A high street bank has announced that anyone switching their main current account to it will be eligible for a £200 payout. Natwest said that people should receive the cash within seven days of meeting the eligibility criteria of logging into mobile banking and paying in £1,250.
The bank is also increasing the rate of interest on its digital regular saver account from five per cent to six per cent from Tuesday (Feb 14). The six per cent rate is paid on balances up to £5,000 and customers can save up to £150 every month.
Customers can also take part in a new savings prize draw. People can enter by turning on the bank’s “round ups” feature, which saves the change to the nearest pound when a transaction is made.
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There are 33 prizes available, with three top prizes of £10,000 and 30 of £500. The draw closes on April 21 2023. Lewis Broadie, customer manager, NatWest, said: “We are welcoming customers to the bank with our highest ever switcher offer of £200.”
Rachel Springall, a finance expert at Moneyfacts.co.uk, said: “It’s exciting to see such a generous free cash switching inventive launched onto the market at time where consumers may well be looking to move their bank account for a cash boost.
“NatWest may be a good choice for customers looking to earn extra rewards throughout the year and savers may be enticed by the prize draw and the competitive linked regular saver. In comparison, Lloyds Bank are currently offering a £200 switcher incentive for those switching to their platinum or silver current accounts, both of which have their own bundle of incentives, such as insurance add-ons and cashback.
“First direct are offering £175 for those that switch and TSB will pay £125 with their spend and save account which pays monthly cashback. All these options are worth exploring in depth before starting the switching process as the right account depends on someone’s individual circumstances.
“Switching offers don’t tend to stay around for long – a good example is the Santander £200 free cash offer which ended last week.”
How to take advantage of bank savings deals
Some current account providers are also offering cash to switch to them, which is a good incentive to save more. Opening a joint account to save together as a couple may also give you access to higher interest rates than you would have had otherwise.
If you won’t need the funds for a while, it may be worth going for a fixed-rate savings deal, although this may limit your ability to withdraw the cash for a certain period. But if you will need to take money out now and then to pay for items, an easy access savings account may be more appropriate.
Catherine Wray, senior manager for savings at Leeds Building Society (leedsbuildingsociety.co.uk), says: “Most regular savings accounts allow you to withdraw funds without any loss of interest, so you can pay wedding suppliers as the big day draws closer.”
Setting a wedding budget early on can also help couples check whether their plans are realistic, or if they may need to make adjustments to save on costs. Comparing quotes from different companies may help to reduce the savings target.
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