NatWest launches £500 bonus offer for high earners – should you switch accounts?

High earners can now get £500 when switching to one of NatWest’s premier current accounts, which are tailored to the wealthy.

While the offer is one of the best bank switching deals on the market, it is only open to high earners and those with large savings or investments with NatWest.

You need either a minimum income of £100,000 a year (or £120,000 for a joint account), savings and investments of at least £100,000, or a NatWest mortgage of at least £500,000 to qualify for the Premier account.

The new switching offer runs from 2 September and has no fixed end date, but NatWest says it can be pulled at any time.

Tamara van den Ban, managing director of NatWest Premier Banking, said: “We’re here to help our customers feel confident about their money, so they can make the most of the lives they’ve worked hard to build – whether that’s planning for the future, protecting what matters most or experiencing more from life today.

“Our £500 welcome bonus is an invitation for new customers to experience the help and support we can provide.”

What is the NatWest Premier account?

There are three tiers of Premier accounts. The £500 bonus applies when an eligible person switches to any of them.

Customers on all tiers get access to a support service from NatWest’s financial experts who can provide guidance on managing your finances, including on starting investing, tax planning, and mortgages. You may need to pay additional fees for specialist and targeted guidance.

The lowest, free tier is Premier Select. It gives access to 24/7 support from NatWest, fee-free transactions in foreign currencies, and you pay no interest on the first £500 of an arranged overdraft.

The middle-tier Premier Reward account costs £2 a month and gives all the benefits above, along with some extras.

You can get £9 a month in rewards if you pay at least two direct debits per month of at least £4.50 each. You can also earn £1 a month when you log into the NatWest mobile app, and at least 1% cashback at selected retailers when using your NatWest debit card.

The highest and most expensive tier is the Premier Reward Black account.

It costs £36 a month and gives you the benefits of all the previous tiers as well as access to airport lounges, travel insurance, mobile phone insurance, breakdown cover, 25% cashback on tickets to concerts and shows, and discounts at cinemas, and more.

From 1 October, the monthly fee for this account will increase to £39 per month.

Who is eligible for the NatWest £500 welcome bonus?

To be eligible for NatWest’s switching offer, you must meet the following criteria:

• You must have an income of at least £100,000 (£120,000 for joint accounts), or at least £100,000 in savings/investments, or at least a £500,000 mortgage with NatWest
• You must not currently have a NatWest current account as of 2 September
• You must not have already redeemed a different NatWest switching offer
• You must complete a full switch using the Current Account Switch Service (CASS)
• You must pay at least £15,000 into your NatWest Premier account within 90 days of opening the account. This can be done in any number of payments and each payment must stay in your account for at least 24 hours.

If you have met the above criteria, your £500 bonus will be paid within 30 calendar days.

Should you switch to NatWest Premier?

Just because you are wealthy enough to qualify for the NatWest Premier account, it doesn’t mean it is necessarily the best option for you.

Consider which, if any, tier of Premier fits your needs and whether the benefits justify the monthly fee. You could also look at alternative packaged accounts from other banks and compare their benefits.

For example, HSBC is also offering a £500 welcome bonus to switchers who open a Premier Account. This account includes benefits like free travel insurance, preferential rates on loans, digital GP appointments, and more for no monthly fee.

Caitlyn Eastell, personal finance analyst at Moneyfacts said: “NatWest’s new £500 premier switching incentive is a significant move in the battle for affluent current account customers. The headline bonus puts NatWest firmly alongside the most generous premier switching offers.

“For consumers who qualify, the offer makes switching considerably more attractive, particularly because NatWest also bundles in dedicated premier support and financial planning.”

However, Eastell warned the welcome bonus “should be viewed as a sweetener rather than the main reason to switch. Customers should compare the ongoing benefits, eligibility requirements and any fees against their existing bank.”