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Derin Clark

Derin Clark

Online Reporter
Published: 19/10/2020

Today NatWest has launched a switching deal that will see new and existing customers earning £125 by switching accounts. Along with NatWest’s switching offer, four other providers offer customers switching incentives. Here we take a look at all the current switching incentives on offer.

NatWest – earn £125 by switching accounts

NatWest’s switching offer is available to both new and existing customers and enables them to earn £125 by switching to a NatWest current account. New customers have to choose either a Select or Rewards account, while existing customers can also choose Reward Silver, Reward Platinum or a Reward Black account. While the Select account is free, customers considering any of the Reward accounts should be aware that they charge a monthly fee, but also offer rewards and cashback. The switching offer lasts until 19 November 2020, although NatWest has urged customers to act quickly as the end date may be brought forward.

To earn the £125, customers need to use the Current Account Switch Service, close their existing account and transfer their main current account to NatWest. Customers must pay £1,500 to the account and log into online or mobile banking through the NatWest mobile app before 15 January 2021 and will then receive the £125 by 12 February 2021. To receive the cash offer, customers must not have received a cash offer from Royal Bank of Scotland for opening a new current account and switching after October 2017.

HSBC – earn £125 by switching accounts

Last month, HSBC launched a switching incentive that enables customers to earn £125 by switching to a HSBC Premier or Advance current account. Switchers looking to open a HSBC UK Advance Account must have a minimum £1,000 arranged overdraft and paying at least £1,750 into the account each month, or a minimum of £10,500 every six months. To open a HSBC Premier Bank Account, customers must have an individual annual income of at least £75,000 and either a mortgage, an investment, life insurance or a protection product with HSBC, or within six months, have savings or investments of at least £50,000 with the bank.

In order to receive the £125, customers must not be a HSBC current account holder on the date of application and have not been on or after 1 January 2017. As well as this, the offer is only available to new customers who apply and start a full switch using the Current Account Switch Service, including a minimum of two direct debits and/or standing orders, within 30 days of the date of the account being opened.

Royal Bank of Scotland – earn £100 by switching accounts

New and existing customers can earn £100 by switching to a Royal Bank of Scotland (RBS) account. Customers new to Royal Bank of Scotland can choose between a Select, Reward Silver, Reward Platinum or Reward Black account, while existing customers can choose one of the Reward accounts to earn the £100. Those considering a Reward account should be aware that these accounts charge monthly fees, but do have the benefit of offering rewards and cashback.

The switching deal is available until the 19 November 2020 and the switch must be completed using the Current Account Switch Service. The £100 is paid once the customer has paid at least £1,500 into the account and logged onto their account online or through the RBS app before 30 December 2020. Anyone that has previously received a cash incentive from RBS to open a bank account since October 2017 will not be eligible for the £100 offer.

Metro Bank – earn £250 by referring friends

Metro Bank is offering customers up to £250 when they refer a friend to the bank through its Metro Bank Refer a Friend switching offer. The offer enables customers to earn £50 for every friend they refer to the bank, up to a limit of £250 (five people). To earn through this offer, existing customers must register via the bank’s website. Once registered, customers receive a unique code to share with friends and family. The offer ends on 11 December 2020 (further terms and conditions apply, which can be found on the Metro Bank website).

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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