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Cash payments are an incentive which many banks have offered customers both in the past, and some are doing just that at this moment in time. Among the current options is a £125 switcher offer from NatWest.
This deal is open to both new and existing customers who are switching their main bank account.
The limited time offer was announced on October 19, and is set to run until next week.
It’s expected to end on November 19, however the bank has said from the day of its launch that it could end earlier.
Allan Hardie, NatWest, said last month: “We are welcoming new customers with our latest switcher offer so they too can benefit from our award-winning mobile app and also take advantage of our recently launched Digital Regular Saver account paying three percent interest.”
Those who are new to NatWest can apply to switch to a Select or Reward account.
Existing customers can also apply for these accounts, but they can also apply to switch to Reward Silver, Reward Premium or Reward Black.
The bank’s Select account does not have a monthly fee.
Meanwhile, the Reward account gives customers £4 per month if they have two Direct Debits and an additional £1 for logging onto online banking.
However, this account does come with a monthly charge of £2.
To get the £125 payment, customers will need to transfer their main current account to NatWest.
The process is simple, NatWest says, and it must be done through the Current Account Switch Service to get the cash.
Via this system, payments such as Direct Debits and Standing Orders are automatically transferred to the newly opened account within seven days.
New customers must also close their existing account.
Further criteria must be met, and these are that customers pay in £1,500 to the account, and they log into online or mobile banking through the NatWest mobile app before January 15, 2020.
They will then receive £125 by February 12, 2021.
While the offer is open to new and existing customers, some may not be eligible.
Customers must be 18 or older, and they must not have received a cash offer from Royal Bank for opening a new current account and switching after October 2017.
NatWest is currently offering current account holders aged 18+ the opportunity to access a three percent gross interest rate on savings.
The exclusive regular savings account can be opened online or via the NatWest mobile app.
Customers can pay between £1 and £50 into the Digital Regular Saver account each month via standing order.
The highest interest rate will be applied to these savings on balances up to £1,000.
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