NatWest will pay £500 to high earners who move their current account to one of its Premier accounts. MoneyWeek calls it one of the best bank-switching deals on the market. The offer began on 2 September, has no fixed end date, and NatWest says it can be pulled at any time.
The catch is who gets in. Applicants must clear at least one of three bars: income of £100,000 a year (£120,000 for a joint account), savings or investments of at least £100,000, or a NatWest mortgage of at least £500,000.
Then come the conditions. You cannot have held a NatWest current account on 2 September, and you cannot have redeemed another NatWest switching offer. The switch must go through the Current Account Switch Service. Within 90 days of opening, at least £15,000 has to land in the new account, in any number of payments, with each one staying put for at least 24 hours. Meet all of that and the £500 arrives within 30 calendar days.
Three tiers
The bonus applies to all three Premier tiers. Premier Select is free and brings 24/7 support, fee-free foreign currency transactions and no interest on the first £500 of an arranged overdraft.
Premier Reward costs £2 a month and adds extras. You can earn £9 a month by paying at least two direct debits of £4.50 or more, £1 a month for logging into the mobile app, and at least 1% cashback at selected retailers on the debit card.
Premier Reward Black costs £36 a month, rising to £39 on 1 October. It carries everything below it plus airport lounge access, travel, mobile phone and breakdown cover, 25% cashback on concert and show tickets, and cinema discounts. Every tier also gets access to NatWest financial experts on investing, tax planning and mortgages, although specialist advice may cost extra.
Tamara van den Ban, managing director of NatWest Premier Banking, described the bonus as “an invitation for new customers to experience the help and support we can provide.”
Compare before you switch
Qualifying does not make this the best account for you. HSBC is also offering £500 to people who open its Premier Account, which includes free travel insurance, preferential loan rates and digital GP appointments with no monthly fee.
Caitlyn Eastell, a personal finance analyst at Moneyfacts, said the bonus puts NatWest alongside the most generous premier switching offers. But she warned it “should be viewed as a sweetener rather than the main reason to switch,” and told customers to weigh ongoing benefits, eligibility rules and fees against what they have now.
