NatWest is offering £200 to switch your current account — one of the strongest ongoing deals available right now, with no hard deadline and straightforward conditions. Here's the complete guide, including a clarification on the £2 Direct Debit question that confuses a lot of people.
£200 bonus. 2 DDs, £1,250 pay-in, app login within 60 days. No deadline. No fee on Select.
About the £2 Direct Debit question: You may have seen NatWest mention a £2 minimum for Direct Debits. This applies specifically to the ongoing monthly cashback on the Reward account (£4/month for 2+ DDs of at least £2 each) — it is not a requirement for the £200 switching bonus itself. The switching bonus simply requires two active Direct Debits, with no minimum amount specified. Your BeSwitchReady DDs at £0.99 each satisfy the switching bonus requirement.
For most switchers, the Select account is the better choice — no monthly fee, so your £200 is entirely net profit. The Reward account charges £2/month but pays £4/month cashback if you maintain 2+ Direct Debits of £2 or more, plus £1/month for app login — a net gain of £3/month if you stay with NatWest long-term. For a one-time switch, Select is simpler and costs nothing.
Yes — £200 with no monthly fee, no deadline pressure, and a relatively low £1,250 pay-in threshold makes this one of the cleanest switching offers currently available. It's our top pick for July 2026 given the simpler conditions compared to HSBC (which requires £2,000 pay-in plus £500 card spend) and Barclays (which has a 27 August 2026 deadline).
You can technically start a new switch as soon as your CASS switch completes — but the sensible approach is to wait until your £200 bonus has actually landed in your account first. Some banks require your account to still be open when they pay the bonus, so switching away too early risks losing it. Once the bonus lands (typically within 30 days of meeting conditions), you're free to switch to your next target immediately.
Each bank account application involves a credit search, which temporarily affects your credit score. For most people doing 3–4 switches a year this is a minor, short-term impact. However, if you're planning to apply for a mortgage or remortgage within the next 3–6 months, it's worth pausing your switching activity — multiple credit searches in a short period can concern mortgage lenders. The general guidance is to stop switching at least 3–6 months before any significant mortgage application.
No — NatWest, Royal Bank of Scotland, and Ulster Bank are all part of the same NatWest Group. If you've ever received a cash switching bonus from any of the three, you won't qualify for the NatWest £200 offer.
Once your bonus lands: make it work harder. See our guide to what to do with your switching bonus — from investing platforms to travel cards, we've rounded up the best options for your extra cash.
Your two BeSwitchReady Bacs Direct Debits satisfy NatWest's eligibility requirement for the switching bonus — no minimum DD amount applies to the £200 offer. Your membership newsletter covers this offer each month it remains live.
Not yet a member? Two Direct Debits, £1.98/month total (£0.99 each) — set up once, ready for every offer.
Join BeSwitchReady →Our top pick for July 2026 — simple conditions, no deadline, no monthly fee on Select.
Apply for NatWest →Always verify current terms at natwest.com before applying. Bonus amounts and eligibility criteria may change.