If you are beginning to feel the financial pressure due to the rising cost of living and soaring energy bills this month, a quick way to boost your income is to get paid for switching your bank account. NatWest said new and existing customers switching their main current account to the bank will receive £200 within seven days of meeting the eligibility criteria of logging into mobile banking and paying in £1,250.
The bank has also increased the rate of interest on its digital regular saver account from 5% to 6%. The 6% 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.
NatWest savings customers can enter the draw by turning on the bank's ‘round ups’ feature, which saves the change to the nearest pound when a transaction is made. 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 incentive launched onto the market at a 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.”
NatWest isn’t the only bank offering free cash this month.
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.
Ms Springall added: “All these options are worth exploring in depth before starting the switching process as the right account depends on someone's individual circumstances.”
To get the cash boost, customers will need to switch using the Current Account Switch Service (Cass).
The Cass service ensures payments and all money coming in and going out is protected from any digital mishaps.
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