It is one in all quite a few beneficial offers banks have launched to tempt clients away from rivals.
Natwest is trying to lure clients from rivals with a 7%-interest financial savings account (Picture: Getty)
NatWest is providing a money increase and an “inflation-busting” rate of interest for brand spanking new clients. Banks and constructing societies usually launch campaigns to draw new clients after the festive interval, providing beneficial offers within the first few months of the yr to tempt them away from rivals.
NatWest is amongst them, providing Britons a £150 money increase once they change to a Choose or Reward present account with the financial institution, deposit not less than £1,250, and use the NatWest app within the first two months of their change. Clients can then open a separate Digital Common Saver financial savings account with a bonus financial savings fee of seven% AER for 12 months.
The 7% fee consists of 5.25% / 5.13% AER/Gross p.a. (variable) on balances as much as £5,000 in addition to a conditional bonus of 1.75% (mounted) for 12 months, with curiosity paid month-to-month.
Clients get 1% AER/Gross p.a. (variable) on balances over £5,000. Brits can save between £1 and £150 within the account each month, and withdrawals might be made at any time with out penalty.
The brand new financial institution change provide is obtainable to new and present clients who have not beforehand acquired a change provide and didn’t maintain a NatWest present account or financial savings account as of February 17, 2026.
TotallyMoney chief government Alastair Douglas mentioned: “NatWest is the most recent financial institution to supply money for brand spanking new clients. On this case, you possibly can financial institution £150, and obtain an inflation-beating bonus financial savings fee of seven.00% AER for a yr.
“The provide is extra simple than a few of the others in the marketplace – and the primary factor to notice is that you simply’re solely capable of save a most of £150 per thirty days.”
It was introduced this week that UK inflation fell to three% within the 12 months to January this yr, that means the AER fee will increase the worth of your financial savings in actual phrases.
As soon as you’ve got opened your present account, it’s important to open your Digital Common Saver financial savings account by June 16, 2026, to get the bonus 7% fee.
Mr Douglas says these interested by switching banks for money ought to “be sure you store round”.
“Some may even provide interest-free overdrafts, cashback on purchases, and different perks.”
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“And with a number of excessive road banks saying that they’ll be closing branches over the subsequent two years, you would possibly discover there’s even fewer causes to stay along with your present supplier.”
You will discover the complete eligibility standards and phrases and situations for NatWest’s switching provide right here.
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