NatWest £200 switch offer

Our verdict

The £200 switch offer wins on simplicity, with no direct debits or minimum spending required like some competitors. The downside is that the switch requires a pay in of £1,250, although this can be split between multiple separate payments. NatWest Group do this offer through both NatWest and Royal Bank of Scotland (also owned by NatWest Group). The switch award is also paid within 30 days which is very quick for a switch bonus. The Reward account's £2 monthly fee (£24/year) is offset easily if you're earning the £4/month cashback from direct debits, putting you £24 ahead on rewards alone before the 1-15% cashback at their partner retailers. However, the Reward account does require a pay in of £1,250 each month which is something worth considering before applying for the Reward account.

The account suits people who want an ongoing return from their current account rather than a one-time bonus. It's rated 5 stars by Defaqto in 2026.

The £200 switch offer requirements

• Open a NatWest Select (free) or Reward (£2p/m) account and request a full switch through the Current Account Switch Service (CASS)
• Within 60 days of switching: pay in £1,250 total and log into the NatWest mobile app at least once
• The £1,250 can come in multiple payments but each payment must stay in the account for 24 hours
• NatWest pays the £200 within 30 days of you meeting both conditions
• The full switch takes around 7 working days via CASS and your old account closes automatically.

You won't qualify if:

• You held a NatWest current account on 6 May 2026
• You've previously received a cash switch incentive from NatWest, Royal Bank of Scotland or Ulster Bank
• You're switching from Royal Bank or Ulster Bank
• Your current bank isn't part of the Current Account Switch Service

NatWest Reward ongoing benefits

Monthly fee: £2/month (£24/year)

They charge a £2 a month fee for the benefits like cashback at partner retailers, no foreign transaction fees and monthly rewards for 2+ direct debits.

Cashback through direct debits

You can earn £4/month in Rewards when you have two or more direct debits of at least £2 each set up and active. That's £48/year which is a £24 profit after the fee.

Partner cashback

Earn from 1% cashback when you spend at partner retailers. The offers rotate every two weeks in the NatWest app and are exchangeable as cashback, e-gift codes or charity donation once you hit £5.

No foreign transaction fees

NatWest won't charge you for overseas card spending however cash withdrawals abroad still carry a 2.75% fee and local ATM operators abroad may also charge.

How does NatWest stack up against competitors

As of right now, NatWest wins on simplicity for people wanting to switch without any direct debits or minimum spending, however the £1,250 pay in may be unsuitable for some.

Competitors like Lloyds require no pay in but 3+ direct debits which may beat some. See current top switch offers below.

Accurate as of 22 October 2026