60 days.

The bank will then pay £200 into the qualifying person's eligible account within seven days.

Person looks at phone beside laptop

People who want to switch current account will need to act fast to get the free cash


Those who have received a switcher incentive from NatWest Group since January 1, 2020 will not be eligible for the offer.

Qualifying current accounts are:

  • RBS Select or NatWest Select
  • Reward
  • Reward Silver
  • Select Silver
  • Reward Platinum
  • Select Platinum
  • Premier Select
  • Premier Reward
  • Black account
  • Premier Reward
  • Black account
  • Foundation (known as an ‘eligible account’)

Customers who switch their account in branch or over the phone will not be eligible for the £200 offer.

There are a number of other banks currently offering switch incentives.

Lloyds Bank is offering £175 within 10 working days for people who switch to Club Lloyds.

However, this offer ends today, on March 28, 2024.

As well as the free cash currently up for grabs, this account offers one of a choice of rewards, such as 12 months' Disney+ (with ads), six cinema tickets, an annual magazine subscription or an annual Coffee Club and Gourmet Society Membership.

This account has a £3 per month fee, which is waived each month a person pays in £2,000 or more.


Switchers must use the Current Account Switch Service to transfer at least two active direct debits and close their old bank account.

Among the eligibility criteria, Lloyds Bank states people who have received a cash switch incentive from Lloyds Bank or Halifax Bank since April 2020 won't qualify.

Santander recently launched a £185 current account switch incentive.

Meanwhile, telephone and internet-based bank first direct is offering £175.

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