A MAJOR bank is giving away £180 in free cash – just in time for the expensive Christmas period.
The generous reward is available to any new or existing customer who switches their main current account to the bank’s reward account.
The offer from NatWest lasts for a limited time only – so those eyeing up the extra cash for Christmas should act fast.
To be eligible, customers must pay £1250 into their new Reward Account – through either single or multiple payments.
This must remain in the account for 24 hours.
Customers must also have the latest version of the NatWest mobile banking app.
If these conditions are met, £180 will be paid into the account within seven days.
And it’s not the only reward available for switching to the NatWest Reward Account.
Customers can also receive a further £60 in rewards a year by signing up – as well as money off at a range of retailers.
However, the account does charge a £2 monthly fee.
Other banks are also offering cash incentives for switching bank accounts in the runup to Christmas.
Lloyds is offering £200 to customers who switch to the Club Lloyds account before December 10.
Those who open a 1st Account with First Direct can enjoy a payment of £175.
Nationwide has launched a new offer of £175 to switch to its FlexDirect, FlexPlus or FlexAccount current accounts.
And Co-op Bank has announced that customers could receive £75 for switching to the bank – plus three monthly installments of £75.
Aside from the Reward Account, NatWest also has some other tempting offers for customers.
These include a 6% interest rate with the Digital Regular Saver account, prepaid “Rooster” debit cards for kids, and 1% back in rewards on the Travel Reward Credit Card.
These rewards can be exchanged for Amazon vouchers as well as cash.
To change your bank account, you should go through the Current Account Switch Service (CASS).
This automatically moves all your direct debits to your new account.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
