Nat West Bank Account-Clarification Questions

lindabea

Not clear on whether the £1250 that needs to be paid is a one off payment to qualify for the £125 payment (I know it can be made up of several payments) or do you then need to continue to pay £1250 every month.  Martin Lewis website states £1250 per month.  Again, not sure if this applies to the Reward account or the Select account.

Now regarding the Regular saver account, my understanding is that this is not like other reg savers in as much that it is for 12 months. It would appear that since the interest rate of 5.5% is payable on the first £5000 and you can only put in £150, the account does not have a finite term.  I presume you can continue to pay in 150 every month and when you reach 5000, the int drops to  1.15.  

Would that be correct??
  

Middle_of_the_Road

lindabea said:

Not clear on whether the £1250 that needs to be paid is a one off payment to qualify for the £125 payment (I know it can be made up of several payments) or do you then need to continue to pay £1250 every month.  Martin Lewis website states £1250 per month.  Again, not sure if this applies to the Reward account or the Select account.

Now regarding the Regular saver account, my understanding is that this is not like other reg savers in as much that it is for 12 months. It would appear that since the interest rate of 5.5% is payable on the first £5000 and you can only put in £150, the account does not have a finite term.  I presume you can continue to pay in 150 every month and when you reach 5000, the int drops to  1.15.  

Would that be correct??
  

Paying in £1,250 per month is a requirement to qualify for the reward account. Not an ongoing requirement related to the switch incentive.

The regular saver pays 5.5 percent on the first £5k, irrespective if the balance goes above that. When you reach the £5k it's best to withdraw the monthly interest, as that part of the balance will earn interest at the lower rate.

PRAISETHESUN

The most recent NatWest/RBS switch incentives are discussed here: https://forums.moneysavingexpert.com/discussion/6614581/natwest-rbs-175-switching-offers-june-2025/p1

In short, there are two different £1250 payment requirements for NatWest, only one of which matters for the switch incentive. For the switch, you need to open an eligible account and deposit £1250 (this can be in multiple payments if required). These deposits need to stay in your account for a minimum of 24 hours.

Completely separate is the requirement for on-going monthly benefits from the NatWest Reward account (which is one of the eligible accounts for the switch incentive). For this you need to pay in £1250 each month (again can be in multiple payments if required, but there is no requirement for these deposits to remain in the account for 24 hrs), alongside 2x DD payments of £2 or more. If you don't meet these requirements you can still keep the Reward account open, but you won't qualify for the £5 monthly reward.

The Select account is fee-free and doesn't have any monthly deposit requirements.