NatWest is giving £125 to new and existing customers who switch their current account

IN need of some cash? NatWest has just launched a switching offer which gives £125 to new and existing customers who switch their main account to the bank.

This compares to the £100 it gave to customers earlier this summer before the switching offer was pulled.

The switching offer applies to all of NatWest's current accounts, including NatWest Select which has no fee, and the Reward account, Reward Silver, Reward Platinum, and Reward Black - but only runs from October 3 to December 3.

Those switching to a NatWest Reward current account will also benefit from two per cent cashback on their household bills with the average customer £83 receiving each year, although this varies depending on how much you pay.

To get the £125 cash, these are the things you need to keep in mind:

There is no required minimum income but £1,500 must be paid into the account each month
Customers need to do a full switch, i.e. close the other main account and register for online and mobile banking
When switching main bank account, it usually also means you have to move both where your salary is paid as well as any direct debits or standing orders
Customers must be 18 or over and not have already taken advantage of a cash offer from NatWest after October 2017 for opening a new current account and switching
Existing customers will only receive the cash if they don’t already have their main bank account with NatWest

The offer is good, Rachel Springall, finance expert at Moneyfacts.co.uk, told The Sun but “as with any current account, consumers must make sure that they weigh up all the benefits of a current account and make use of them, particularly if they are paying a monthly account fee.”

“Free cash is a nice sweetener, but it doesn’t mean that the account is offering the best possible package for a someone’s circumstances.”

What are the best switching offers from banks?
The cash rewards for switching current accounts have declined significantly over the past six months, according to Moneyfacts.co.uk, and as of yesterday Halifax cut its monthly reward payment on its Reward Account from £3 to £2.

But apart from NatWest's new offer, here are some more that are still attractive:

HSBC Advance: New customers will receive £150 in the first year, plus another £50 after one year.

You’ll also be eligible to get HSBS’s five per cent regular savings account.

But you’ll need to pay in £1,750 per month so consider whether you’ll be able to meet this criteria before switching.

If you can’t afford it, HSBC’s Bank Account offers £75 to switch and has a lower £500 monthly pay-in.

First Direct: It gives new switchers a choice of higher end gadgets such as £199 headphones or a £150 Expedia voucher.

You’ll also get a £250 zero per cent overdraft, and can open a linked five per cent regular saver.

But you need to pay in a minimum of £1,000 to avoid a monthly £10 fee.

Barclays: New switchers who sign up to its Blue Rewards Scheme get £14 per month or £168 per year (but you have to pay a monthly £3 fee) in year one if you pay in £800 and pay out two direct debits each month.

This drops to £4 per month after the first year.

M&S Bank Current Account: New switchers receive a £125 M&S gift card, with no minimum pay-in, plus reward points when you shop in M&S.

You also get a £100 zero per cent overdraft and access to a linked five per cent regular saver.

If you pay in £1,250 per month and keep four direct debits active in the first year, you’ll also get another £5 added to the gift card each month.

Keen to switch bank? Here are the banks that most people switch to.

Last week investment bank Goldman Sachs launched new bank 'Marcus' offering the highest paying savings rate on the market.

Meanwhile, new voluntary rules - which banks must sign up to - mean banks could force customers to pay fees or take out insurance to pay for bank transfer fraud.