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NatWest provides a number of banking services to its customers who put away money with them each year. The bank is a trusted name, and offers a number of accounts for Britons who are looking to make their money grow. Unfortunately, though, more generally across the country, interest rates have been lower than usual as a result of the financial issues caused by COVID-19.
In March, the Bank of England lowered its base rate to an unprecedented 0.1 percent, having a knock on effect on many providers.
However, to provide enticement to savers, some banks established switching offers – incentivising Britons to bank with them.
NatWest has a generous provision of £125 – but people will need to act quickly as the offer ends in just two days.
People who switch to NatWest will be provided with £125 cash back, as long as they do so by November 19th, 2020.
There are, however, some important factors for Britons to consider if they are looking to make the switch.
Those who do not currently have a NatWest account will have to switch into either the Select Account or the Reward Bank Account.
It is worth undertaking research into which option will be the most suited to a person’s circumstances.
However, people who already have a current account with NatWest can also potentially benefit from the £125 offering.
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These individuals can switch into their existing Select, Reward, Reward Silver or Platinum account, according to the bank’s website.
Next, savers are required to apply online or through NatWest’s mobile banking app.
Then, within seven days, the official Current Account Switch Service automatically moves existing payments, closing a person’s old account.
This is designed to make the process of switching easier, with less administration work for the person involved.
Those who switch are then required to pay in at least £1,500 into their new account.
This, alongside logging into Mobile or Online Banking must be done by January 15th 2021.
Finally, Britons can expect the £125 to be paid into their NatWest bank account by February 12, 2021.
The new account cannot be closed before this date, or savers risk losing out on the switching bonus.
But the terms of the switching offer state NatWest is able to end the offer at any time, so acting sooner rather than later is important.
The NatWest Reward account, for Britons who may be interested in this option, offers £3 a month in cashback.
It requires a monthly pay in of £1,250 for those who set up the account.
The Select Bank Account is NatWest’s most popular everyday bank account.
To apply for both accounts people need to be 18 or over and a UK resident.
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