NATWEST OFFERS A £500 PREMIER CURRENT ACCOUNT SWITCHING BONUS - BUT ARE YOU RICH ENOUGH TO GET IT?

NatWest has launched a £500 welcome bonus for customers switching to one of its Premier bank accounts.

This matches a Premier deal from HSBC, but that one has an extra £290 cashback on the table for those also opening HSBC's Premier World Elite Mastercard.

There's a significant hoop to jump through to be eligible for NatWest's deal, which HSBC doesn't require. 

You must pay £15,000 into the new account within 90 days of switching, although this can be made up of several payments.

This is in addition to the minimum of £100,000 in savings, investments or income required to open a Premier account in the first place.

In return for the high level of assets that Premier bank accounts ask for, you get perks and benefits like dedicated customer service and financial advice and guidance.

NatWest's Premier bonus follows Santander launching a top-paying £240 switch deal for regular account holders on September 1.

How can you get NatWest's Premier switch bonus?

As with other switch bonuses, you must be a new customer and shift your banking using the Current Account Switch Service. 

You also can't get the bonus if you've previously had one from NatWest, RBS or Ulster Bank.

You should follow these steps:

NatWest will check that you've completed these 90 days after your switch, paying your £500 within 30 days if you have.

You need to hit one or more of these with NatWest to hold a Premier account:

There's no closing date for the offer but it may be changed or withdrawn at any time. 

Is NatWest Premier worth it?

A Premier account may be worth it if you think you'll find the extra support useful, such as financial advice and customer service.

You might get further value out of the Premier Reward account, which gives you £7 cashback each month. 

From October you get £9 when you pay out two direct debits of at least £4.50 a month and use the app, but the account has a £2 monthly fee.

Premier also gives you fee-free spending abroad, but it's possible to find standard bank accounts that offer this, like First Direct, Monzo and Starling – and it's not valid for ATM withdrawals.

> Read more: The best bank accounts for bribes, cashback and other perks

Keep in mind that HSBC Premier also comes with worldwide family travel insurance and digital GP access, so that account may have the edge if you'll get value out of those.

And when it comes to financial advice, you should check how much you'll actually be charged.

For example, NatWest says that there are no ongoing advice fees, and that product or one-off charges may apply.

These look sizeable. Financial advice has a one-off fee of £7,000 while the flat fee for investment advice is £3,000.

You also need at least £250,000 of investable assets to get advice.

If you'd like financial advice, it's worth comparing all your options – including the fees you'll be charged – before going ahead. Read our guide to finding a good financial advisor for more details.

2026-09-02T16:20:18Z