NatWest launches £175 offer for customers with this savings account

NatWest customers can secure an extra £175 in free cash when switching over to the bank.

The group has launched an £125 switch offer when you move from another to provider to a NatWest Current Account and you can get another £50 if you also open a Digital Regular Saver with the group.

You can get the £125 when moving over your main current account using the Current Account Switch Service. The rules state you have to pay in £1,250 and log into the mobile app within 60 days of completing the switch.

You can deposit the £1,250 in several instalments but the funds have to be in your account for at least 24 hours.

On top of the £125 switch offer, you can also get another £50 if you open a Digital Regular Saver within the same 60-day period.

The savings account has a 5.5% interest rate and you can pay in between £1 and £150 a month. If you pay in the full amount, after a year you will have earned £53.53 in interest.

You can get the 5.5% interest rate on balances up to £5,000, with balances above this getting a reduced rate of 1.15%.

Paul Slinger, head of Account Opening at NatWest, said: "The Digital Regular Saver account is a great way to build a savings habit, and with Round Ups you can save even more.

"This offer is a great way to receive a cash bonus and fully take advantage of all our current account benefits."

Round Ups help you use your spare change towards topping up your savings. For example, when you spend £2.80 on an item, you can 'round it up' to the nearest pound, with the 20p going towards your savings. This will not count towards your £150 monthly limit.

You can also earn rewards to go towards the account. You can get rewards when you pay your direct debits, spend with your debit or credit card, or when logging into the mobile app.

Once you earn £5 in rewards, you can put this in your current account or into a savings account. This also will not count towards the £150 limit.

To benefit from this, when making the switch you will need to switch to a NatWest Reward Current Account, rather than a Select Account.

You can get the switch offer when switching to either a NatWest Select, Reward, Premier Select or Premier Reward account.

When you switch bank accounts using the Current Account Switch Service all your payments, such as direct debits and standing orders, will be automatically transferred to your new account. This process typically takes seven working days to complete.