NatWest vs RBS Switch Bonuses

NatWest Select and Reward accounts

NatWest Select and Reward Review: Is the £200 Switch Worth It?

Worth doing if you are eligible, because the tasks are lighter than most: switch a current account in full with CASS, pay £1,250 into the new account (the switched balance counts, and each payment only has to stay 24 hours) and log in to the app, all within 60 days of the switch completing. Select gets you the £200 with no monthly fee. Reward adds about £24 in the first year, but only if you already pay in £1,250 a month and have two Direct Debits of at least £2. As an everyday account it is ordinary: Select charges 2.75% on spending abroad, the overdraft is 39.49% EAR, and reviews of the bank's service are poor even though the app scores well. The eligibility rules are the real catch: one NatWest Group switch bonus, ever.

RBS Select and Reward accounts

RBS Review: Is the £200 Switch Worth It, and Is RBS Just NatWest?

If you have never had NatWest Group switch cash, the £200 is straightforward to earn: switch a current account in full, put £1,250 through the new account (the balance the switch moves counts, and each payment only has to stay for 24 hours) and log in to the RBS app, all within 60 days of the switch completing. Select pays the £200 with no monthly fee. Reward is worth about £224 in the first year, but only if £1,250 a month from outside RBS already lands there and you have two Direct Debits; its fee-free card spending abroad pays for the £2 a month once you spend around £900 a year in foreign currencies. RBS is not just a NatWest with a different logo: it has its own banking licence, so its £120,000 of FSCS protection is separate from NatWest's. The bonus, though, is shared: one NatWest Group switch bonus per person, ever, so pick RBS or NatWest, not both.