NatWest is offering savers 5 percent interest rate plus £175 free cash

The interest rate increased from 3.75 percent last week and as well as a high-interest rate offer, NatWest is also giving customers £175 if they switch current accounts to NatWest and make a deposit. The Royal Bank of Scotland (RBS), which is part of the NatWest group is also offering cash for switching. The offer is available to both new and existing NatWest and RBS customers and the incentive is currently one of the most generous current account switching offers available at the moment. 

Both banks are running the offer for a limited period of time with NatWest offering the cash until November 3 and RBS running it until next month – expiring on October 20.

Those signing up for the first time must choose between NatWest and RBS’ Everyday Select bank account and Reward bank account.

The Reward current accounts give those who switch £175 in cash and £3 a month in cashback. 

Reward account holders can earn one percent in rewards that can be redeemed as cash back, gift cards or e-codes with the bank’s retail partners.

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The Everyday Select account is free whilst the Reward account charges £2 a month.

To get the bonus, people must be switching from a non-NatWest account if switching to NatWest and from a non-RBS account if switching to RBS.

Existing RBS or NatWest customers can get the cash if they already have an account with either bank, but they will need to close down a current account they hold with another bank through the Current Account Switching Service (CASS).

For example, if a customer already has a NatWest Reward account, they can switch their main bank account held elsewhere to the Reward account, to get the £175 bonus.

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The Round Ups feature automatically rounds up a transaction, made on the current account debit card, to the nearest pound. 

It then automatically sends the spare change into Digital Regular Saver and can help customers hit their savings goals a little faster. 

David Lindberg, CEO, retail banking at NatWest said: “We provide a range of practical support for customers to help them with budgeting and saving as part of our commitment to help people build their financial resilience. 

“Customers will be welcomed with £175 and can earn five percent on their savings. They will also have the chance to win £1,000 by turning on our Round Ups feature which rounds up transactions to the nearest pound and automatically sends the spare change into their savings account.”