NatWest has announced its offering of £175 to customers who want to switch their main bank account.

The offering is also available to existing customers who can claim the cash if they already bank with NatWest.

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To access the deal, customers must switch before April 2 2020. Within seven days of switching, The Current Account Switch Service will automatically move customers’ existing payments and close their old account.

Following this, customers will receive the £175 incentive into their account by June 5 2020.

In addition, the £175 bonus is available on NatWest’s Reward, Reward Silver and Reward Platinum accounts.

Other switch rates

NatWest offers one of the best deals when it comes to switching rates.

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However, HSBC also offers £175 to customers looking to switch accounts. Although, in order to access this deal with HSBC, customers must pay in at least £1,750 a month, or a minimum of £10,500 every six months.

Furthermore, First Direct are offering £100 to customers when they switch accounts. To get the £100 cash offer, customers must pay in at least £1,000 within three months of opening the account. Customers will receive the money within the first 28 days of all criteria being met.

Nationwide are giving customers £100 if they refer a friend to Nationwide and vice versa. Customers will receive this payment within 30 days of switching.

Halifax has less on offer than its competitors. No cash incentive is promised with Halifax, instead customers will get a six month fee-free arranged overdraft. After this, customers will then pay a daily arranged overdraft fee.

UK current account switching

The offer comes after 975,571 switches were made in the UK during the 12 months between October 1 2018 and September 30 2019. That was up from 941,122 in the 12 month period to end September 2018.

Despite this, switching remains below past levels. For instance, in the 12 months to end September 2016, there were 1,059,674 switches.

During the 2018/19 period, NatWest gained 16,000 switches.