NatWest launches new £100 digital switching offer

Competition to attract current account customers has been ramped up further, as NatWest has launched a new "limited time" £100 switching offer.

The bank is offering £100 to new and existing customers switching their main bank account on Natwest.com.

The offer will be available until June 15. NatWest's eligible accounts are select, reward, reward silver, reward platinum and reward black.

  • Use the current account switch service
  • Close their existing account with their current provider
  • Transfer their main current account to NatWest
  • Pay £1,500 into the account before July 13

In addition, NatWest said its reward and reward package customers would benefit from fee free foreign transactions on debit card purchases abroad this summer. Foreign transaction fees are being waived until August 31.

To get the £100, switchers are required to use the current account switch service, close their existing account with their current provider and transfer their main current account to NatWest.

They will receive the bonus within 12 weeks of opening the account and fully switching.

To be eligible, £1,500 must be paid into the account which should be logged into either online or through the mobile app before July 13.

The announcement comes after First Direct, which regularly tops customer satisfaction surveys, recently overhauled its switching offer.

In April, First Direct launched a range of welcome gifts for new customers to choose from, including self-development courses and gadgets.

Some current account customers may be particularly on the lookout for a fresh start at the moment.

Earlier this month, TSB chief executive Paul Pester told MPs that 40,000 complaints had been received over a 10-day period as TSB customers struggled to access their accounts following an IT migration. He has promised these complaints will be put right.

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