NatWest Group has launched a new £200 current‑account switching bonus for customers moving their banking to the lender.
The offer, available from May 6 2026, is open to new customers and some existing customers who meet the eligibility criteria.
It follows a £150 incentive offered earlier this year across both NatWest and Royal Bank of Scotland, placing the new deal among the highest‑paying standard switching offers currently on the market.
NatWest said the bonus is available to anyone who did not hold a NatWest current account on May 6.
To qualify, customers must switch an existing account to either a Select or Reward account using the Current Account Switch Service.
The offer applies across both NatWest and RBS‑branded accounts, though customers who have previously received a switching incentive from NatWest, RBS or Ulster Bank are excluded.
After completing the switch, customers must meet several conditions within 60 days to receive the £200 payment.
These include depositing at least £1,250, which can be paid in through multiple transactions, provided the money remains in the account for 24 hours, and logging into the mobile‑banking app on a compatible device.
NatWest launches new £200 switching offer for current account customers
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NatWest said the £200 will be paid within 30 days of meeting the requirements.
Customers choosing the Reward Account can also access additional cashback‑style benefits.
The account carries a £2 monthly fee, but customers can earn £4 each month by maintaining at least two direct debits of £2 or more, plus an extra £1 for logging into the app.
This creates a potential net gain of £3 per month. Additional retailer‑linked rewards are also available, with offers updated regularly.
Santander is running a separate switching incentive | GETTY
Once customers build up £5 in rewards, they can transfer the money into their bank account, exchange it for e‑gift cards or donate it to charity.
The new NatWest deal comes as rival banks continue to compete aggressively for switchers.
First Direct is currently offering up to £210 in combined cash and supermarket vouchers for customers who move to its 1st Account, with the incentive split between a £175 payment and a £35 grocery voucher.
Santander is also running a £205 switching offer across several of its current accounts.