NatWest Reward Account
Current account
£200
switching bonus
Penny's take
Strong value for regular switchers who can meet the monthly habits. The £200 bonus is competitive, and the ongoing £5 monthly cashback more than covers the £2 fee, delivering a net £36 yearly gain - provided you consistently deposit £1,250, run two qualifying Direct Debits, and log into the app each month. The requirements are manageable for most working adults.
The biggest catch is the exclusion of previous NatWest Group switchers, which rules out a significant chunk of potential applicants. If you qualify and already use mobile banking regularly, the long-term cashback makes this genuinely worthwhile beyond the upfront bonus.
Requirements at a glance
Deposit requirement
Monthly fee
Online Banking
How to qualify
Requirements
- •Switch using the Current Account Switch Service (CASS)
- •Deposit £1250 and log in to the NatWest mobile app within 60 days of switching
- •Maintain 2+ Direct Debits of £2+ each month to receive ongoing cashback
Things to check
- Offer not available to those who have previously received a NatWest Group switch incentive.
- £2 monthly fee applies — offset by £5 cashback each month conditions are met.
Account Benefits
Up to £5 monthly Rewards
Earn £4 for two qualifying Direct Debits and £1 for logging into the app when the monthly conditions are met.
Partner-retailer Rewards
Eligible debit-card purchases can earn changing Rewards with participating retailers.
Flexible Reward redemption
Redeem accumulated Rewards as account credit, eligible e-gift codes, partner rewards or charity donations.