NatWest Group has announced a new £200 current-account switching bonus for customers who move their banking to the lender, effective from May 6, 2026. This offer is aimed at both new customers and some existing customers who meet specific eligibility criteria, marking a significant increase from the previous £150 incentive earlier this year.
The increase in the switching bonus reflects intensifying competition among banks for current account customers. To qualify for the £200 bonus, customers must switch to either a Select or Reward account and meet certain conditions, including depositing at least £1,250 within 60 days. This strategic move by NatWest is designed to attract more customers in a market where banks are vying for attention through lucrative offers.
For UK consumers, this means an opportunity to earn a substantial cash bonus by switching banks, which can help offset other financial pressures. The competitive landscape may also lead to better overall banking offers, as institutions strive to retain and attract customers through incentives.
Looking ahead, consumers should monitor similar offers from rival banks, as the competition is likely to escalate further. Banks like First Direct and Santander are already offering attractive switching bonuses, indicating that customers may benefit from ongoing incentives in the near future.
Sources
gbnews.com
