You can get £175 for free just by switching your bank account to NatWest
Banks are competing for your cash and offering some enticing bonuses for switching accounts
NatWest is offering a welcome bonus of up to £175 for switching accounts (Image: Getty)
Golden hellos aren't anything new when opening current accounts at banks but this one might just be the most tempting yet.
From today, customers who switch their banking to NatWest before June 7 can pocket £175 cash - and there isn't much of a catch.
To snag the full bonus, all you have to do is pay in a total of £1,500 before July 12, log into online banking before this date, and then use the debit card at least once a month for a year.
NatWest has a generous offer for customers switching to its current accounts
As long as you make those initial deposits, the first payment of £125 will be made by August 9 with the remaining £50 paid in June 2020.
The new switching offer applies to those who open a NatWest Select, Reward, Reward Silver or Reward Platinum account.
Some of the other 'golden hellos'
NatWest isn't the only bank offering sweeteners to get you on board. Here are some of the other offers currently available …
M&S Bank: This is actually more generous than NatWest's offer, but you'll receive payment in the form of M&S gift cards.
You'll get £100 worth just for switching, and another £80 if you stay for a year, pay in at least £1,250 a month, have four active Direct Debits, and register for internet banking.
The bonus is even better if you have an M&S credit card as that second payment will be £120.
First Direct: The online-only bank is offering a bonus that doesn't require you to pay in quite as much as some of the others. You'll get a bonus of £100 for switching account as long as you pay in a minimum of £1,000 within the first three months.
You'll also get a £250 zero per cent overdraft, and can open a linked 5 per cent regular saver.
You also need to pay in £1,000 per month (or make sure you always have £1,000 in your account) to avoid the monthly £10 fee which comes in after six months.
However, if you don't like the bank and decide to leave within six months, you'll get £100 in compensation.
Halifax: Switch to the Halifax Reward account and you'll get £50 paid before your switch completes, and another £85 after six months if you pay in £1,500 a month, use your debit card at least once and opt for online banking.
You can also get ongoing rewards of £2 a month if you pay in at least £750 each month, remain in credit, and pay out at least two direct debits.
There are no fees for the Select Account, while the Reward accounts have monthly charges of between £2 and £20 but you can get even more free cash and other benefits if you sign up for one of those.
That's because they come with 2 per cent cashback on certain bills paid by Direct Debit such as utilities and phones. However, you also need to pay in £1,500 each month.
If you do qualify though, you could receive an average of £83 each year in cashback from monthly bills of £345, according to NatWest.
Those who opt for the accounts with the highest fees will also benefit from no fees on debit card purchases made overseas, up to 40 per cent off cinema tickets as well as personal car breakdown cover, and mobile phone and travel cover.
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