Reward

As well as earning Rewards for having 2 Direct Debits at least £2 each (like your phone bill), you can earn even more Rewards at our partner retailers, like Caffe Nero. You can earn from 1% back on your purchases. 

Your Rewards balance can grow quickly, they're easy to earn and easy to exchange. Redeem Rewards as money back into your current account, trade them up for eGift cards, or donate them to charity.

This account offers an overdraft facility (subject to eligibility). You can check if you're likely to be accepted for an overdraft using our eligibility tool.

There are two different types of overdraft:

• An arranged overdraft, which allows you to go overdrawn up to an agreed limit. This is the type of overdraft you could apply for here.
• An unarranged overdraft. This is when you spend more money than you have in your current account without already having an arranged overdraft, or when you exceed your current arranged overdraft limit.

We charge interest on both types of overdraft. Going in to an unarranged overdraft limit can lead to payments being rejected. 

How much does my overdraft cost in pounds and pence?

As an example, the interest cost of using a £500 arranged overdraft is: 

This is a specific illustrative example representing the interest cost of using a £500 arranged overdraft over periods of 7, 30 and 60 days.

Looking to understand the costs of an overdraft of more or less than £500 over different periods of time? Use our handy cost calculator.

How does our overdraft compare?

A good way to compare the costs of an overdraft is by using the APR, which shows the cost of borrowing over a year.

Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200.

More about Overdrafts

How to get £150

1. Open a current account and switch to us

• Apply for a Select or Reward account and request to switch an account with another bank to us using the Current Account Switch Service by 28 May 2026.
• Your switch must be completed by 16 June 2026.

2. 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.

3. You're all set

When you've met these conditions, we'll pay £150 into your eligible account within 30 days.

How to unlock our bonus rate

Once you've opened your current account, you must open a Digital Regular Saver by 16 June 2026. To be eligible for the bonus rate, you need to complete your switch to us.

• 7% AER
  This includes 5.25% AER / 5.13% Gross p.a. (variable) on balances up to £5k, plus a conditional bonus of 1.75% AER (fixed) for 12 months. Interest paid monthly.
• 1.00% AER/Gross p.a. (variable) on balances over £5,000. 

There’s no need to wait for your £150 incentive to be paid.

Why choose a Digital Regular Saver?

• Save between £1 and £150 each month - you're in control.
• Instant access to your savings whenever you need them.
• Perfect for building regular savings habits, whether you're starting small or levelling up your savings goals.

Third Party Permissions:

If you have given permissions to Third Party Providers to make payments on your behalf, or to access your financial data, access to these services won’t be transferred automatically to your new account as part of the Current Account Switch Service.

Before you close your old account, check whether you have any Third Party Provider permissions set up and if so, who with.

Once your new account is open you can give your permission to the Third Party Provider to access your new account by providing them with your new account details. You will need to contact the Third Party Provider directly yourself to set this up.

If you are unsure as to whether we will support the Third Party Provider permissions on your account, you can contact us for further information and support.

Please check our account terms and conditions for more information about Third Party Providers.

It's important for you to understand how we use and share your information. Please read this short summary before you continue with your application.

As part of the checks that we will complete to verify your identity, we’ll take an image of your face so that it can be compared with your photo ID and this biometric data is captured.