NatWest issues 'act now' alert over £150 payments

NatWest has urged savers to take action now to secure an £150 payment from the bank.

You can currently get the when switching from another provider to NatWest to open a Reward account, using the Current Account Switch Service.

Existing customers with NatWest can get the payment, as long as you switch from a non-NatWest provider into a Reward account.

was asked if it has set a deadline date for when the switch offer will end, but the group said it has not yet confirmed this.

Paul Slinger, customer manager at NatWest, urged people to take advantage while the offer lasts, as you could get other extra payments.

He said: "Now is the perfect time to switch to NatWest. Customers who make the switch will not only receive £150 cash, but will also enjoy 6.17% AER interest on their regular savings and earn an additional £5 each month through using their new Reward Account."

The switch offer is eligible when switching to either a Reward, Reward Silver, Reward Platinum, Premier Reward or Premier Reward Black account.

With a Reward account, you can earn £4 a month back if you have two or more direct debits, of at least £2 each. You can get another £1 back if you make one mobile app log in.

You can also get 6.17% with the NatWest Regular Saver, with the rate available on deposits up to £5,000 a month. The rate drops to 1.25% for deposits above this limit.

To get the £150 switch offer, you have to complete the switch using the Current Account Switch Service, close your old account and pay in at least £1,250 into the new account.

Other savers are also expecting some bonus payments, as Nationwide Building Society .

The are going out from today (April 9) with payment dates varying depending on what type of customer you are.

Payments into bank accounts should arrive by April 30 while those being sent a cheque should receive it by May 14.

To be eligible, you must have been a member on September 30, 2024, and still be a customer when the payment goes out.

Other qualifying rules to note include that on the 12 months to the end of September 2024, you must have had either:

• At least one qualifying transaction on your Nationwide current account or savings account
• At least £100 in total in one or more of your Nationwide current accounts and savings accounts
• Owed at least £100 in total on one or more Nationwide residential mortgages.