A current account switching offer from NatWest has been highlighted by financial comparison service Moneyfactscompare.co.uk after the bank introduced a £200 incentive for eligible customers.
The deal applies to customers switching their existing current account using the Current Account Switch Service, commonly known as CASS. According to Moneyfactscompare, the offer is among the more competitive banking incentives currently available in the UK market.
The comparison service also reviewed savings and mortgage products this week, including a cash ISA from Chip and several HSBC mortgage deals.
NatWest
NatWest is offering eligible customers £200 for switching to selected current accounts through the official switching service.
The offer is available on the following accounts:
- NatWest Reward Current Account
- NatWest Select Account
To qualify for the payment, customers must complete certain requirements within 60 days of switching.
| Requirement | Details |
|---|---|
| Switching Method | Current Account Switch Service |
| Minimum Deposit | £1,250 |
| Mobile App Login | Required within 60 days |
| Switching Reward | £200 |
The incentive is designed to encourage customers to move their everyday banking to NatWest.
Reward
The NatWest Reward Current Account includes a monthly fee of £2. However, account holders may earn rewards that can help offset the charge.
According to Moneyfactscompare, customers may be able to earn up to £5 in monthly rewards depending on account usage and eligibility conditions.
Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, described the switching incentive as attractive for consumers looking to change banks while also accessing additional account benefits.
The account received an “Outstanding” product rating from the comparison service.
Switching
The Current Account Switch Service allows customers to transfer their banking arrangements from one provider to another in a structured process.
The service typically includes:
- Transfer of direct debits
- Movement of standing orders
- Balance transfer
- Closure of the old account if requested
Most switches are completed within seven working days under the guarantee provided by the switching service.
Customers considering switching are generally advised to review account fees, reward structures, overdraft charges, and eligibility requirements before applying.
ISA
Moneyfactscompare also highlighted the Chip Smart Cash ISA after the provider increased its savings rate.
The account now offers a rate of 4.32% AER, including a temporary bonus for the first 12 months.
| Savings Product | Interest Rate |
|---|---|
| Chip Smart Cash ISA | 4.32% AER |
The rate includes a 0.57% bonus element that expires after the first year.
The ISA also includes a feature linking its underlying gross rate to the Bank of England base rate.
According to Moneyfactscompare, savers can open the account with as little as £1 and continue adding funds over time.
However, customers who close the account or transfer out before the first anniversary may lose interest payments, making it important to review terms carefully.
Subscription
Chip offers two account options for investors and savers.
Free
Users can access a standard fee-free subscription with core account features.
Paid
Customers may also choose the ChipX subscription, which costs £4.99 every 28 days and provides access to additional features and investment tools.
Moneyfactscompare awarded the savings account an “Excellent” product rating.
Mortgages
HSBC mortgage products were also recognised in this week’s product review updates.
Fixed
HSBC reduced selected fixed mortgage rates by up to 0.13%, including its five-year fixed mortgage at 60% loan-to-value.
| Mortgage Product | Rate |
|---|---|
| HSBC Five-Year Fixed | 4.49% |
The mortgage runs until 31 July 2031 and includes:
- £999 product fee
- Free property valuation
- Best Buy recognition from Moneyfacts
The comparison service described the mortgage as competitively priced for homemovers.
Buy-to-Let
HSBC also reduced selected buy-to-let fixed mortgage rates.
Its two-year fixed rate mortgage at 60% loan-to-value for second-time landlords now stands at 4.94%.
Additional features include:
- No product fee
- Free valuation
- Up to 20% annual overpayments allowed
The mortgage was also awarded an “Outstanding” product rating by Moneyfactscompare.
Considerations
Financial experts continue to advise consumers to review all product terms before making decisions on bank accounts, savings products, or mortgages.
While switching bonuses and promotional savings rates may appear attractive, long-term suitability often depends on:
- Account fees
- Interest rate changes
- Eligibility requirements
- Early withdrawal conditions
- Borrowing costs
Consumers are also encouraged to compare products from multiple providers before committing to a financial agreement.
The latest NatWest switching offer reflects continued competition among banks seeking to attract new customers through cash incentives and reward-based accounts. At the same time, savings providers and mortgage lenders continue adjusting rates as the wider interest rate environment evolves across the UK financial market.
FAQs
How much is the NatWest switching bonus?
Eligible customers can receive £200.
What is required for the NatWest offer?
Switch accounts, deposit £1,250, and use the app.
Does the Reward account charge a fee?
Yes, the monthly fee is £2.
What rate does the Chip ISA offer?
The account pays 4.32% AER.
