Natwest is offering £150 if you open a current account

Natwest is offering £150 if you open a current account

NatWest is offering new customers £150 to switch their bank account to the brand as current account providers step up efforts to attract users.

Here is how to get the money sweetener and what other brands are offering.

Most people need a current account if they want to receive their salary or pay the rent and bills.

There are no prizes for loyalty in banking though and shopping around for a different current account can often give you access to better interest rates, rewards or free cash.

One method banks use is cashback to encourage account holders from rival brands to switch to them.

NatWest's is offering new customers £150 to move their money to the bank.

The offer is only available for a limited period and there are a few catches.

First, you need to apply through its website or mobile app for a Select or Reward account by 5pm on December 2.

You will then need to pay in at least £1,500 by January 13 2022 and once this is done you will get a £100 payment from NatWest by February 11 2022.

To get the extra £50 you need to make 10 payments with teh card each month between January and September 2022.

You will then get the £50 by November 30.

The move is done through the Current Account Switching Service which aims to complete transfers to a new account within sevendays.

It should move all your existing direct debitssuch as mortgage or credit card payments automatically

The Reward account has a monthly fee of £2.

You can earn rewards such as £4 payments per month if you setup two direct debits and £1 a month for logging into its app.

NatWest also has a silver, platinum and premier Reward current accounts with benefits such as insurance and breakdown cover for monthly fees of £10, £20 and £31 respectively.

The Select account doesn't have any charges.

What cashback do banks offer for current account switches?

NatWest isn't the only bank offering cash to attract customers.

RBS, which is part of the same brand, offers a similar £150 sweetener.

First Direct is offering £100 to new customers who switch to its 1st Account and pay in at least £1,000 within three months.

Santander offers a £130 switching bonus to users who move to its Everyday, 123 Lite or 123 Current Account.

You need to transfer at least two direct debits, pay in £1,000 and register and login to the mobile app.

You also need to make sure you're paying in at least £500 each month.

Nationwide has a slightly lower offer of £120 for new customers and £125 for existing ones to open its current accounts.

Alternatively, HSBC is offering £110 for new customers in its Advance account. You need to put at least £1,750 into the account each month to qualify.

Lloyds will pay £100 for new Club Lloyds customers but you need to pay in at least £1,500 per month and the offer ends on October 19.

Read our roundup of current account switching incentives and what you get with each product.

Find out what the increase in the contactless limit means for you.

MoneySavingExpert has a handy table that shows you which banks will let you set your own limit and how to do it.

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