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The current account switching bonus battle is heating up once again as banks throw cash at new customers in an attempt to lure them in. NatWest will now pay customers £175 if they move using the Current Account Switch Service.
It comes days after rival bank Lloyds announced a bumper £200 switching deal to new customers who move their current account. Customers who switch to NatWest Select, Reward, Premier Select or Premier Reward accounts will be eligible for the switching cash.
NatWest’s switching deal has minimal hoops to jump through and is open to new customers who open one of its current accounts, deposit £1,250 in it and log into the mobile app within 60 days. The cash is promised within 30 days of the switch completing. The £175 switching deal could be pulled at any time as it is a ‘limited time’ offer.
If you are switching from an RBS or Ulster Bank account you will not be eligible to get the deal as these banks are part of the NatWest group. Customers who switch to NatWest’s Reward account will earn an extra £60 worth of rewards. For a £2 a month fee, customers opting for a NatWest Reward account will earn £4 a month in rewards if they have two or more direct debits of at least £2 set up. They will also earn £1 a month for logging into the app.
How does it compare to other deals?
Lloyds: £200
Lloyds is throwing £200 at customers to switch to one of its current accounts. It is the highest bonus incentive currently available, but customers will only be eligible if they switch to a Club Lloyds or Lloyds Premier account. Club Lloyds requires customers to pay in £2,000 per month or be charged a £5 monthly fee, while Lloyds Premier customers must have savings or investments worth £100,000 or pay in £5,000 a month to get the account or they will have to pay a £15 per month fee.
New customers will need to transfer three active direct debits to qualify for the cash bonus, while standing orders and recurring card payments won’t qualify Lloyds says it will pay out cash bonuses within ten working days for customers who meet the eligibility requirements.
First Direct: £175
First Direct is paying customers £175 to switch their current account through the Current Account Switch Service. You must move two direct debits from your old account as part of the switch and pay in £1,000 within 30 days of opening the account. The bonus will be paid by the 20th of the following month after meeting the eligibility criteria.
Co-op: £150
Co-op is offering a cash bonus worth up to £150 for new customers who move their current account to Co-op. Customers who switch their current account to a Co-op Standard Current Account or Everyday Extra account will receive £100 within seven days.
To get this they must deposit £1,000 or more in the account, have two or more active direct debits, make ten or more card transactions and register for TSB online banking services or mobile app. After receiving the £100, a further £25 per month for three months, amounting to £75 will be paid if customers deposit £1,000 or more in their account, make ten or more card or digital wallet transactions and have two or more active direct debits
