High street bank NatWest has taken on Lloyds, First Direct and Nationwide with its own bank switch deal offering £150 each to customers.

NatWest has become the latest high street bank to offer a cash incentive to switch to its bank and away from rivals. Those who switch their bank to NatWest will receive £150 cash within 30 days, and another £60 a year, for a total of £210. The bank is also offering a linked savings account paying a bumper 6.17% interest rate. To get the £150 up front and £60 over the next year, customers need to switch their current account to a NatWest Reward Account, then pay in £1,250 and use the mobile app within 60 days.

Then, customers with two direct debits of £2 or more will receive £4 per month, with an additional £1 per month for logging into the mobile app, for a total of £5 per month or £60 per year.

The account has a £2 monthly fee, but even deducting this you would still be in profit.

If you also paid in the maximum £250 per month into its savings account, you could get £59.93 paid to you in interest in the first year.

NatWest customers can also benefit from the Travel Reward Credit Card which gives 1% back in rewards on travel spend. Rewards can also be exchanged for cash or vouchers.

Paul Slinger, a Customer Manager at NatWest, 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 offer is not open to anyone who has previously been paid a switch bonus from NatWest and you won’t be eligible for this offer if you switch a current account from Royal Bank of Scotland or Ulster Bank.

Other bank switch offers right now include £175 from Lloyds (but you need to pay in a £28,500 salary equivalent), £175 from First Direct and £150 from the Co-op.