NatWest customers can get a £125 cash bonus before August by making one simple switch. The bank is offering the freebie to both new and existing customers who switch their current account held elsewhere into an eligible NatWest Select or Reward account instead. Customers can apply to switch online or via the NatWest app will receive the cash within 30 days of meeting the switch criteria. It means that customers who switch now can get the £125 paid into their bank account before August.

NatWest says customers will have their balance and payments automatically transferred to their new account within seven days of using the Current Account Switch Service. But to get the £125, there are four important requirements that must be met before the payment is made.

You must be a UK resident and apply for and open either a NatWest Reward, Premier Reward, Select, or Premier Select account (‘eligible account’) from June 24, 2025.

You must request and complete a full switch of a current account that is not with NatWest, RBS, or Ulster Bank to your new account using the Current Account Switch Service online or via the mobile app from June 24, and the switch must include closing your current account held elsewhere and moving any payment instructions to your new account.

Finally, within 60 days of your switch completing you must pay a minimum of £1,250 into your new account and log into the NatWest mobile app.

Providing these four criteria are met, NatWest will then pay £125 into your eligible account within 30 days, as long as your account stays open.

The bank said: “It is necessary to meet all of the above conditions to receive the £125 payment. The £125 will be paid within 30 days after completing these steps, provided the account remains open and is not a Student/Graduate account or a Foundation account.”

Customers also have the option of boosting their free cash by an additional £50 by opening a Digital Regular Saver within 60 days of the switch completing, giving customers £175 free cash in total.

NatWest adds: “Fancy an extra £50? Here’s how it works: Open a Digital Regular Saver (DRS) within 60 days of completing your switch to us. Once you receive your £125, we’ll then add another £50 to your DRS within 30 days. Total earned? £175!

“To get the additional £50 payment you must have received the £125 payment detailed above. Within 60 days of switching, open a new Digital Regular Saver account online or via the mobile app. The £50 will be paid into your new Digital Regular Saver account within 30 days after completing these steps.”