NatWest offers savers 5% interest rate plus £175 free money | Personal finance | Finance

The interest rate fell from 3.75% last week and in addition to a high interest rate offer, NatWest is also offering customers £175 if they switch their current account to NatWest and make a deposit. The Royal Bank of Scotland (RBS), part of the NatWest group, also offers cash for conversion. The offer is available to new and existing NatWest and RBS customers and the incentive is currently one of the most generous current account switching offers available at the moment.

The two banks are executing the offer for a limited period, with NatWest offering the money until November 3 and RBS executing it until next month – expiring on October 20.

First-time registrants must choose between NatWest and RBS’s Everyday Select Bank Account and Reward Bank Account.

Reward current accounts give those who trade £175 in cash and £3 a month in cashback.

Rewards account holders can earn one percent in rewards that can be redeemed for cash back, gift cards or e-codes at the bank’s retail partners.

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The Everyday Select account is free while the Reward account charges £2 per month.

To get the bonus, people must switch from a non-NatWest account if switching to NatWest and from a non-RBS account if switching to RBS.

Existing RBS or NatWest customers can get cash if they already have an account with either bank, but they will need to close a checking account they have with another bank through the current account change service (CASS).

For example, if a client already has a NatWest Reward account, they can transfer their primary bank account held elsewhere to the Reward account, to get the £175 bonus.


The Round Ups feature automatically rounds a transaction, made on the checking account debit card, to the nearest pound.

It then automatically sends the spare change to Digital Regular Saver and can help customers reach their savings goals a little faster.

David Lindberg, CEO, Retail Banking at NatWest, said, “We provide a range of practical support to clients to help them budget and save as part of our commitment to helping people build financial resilience.

“Customers will be greeted with £175 and can earn 5% back on their savings. They will also have the chance to win £1,000 by activating our Round Ups feature which rounds transactions to the nearest pound and automatically sends the spare change to their savings account.

Stephen V. Lee