The banking giant has launched a cash offer for new and existing customers

NatWest has launched a new offer which could see new and existing customers bag a free £150 payment. People can get the cash if they switch their main current account to the bank’s Reward Account.

Customers have to complete several steps in order to get the cash.

The account comes with a number of perks but also has a £2 monthly fee, so it’s worth considering if it will be beneficial for you.

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The £150 payment, however, could make it worthwhile for many people, as well as the extra ‘rewards’.

In order to bag the cash, NatWest customers need to use the Current Account Switch Service, pay £1,250 into the new account and log into the mobile app within 60 days of switching accounts.

Account holders will receive £4 in rewards each month if they have two direct debits of £2 or more.

An additional £1 is received for logging into the mobile app.

Customers can also get money off at a range of retailers.

Meanwhile, the account offers access to a 6.17% AER savings account, which customers can put up to £150 into a month.

This would allow savers to make up to £60 interest in the first year.

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Paul Slinger, customer manager at NatWest said: “Now is the perfect time to switch to NatWest.

“Customers who make the switch will not only receive £150 cash, but will also enjoy 6.17% AER interest on their regular savings and earn an additional £5 each month through using their new Reward Account.”