NatWest has introduced a £500 welcome bonus for customers switching to its Premier bank accounts. This offer matches a similar promotion from HSBC, which also includes an additional £290 cashback for those who open an HSBC Premier World Elite Mastercard.

To qualify for NatWest's £500 bonus, customers must deposit £15,000 into their new account within 90 days of switching. This is on top of the existing eligibility criteria for a Premier account, which requires customers to hold at least £100,000 in savings, investments, or have a specified level of income.

Premier Account Requirements

To be eligible for a NatWest Premier account, customers must meet one of the following conditions:

  • A sole income of at least £100,000, or a joint income of £120,000, paid into their current account.
  • A minimum of £100,000 in savings or investments.
  • A mortgage balance of at least £500,000.

Premier accounts typically offer enhanced benefits such as dedicated customer service and access to financial advice.

How to Claim the Bonus

New customers switching to a NatWest Premier Select or Premier Reward account using the Current Account Switch Service are eligible. Customers who have previously held an account with NatWest, RBS, or Ulster Bank are not eligible for this bonus.

After opening and switching to the account, customers must pay £15,000 into the new account within 90 days. NatWest will verify the completion of these steps 90 days after the switch date. If all conditions are met, the £500 bonus will be paid into the account within 30 days.

There is no stated closing date for the offer, but NatWest reserves the right to change or withdraw it at any time.

Comparing Premier Offers

NatWest's £500 bonus is competitive, especially when compared to Santander's recent £240 switching deal for regular account holders. However, the HSBC Premier offer may provide more value for some customers due to the additional cashback and benefits like worldwide family travel insurance and digital GP access, which are not offered by NatWest Premier.

The NatWest Premier Reward account offers £7 cashback monthly, increasing to £9 from October for customers who set up two direct debits of at least £4.50 each and use the mobile app. This account has a £2 monthly fee. Premier accounts also provide fee-free spending abroad, excluding ATM withdrawals, a perk also available on some standard accounts from other banks.

Financial Advice Considerations

While Premier accounts offer financial advice, customers should be aware of potential costs. NatWest states there are no ongoing advice fees, but product or one-off charges may apply. Accessing financial advice requires a minimum of £250,000 in investable assets, with a one-off fee of £7,000 for financial advice and £3,000 for investment advice. Customers are advised to compare all available options and associated fees before committing to financial advice services.