NatWest has launched a £150 cash incentive for customers who switch their main current account to the bank's Reward Account.
The offer is available to both new and existing customers and comes alongside additional benefits including annual rewards worth £60 and access to a high-interest savings account.
However, the high street bank is warning that this offer could be withdrawn at any time, so customers may need to act quickly.
To qualify for the £150 switching offer, customers must use the Current Account Switch Service to move their main account to NatWest.
They need to deposit at least £1,250 into the new account. Customers must also log into the mobile app within 60 days of switching.
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NatWest is offering free cash to customers who switch accounts to the bank
GETTYThe switching process is straightforward, with Direct Debits and Standing Orders automatically transferred to the new account within seven days.
Beyond the £150 switching bonus, customers can earn an additional £60 in rewards annually with the NatWest Reward account.
Each month, customers receive £4 in rewards for having two Direct Debits of £2 or more. An extra £1 is awarded monthly for logging into the mobile app.
The Reward account carries a £2 monthly fee. Customers can also access exclusive partner offers, providing money off at various retailers.
NatWest offers a Digital Regular Saver with an impressive 6.17 per cent AER interest rate. Customers can save up to £150 per month in this account.
This could generate up to £59.93 in interest during the first year alone. Unlike some promotional rates, the Digital Regular Saver does not expire.
This means customers can continue earning this competitive interest rate in subsequent years, potentially increasing their savings even further.
Paul Slinger, the customer manager at NatWest broke down why Britons should take advantage of this deal. 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 per cent AER interest on their regular savings and earn an additional £5 each month through using their new Reward Account."
NatWest customers can also benefit from the Travel Reward Credit Card, which gives one per cent back in rewards on travel spending.
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Savers are looking for the best high interest rate deal GETTY These rewards can be exchanged for cash or vouchers. Families are supported with a free Rooster Card subscription for children.
It is a prepaid debit card and pocket money app designed to help children develop positive money habits.
Up to three Rooster Cards are available free per family, saving parents £59.97 annually compared to the regular price of £1.99 monthly.
Alastair Douglas, the CEO of TotallyMoney, said: "There are, however, some hoops you’ll have to jump through, including depositing £1,250 and logging into NatWest’s mobile banking within the first 60 days.
"And to get the rewards, you’ll need to set up two Direct Debits, and log into the mobile app each month. The main thing to look out for is the monthly fee of £2 — but if you meet the other requirements, you’ll still be quids in.
"It’s worth remembering that moving your account to a new bank is hassle-free when using the Current Account Switch Service. More than 50 banks and building societies have signed up, and 99% of switches are completed within seven days. They’ll also switch your payments and transfer your balance.
"Loyalty doesn’t pay, but you could earn £150 by moving to NatWest. So, it’s worth considering, but always check the small print before jumping in."
