£200 Switch Deal from NatWest & RBS launches

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NatWest or RBS will give you £200 when you switch to a Select or Reward current account.

A new £200 switching bonus from NatWest and RBS which launched today is the best switching lump sum currently available.

You get the £200 within 7 days of meeting eligibility criteria, which include switching a current account from different bank.

If you switch to a NatWest or RBS Select or Reward current account, you’ll also get access to a Digital Regular Saver at 6.17% AER (which is variable) on balances up to £5,000. If you save the maximum amount of £150 a month into the savings account, after a year you’ll have £59.83 in interest.

If you go for the Reward Account as your current account, you can get up to £5 a month extra – £4 for having 2 monthly direct debits worth over £2 and a further £1 for logging into the mobile banking app once during the month. This gives you another £36 per year, after accounting for the Reward Account’s £2 monthly fee. Overall you’ll get a hefty £295.83 in your first year, including the switching bonus, maximum savings interest and monthly rewards.

See the full details in our best bank account switching deals guide to help you compare bank offers and incentive schemes.

What’s the best switching deal currently?

Lloyds Bank is the only other switching deal around. The bank’s offering £175 if you switch to a new Club Lloyds current account, which comes with perks such as 12 months of Disney Plus and cashback offers at certain stores.

And you get access to the Club Lloyds Monthly Saver, which pays 6.25% AER interest (fixed) if you save £25-£400 each month.

If you saved the maximum £400 a month, you’d get £325 including interest and the switching bonus. You can also earn interest on your current account balance: 1.5% AER up to £3,999 and 3% from £4,000 to £5,000.

You must pay in at least £2,000 a month to avoid the Club Lloyds monthly account fee of £3 (the more premium versions have higher fees) and you have to transfer 2 direct debits as part of your switch.

So while the new NatWest and RBS deal is a higher bonus, overall, you could get more with Lloyds from the bonus plus savings interest.

About the author

Liz Edwards is editor-in-chief at Finder.com. Liz Edwards has been a consumer writer and editor for more than 20 years. She led award-winning teams at the campaigning publisher Which?, and has covered a range of consumer rights and personal finance topics including pensions, credit, banking and insurance. Liz has appeared frequently in national media such as The Sun, Metro, HuffPost and The Independent.

This article originally appeared on FinderUK and was syndicated by MediaFeed.

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