LONDON, Sept. 9 — NatWest is offering a £500 (about US$660) switching bonus to high earners and affluent individuals, in one of the most generous bank-switching deals currently on the market. The offer, live since Sept. 2 with no fixed end date, targets customers who open one of the bank’s Premier current accounts.
The figure that matters: applicants must meet at least one of three eligibility bars — an annual income of at least £100,000 (about US$132,000), or £120,000 (about US$158,000) for joint accounts; at least £100,000 (about US$132,000) in savings or investments held with NatWest; or a NatWest mortgage of at least £500,000 (about US$660,000). There are strings attached beyond the income test.
Applicants cannot hold a NatWest current account as of Sept. 2, must never have redeemed a different NatWest switching offer, and must complete a full switch using the Current Account Switch Service. They also must pay at least £15,000 (about US$19,800) into the new Premier account within 90 days of opening, with each payment sitting in the account for at least 24 hours. The bonus is paid within 30 calendar days of meeting all conditions.
NatWest says the offer can be withdrawn at any time.
Three tiers, three price points
NatWest Premier comes in three tiers. The entry-level Premier Select carries no monthly fee and includes 24/7 support, fee-free foreign currency transactions, and no interest charged on the first £500 (about US$660) of an arranged overdraft.
The mid-tier Premier Reward costs £2 per month (about US$2.60) and adds the ability to earn £9 per month (about US$12) in rewards by paying at least two direct debits of at least £4.50 (about US$5.90) each monthly, plus £1 (about US$1.30) per month for logging into the NatWest mobile app and at least 1% cashback at selected retailers when using the NatWest debit card. At the top sits Premier Reward Black, priced at £36 per month (about US$47).
That tier includes all previous benefits plus airport lounge access, travel insurance, mobile phone insurance, breakdown cover, 25% cashback on concert and show tickets, and cinema discounts. From Oct. 1, the monthly fee rises to £39 (about US$51). All tiers give customers access to NatWest financial experts for guidance on managing finances, including investing, tax planning and mortgages, though specialist or targeted advice may incur additional fees.
Experts say shop around
Tamara van den Ban, Managing Director of NatWest Premier Banking, said: “We’re here to help our customers feel confident about their money, so they can make the most of the lives they’ve worked hard to build — whether that’s planning for the future, protecting what matters most or experiencing more from life today. Our £500 welcome bonus is an invitation for new customers to experience the help and support we can provide.” Financial experts caution the deal is not necessarily the best option for everyone, even for those who qualify.
Caitlyn Eastell, personal finance analyst at Moneyfacts, noted that NatWest’s bonus is a significant enticement but consumers should compare it with other packaged accounts. HSBC is also offering a £500 (about US$660) welcome bonus to switchers opening its Premier Account, which includes benefits such as free travel insurance, preferential loan rates and digital GP appointments with no monthly fee.
The bottom line for potential switchers: evaluate which tier, if any, suits their needs and whether the monthly fees are justified by the benefits. The £15,000 deposit requirement within 90 days may be a hurdle for some, and the strict eligibility criteria narrow the field. Customers will note the Oct. 1 fee increase on the top-tier Premier Reward Black — and whether the bonus, with no fixed end date, survives the autumn intact.
