NatWest £150 "Switch & Stay" offer 14 October 2021 at 9:46AM in Budgeting & bank accounts 43 replies 5.7K views

PRAISETHESUN

NatWest has released a new switch offer, similar to the RBS/Ulster incentive discussed here: https://forums.moneysavingexpert.com/discussion/6296900/new-bonus-from-rbs-150-to-switch-stay/p1

Full terms here: https://personal.rbs.co.uk/content/dam/natwest/personal/permanent/current-accounts/documents/nw-pers-switcher-terms-october-2021.pdf

Who’s eligible for the offer? New and existing National Westminster Bank Plc (‘NatWest’) customers are eligible for this offer if you meet the following conditions.
1. New customers To get £100, you must:
(a) apply online for a NatWest Select, Reward, Premier Select or Premier Reward account (‘new eligible account’) via natwest.com or the mobile app between 11th October 2021 and 2nd December 2021 by 5pm (the application must then successfully result in an open account)
(b) as part of your application, transfer a non-NatWest current account to your new eligible account (which includes closing your non-NatWest current account and moving all your payment instructions to your new eligible account) using the Current Account Switch Service online or via the mobile app; and
(c) after your new account is opened and before 13th January 2022, deposit £1,500 into your new eligible account and log into our online or mobile banking service. If you meet these conditions, we’ll pay £100 into your new eligible account by 11th February 2022.

2. Existing customers If you already have a NatWest Select, Reward, Reward Silver, Reward Platinum, Premier Select, Premier Reward or Premier Reward Black account (‘existing eligible account’) opened prior to 11th October 2021, to get £100 you must:
(a) by 2nd December 2021, by 5pm, transfer a non-NatWest current account to your existing eligible account (which includes closing your non-NatWest current account and moving all your payment instructions to your existing eligible account) using the Current Account Switch Service online; and
(b) before 13th January 2022, deposit £1,500 into your existing eligible account and log into our online or mobile banking service. If you meet these conditions, we’ll pay £100 into your existing eligible account by 11th February 2022.

3. Additional payment of £50 To get an additional £50, new and existing customers must:
• keep your new or existing eligible account open
• between 1st January 2022 and 30th September 2022 make at least 10 debit or credit transactions per month (excluding account fees, charges and debit or credit interest) on your new or existing eligible account.

If you meet these conditions, we’ll pay £50 into your account by 30th November 2022. Anything from the list below is an eligible debit or credit transaction.
• Direct Debits (for example, regular bill payments made with your account).
• Standing orders.
• Payments to or from your account made in the UK or abroad (for example, online payments, Faster Payments, CHAPS, BACS, international payments and payments made to or from your account over the counter in a bank branch or via a cash and deposit machine).
• ATM withdrawals.
• Cheque payments to or from your account.
• Using your debit card (for example, to pay for things online, using chip and PIN, contactless, Apple Pay and Google Pay – criteria apply).
• Using Paym (Pay Your Contacts).
• Recurring point of sale payments (for example, recurring payments set up with your debit card, subscriptions linked to your debit card and memberships and payment plans linked to your debit card). Account fees (like your monthly Reward account fee), account charges (like unarranged or arranged overdraft charges) and credit and debit interest are excluded.

Please note
• You must apply online or via the mobile app. If you switch your account to us in branch or over the phone, no payment will be made to you.
• If you close your new or existing eligible account before 11th February 2022, no payments will be made to you.
• If you close your new or existing eligible account after 11th February 2022, and before 30th November 2022, you won’t receive the second payment of £50.
• If you upgrade or downgrade your new or existing eligible account to another existing eligible account type within the offer period, you’re still eligible to receive payment so long as you continue to meet the conditions of the offer.
• You won’t be eligible for this offer if you’ve already taken advantage of a cash switcher offer from NatWest, Royal Bank of Scotland and/or Ulster Bank between October 2017 and 11th October 2021.
• Joint account holders will only be eligible for one payment.
• You can only benefit from this offer once, meaning that even if you apply, successfully open an account and meet the conditions of this offer for more than one eligible account, you’ll only receive one payment.
• We can withdraw this offer at any time.

What other conditions do you need to know? You’ll be bound by your current account terms, which contain all the terms applicable to your eligible current account, including any regular criteria you need to meet to keep your account and use the account benefits.

creditavenger

I was all excited until I spotted this pesky clause under the Please Note para in the OP above : 

• You won’t be eligible for this offer if you’ve already taken advantage of a cash switcher offer from NatWest, Royal Bank of Scotland and/or Ulster Bank between October 2017 and 11th October 2021.

This means that I, and I suspect loads of other dedicated MSE serial switchers, will fail to qualify for this offer

PRAISETHESUN

creditavenger said:

I was all excited until I spotted this pesky clause under the Please Note para in the OP above : 

• You won’t be eligible for this offer if you’ve already taken advantage of a cash switcher offer from NatWest, Royal Bank of Scotland and/or Ulster Bank between October 2017 and 11th October 2021.

This means that I, and I suspect loads of other dedicated MSE serial switchers, will fail to qualify for this offer

I suspect you're probably right but there will be many who can still take advantage.

If you've previously gotten a RBS/Ulster incentive but not a NatWest incentive however I'd still give it a shot - a number of people, myself included, have managed to successfully claim an incentive from NatWest/RBS/Ulster even though they've switched to a sister bank during the excluded period - just make sure to meet all the other offer terms.

anna42hmr

creditavenger said:

I was all excited until I spotted this pesky clause under the Please Note para in the OP above : 

• You won’t be eligible for this offer if you’ve already taken advantage of a cash switcher offer from NatWest, Royal Bank of Scotland and/or Ulster Bank between October 2017 and 11th October 2021.

This means that I, and I suspect loads of other dedicated MSE serial switchers, will fail to qualify for this offer

Snap, however just checked my closed accounts on the credit report and can see i last opened a natwest account in January 2018, which i remember was for an incentive, so miss out on eligibility by a few months lol! maybe next one will be eligible for

WillPS

If you have a spare donor account and an open Natwest account, it might be worth a punt regardless. All you'd lose worst-case is a donor account.

cx6

creditavenger said:

I was all excited until I spotted this pesky clause under the Please Note para in the OP above : 

• You won’t be eligible for this offer if you’ve already taken advantage of a cash switcher offer from NatWest, Royal Bank of Scotland and/or Ulster Bank between October 2017 and 11th October 2021.

This means that I, and I suspect loads of other dedicated MSE serial switchers, will fail to qualify for this offer

Yes, and from memory that offer resulted in a very very long thread about the minutiae about exactly what constituted a payment amongst other things.

Daliah

WillPS said:

If you have a spare donor account and an open Natwest account, it might be worth a punt regardless. All you'd lose worst-case is a donor account.

You would also have opened a Natwest account this month, and thereby possibly exclude yourself from the next Natwest switch offer

WillPS

Daliah said:

WillPS said:

If you have a spare donor account and an open Natwest account, it might be worth a punt regardless. All you'd lose worst-case is a donor account.

You would also have opened a Natwest account this month, and thereby possibly exclude yourself from the next Natwest switch offer

I didn't say anybody should open an account anywhere, but even if I did as far as I know Natwest have never excluded existing account holders in their switching offer terms.

Over62

My OH and I both received bonuses for switching sole accounts into Natwest sole accounts in April 2018.  I have a spare joint account.  Has anyone tried to switch a joint account into a Natwest joint account and qualified for another bonus? 

kuepper

I've just switched an RBS account to Santander. I wondered (because RBS is part of same group) if I'd still be eligible for the Natwest offer if I switched a current account to them from another bank (I've got a TSB and Virgin I could switch)

PRAISETHESUN

kuepper said:

I've just switched an RBS account to Santander. I wondered (because RBS is part of same group) if I'd still be eligible for the Natwest offer if I switched a current account to them from another bank (I've got a TSB and Virgin I could switch)

The terms state that if you've received an incentive from RBS/Ulster since Oct 2017 you won't be eligible. That said, a fair few people on here, myself included, have decided to try a switch anyway for past incentives and they have paid out - can't guarantee it'll work this time around but it has worked in the past. Worst case all you've done is moved your donor account from TSB/Virgin to NatWest and you switch it away during another incentive down the line.