Switching from Santander to NatWest

I thought there was something on their site regarding what happens if you no longer qualify for the Regular Saver, but I can't find it. It mentions that they may transfer the account to an Everyday Saver paying 0.25% if an attempt is made to deposit more than £200 in a month or it isn't funded via a Santander current account, so it may be that they also do this in your case.

Are you wanting to get rid of the standard 123 account as it's no longer worth the £5 monthly fee to you? If so, you might find downgrading to the 123 Lite works best for you, as it pays the same cashback but no interest for £1 per month. You could keep your Regular Saver in this case and it would still pay the 5%.

It's possible to get the Natwest incentive by switching an Everyday Current Account, equally switching to the Natwest Select (their free current account) would qualify you for the incentive. You should only take the Natwest Reward if the flat 2% cashback for £2 per month beats Santander's offering.

If the Natwest Reward is best for you, it's worth keeping an Everyday Current Account with Santander. They offer a 3% Regular Saver in this case.