Some lucky NatWest customers have noticed free £150 payments arriving in their bank accounts. The bank is currently running the offer to new or existing customers who sign up for one of its Reward accounts. It’s unclear how long the deal will be available, meaning people should act quickly if they want to secure the bonus.

NatWest’s Reward accounts come with a number of perks but also charge a £2 monthly fee. People might decide the charge is worth it, though, to bag the £150 payout. NatWest said the money should arrive within 30 days of people completing the necessary steps and the banking giant explained: “£150 switch offer with our Reward accounts. Apply online or via our app to switch your current account held elsewhere in to an eligible Reward account using the Current Account Switch Service and you could get £150.

“Don’t have a current account with us? Simply open a Reward account and switch to us.

“Already have a current account with us? Switch a current account held elsewhere into your existing account with us and change that account to one of our Reward accounts.

“Within 60 days of switching, pay in £1,250. This can be made of multiple payments and must remain in the account for 24 hours.

“Log in to our mobile app. This can be done on any device that supports the NatWest mobile banking app.”

BirminghamLive reports the bank added: “When you’ve met these conditions, we’ll pay £150 into your eligible account within 30 days.”

According to Money Saving Expert (MSE), it’s common for UK banks offer to switching incentives, with offers including cash bonuses, to attract new customers and retain existing ones.

Some banks offer a one-time cash bonus for switching, while others provide ongoing rewards or cashback programs. First Direct and NatWest are among the banks offering substantial switching bonuses.

MSE observes that when considering which bank account to go for, people should “think about features you want your account to offer”.

It added: “Some accounts will pay interest on your balance, some will offer cashback, and still others will offer insurance or 0% overdrafts. Decide which of these is most important to you.

“Also worth weighing up is how you open and manage the account. Do you want a bank account you can open and operate entirely online? Or are you more keen on being able to head into a branch to sort things out? If the latter, you’ll need to steer clear of the app-only banks.”