Two major UK banks are currently offering £175 to customers who follow three steps. These conditions are part of the process for switching to their services.
It’s quite common for banks to offer rewards for switching to them. These deals typically come about when they’re looking to expand their customer base.
The team at Money Saving Expert (MSE), explained: “Banks sometimes offer switch incentives – free cash, boosted savings rates or other perks – to new customers who switch in an existing current account to a new current account with them. Essentially, banks want your custom and switch bribes are a double win for banks – you not only join them, but you leave one of their rivals.”
However, these deals are usually offered for a limited time only. Two deals currently available in the UK include a free £175 for switching to either Nationwide or NatWest.
MSE shared more details on both offers on its website.
Nationwide
You can earn a free £175 for switching to a Nationwide FlexDirect account. This also includes perks of 5% in-credit interest on current account balances up to £1,500 for a year (maxed out that’s £75) and 1% cashback for 12 months up to £5 a month when you pay in £1,000 or more a month.
Plus, you can get a £50 0% overdraft too.
You can’t have previously switched into a Nationwide account, or have received switch cash from Nationwide. But if you’ve previously received a bonus by switching into a sole account, and you’re now switching into a joint account, you will still qualify.
How to get the £175 bonus:
- Open the account online (or switch into an existing FlexDirect account)
- Switch over an account from a different bank, including two or more direct debits, within 28 days
- Within 31 days of requesting the switch, pay in £1,000 or more and make at least one payment using the debit card
The £175 is paid within 10 days of meeting all the criteria.
NatWest
You could get a free £175 upfront by switching to the NatWest Reward account. This also comes with £36 a year cashback and 5.5% interest linked regular saver.
However, it is important to note that this account comes with a £2 a month fee. But you will get £5 a month cashback when you pay in £1,250, pay out two or more direct debits of £2 pr more and log into its mobile banking app each month.
The switch offer is also available when you switch into NatWest’s fee-free Select Account, though you won’t receive the ongoing cashback. Similarly, the same switch bonus is available through sister bank RBS’s Reward Account and Select Account.
To get the bonus you can’t have held an existing NatWest current account as of September 16. And you can’t have ever received a switch bonus from NatWest, RBS or Ulster Bank before.
How to get the £175 bonus:
- Open a new NatWest Reward or Select account
- Switch in a non-NatWest, RBS or Ulster Bank account online or via the mobile app
- Pay in £1,250 or more and log in to mobile banking within 60 days
The £175 is paid within 30 days of meeting the above criteria.
