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NatWest is offering £180 to new and existing customers in the latest switch offer to enter the market.

To qualify, you need to use the Current Account Switch Service, pay £1,250 into the new account and log into the mobile app within 60 days of moving accounts.

If you have previously received a switch reward from NatWest, you won’t be eligible.

Customers can also get a further £60 back in rewards if they sign up to the NatWest Rewards Account – they get £4 a month if they have two direct debits of £2 or more leaving the account. And an additional £1 is given for logging into the mobile app.

Other banks currently offering cash rewards are…

Lloyds: Get £200 plus an additional reward if you switch with three direct debits before 10 December (you can’t have previously had a reward from Lloyds, Bank of Scotland or Halifax since April 2020).

First Direct: Get £175 if you switch with two direct debits, make five card payments within 45 days and pay in £1,000 (you can’t have ever had an account with First Direct or opened an account with HSBC since January 2018).

Nationwide: Get £175 if you switch with two direct debits, pay in £1,000 and make at least one payment using the debit card in the first 31 days (you can’t have switched into a Nationwide Account or received a bonus from them since 18 August 2021).

Co-op bank: Get £175 if you switch with two direct debits, deposit £1,000, register for digital banking, add a debit card to a digital wallet and make 10+ transactions using the debit card.

Seems like a lot of effort? 

Well, yes. Banks are asking customers to jump through twice as many hoops when switching current accounts, research shows.