NatWest has launched an “inflation-beating” interest rate for those who switch their savings accounts. Money experts such as Martin Lewis often urge people to shop around for the best savings accounts instead of sticking with the same one for many years, as they can often find better interest rates. While there are many different savings accounts for different kinds of savers with specific benefits, the main thing people look for is a high interest rate. 

Meanwhile, high street banks regularly offer switching deals, often giving new customers high-interest savings accounts or cash rewards for moving their money. NatWest’s latest switching deal sees new customers nabbing £150 while also getting access to 7% interest on savings for 12 months. The deal is open to anyone opening a NatWest Reward or Select account. Those who switch to a NatWest Current Account will also receive access to a Digital Regular Saver bonus rate, with up to £60 in earnings per year up for grabs.

To secure the cash reward and the high interest rate, savers should apply between February 17 and May 28 and complete a full switch from a current account held with another provider (excluding NatWest, RBS, and Ulster Bank).

The condition is a complete bank switch, so customers must close their old current account. Plus, they must pay a minimum of £1,250 into the account, and log into the NatWest mobile app within 60 days of the switch completing.

To complete the switch, customers can access the Current Account Switch Service through the NatWest app. Any direct debits and standing orders are then directly transferred to the new NatWest account.

This rate is tied to NatWest’s digital regular savings account, and customers can only deposit £150 per month into it, limiting the money they can earn with the high interest rate of 7%.

Alastair Douglas, CEO of TotallyMoney said: “NatWest is the latest bank to offer cash for new customers. In this case, you can bank £150, and receive an inflation-beating bonus savings rate of 7.00% AER for a year.

“To secure the bonus, all you have to do is open a new Select or Reward account, deposit at least £1,250, and use the NatWest app within the first two months of moving. The offer is more straightforward than some of the others on the market – and the main thing to note is that you’re only able to save a maximum of £150 per month.”

“If you’re interested in switching banks for cash, then make sure you shop around,” Douglas added. “Some will also offer interest-free overdrafts, cashback on purchases, and other perks. And with several high street banks announcing that they’ll be closing branches over the next two years, you might find there’s even fewer reasons to stick with your current provider.”