NatWest has launched one of the most generous cash incentives currently available for customers. Effective from May 6, 2026, new and certain existing customers can claim a £200 bonus when moving their banking to an eligible account.

This latest offer marks a significant increase from the £150 cash reward that NatWest and Royal Bank of Scotland (RBS) were promoting earlier in 2026. It puts the new £200 bonus as a top-tier incentive among other standard current accounts on the market.

On its website, NatWest says: "This offer is available to new and existing customers who did not hold a NatWest current account on May 6, 2026." The offer applies to customers who switch their current account to either the Select Account or the Reward Account offered by NatWest or RBS via the Current Account Switch Service (CASS).

To qualify for the £200 payment, new customers must adhere to three specific conditions within 60 days of successfully completing their switch. Firstly, they are required to pay in a minimum of £1,250. This can be achieved across one or more payments, but the total amount must be deposited into the account and then remain there for a minimum of 24 hours.

Secondly, customers must log in to the respective bank's mobile app within the same 60-day window. Once these requirements are met, NatWest or RBS commits to paying the £200 directly into the customer's account within 30 days.

NatWest explains: "Open a current account and switch to us. Apply for a Select or Reward account and request and complete a full switch to us from another bank using the Current Account Switch Service.

"Within 60 days of switching, pay in £1,250. This can be made of multiple payments and must remain in the account for 24 hours. Log in to our mobile app. This can be done on any device that supports the NatWest mobile banking app."

As for the final step, the bank says: "When you've met these conditions, we'll pay £200 into your eligible account within 30 days." NatWest and RBS have not specified an end date for this current account switching offer.

It is important to note the strict eligibility criteria, which exclude some potential switchers. Any customer who has previously benefited from a cash switcher offer provided by NatWest, RBS, or Ulster Bank will not be eligible to receive this latest bonus.

While the £200 payment for the Select Account offer is a substantial upfront payment, customers opting for the Reward Account may also have access to additional ongoing financial perks. This is particularly true for those who continue to pay in £1,250 or more each month. Although the Reward account carries a £2 monthly fee, the rewards on offer have the potential to comfortably cover this charge.

The Reward Account structure incentivises active account usage. By maintaining two or more direct debits of at least £2, customers will automatically earn £4 a month in Rewards. An additional £1 per month is earned for logging in to the bank's mobile app. This means a customer can secure £5 in monthly rewards through these two actions alone, offsetting the £2 fee and providing a net gain.

Beyond these fixed monthly benefits, Reward customers can also accumulate rewards when making purchases at NatWest's partner retailers. These partnership deals rotate regularly and include a range of businesses.

Customers can cash in these accumulated Rewards once they have earned at least £5. The value of the rewards can be redeemed in several ways: paid directly into a NatWest current or savings account, exchanged for e-gift cards usable with partner retailers, or donated to a registered charity.