NatWest has launched a switching incentive offering new customers £150 in cash alongside a seven per cent AER bonus savings interest rate rate lasting twelve months.
Those looking to claim the deal must open either a Select or Reward account, deposit a minimum of £1,250, and engage with the NatWest mobile application during their first 60 days as a customer.
The bank has confirmed that once all conditions are satisfied, the £150 payment will arrive within 30 days.
For customers opting for the Reward account, the monthly £1,250 deposit requirement serves double duty, counting towards both the account criteria and the switching bonus simultaneously.
NatWest has launched a free £150
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GETTY
Fresh research from Pay UK, which operates the Current Account Switch Service (CASS), indicates that younger consumers have fundamentally different expectations from their banks compared to earlier generations.
The survey of 1,004 UK adults between 16 and 28 found that nearly three-quarters value rewards linked to daily spending rather than major financial achievements.
More than half of respondents said perks such as complimentary coffees, dining discounts and cashback hold greater appeal than interest rates or conventional loyalty schemes.
Almost two-thirds expect banking rewards tailored to their lifestyle, with a similar proportion reporting that small treats enhance their sense of value.
The bank is looking to attract new customers
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PAThese deals offer switchers free cash if they move their current account | GETTY
The willingness to change providers varies by location, with more than half of those in Greater London prepared to switch for superior perks, compared to 48 per cent in the East Midlands.
Age plays a significant role in switching behaviour, with those aged 25 to 28 demonstrating the strongest intention to move banks, while their younger counterparts between 16 and 24 show more pronounced emotional reactions to reward programmes.
Digital access remains paramount for this generation, with two-thirds stating that rewards must be available directly through their banking app.
Over half prioritise digital-first banking experiences above other considerations when choosing a provider.
NatWest points to alternative banking options including mobile branches | GETTY
Alastair Douglas, CEO of TotallyMoney, said: “The offer is more straight forward than some of the others on the market and the main thing to note is that you’re only able to save a maximum of £150 per month.”
He advised those considering a switch to compare options, noting that some providers also include interest-free overdrafts and cashback among their benefits.
John Dentry, product owner at Pay UK, added: : “Gen Z aren’t looking for complex financial products or rewards to target in the future – they want to see value day to day.”
Mr Dentry noted that traditional milestones like homeownership feel increasingly distant for younger people amid cost of living pressures.