NatWest set to pay free £150 bonus payment direct into accounts in May NatWest, which is rivalled by Santander, Barclays and more, has a free £150 cash incentive for those who switch. NatWest, which is rivalled by Santander, Barclays and more, has a free £150 cash incentive for those who switch. NatWest has urged customers to watch out for unexpected bonus payments worth £150 in their accounts within the next 30 days. NatWest, which is rivalled by Santander, Barclays and more, has a free £150 cash incentive for those who switch. Simply open a Reward account and switch to NatWest to be eligible. Make sure you have an eligible Reward account, pay in £1,250 (this can be made of multiple payments and must remain in the account for 24 hours) and then log in to the mobile app. ‌ This can be done on any device that supports the NatWest mobile banking app. NatWest said: "When you've met these conditions, we'll pay £150 into your eligible account within 30 days." Article continues below READ MORE UK faces 'five day' mini-heatwave next week as BBC Weather issues warning Specific account eligibility criteria applies, the high street bank, added, as well as monthly account fees. Paying in £1,250 as part of the Reward account terms will also meet the Switch offer terms. If you've previously received a switch incentive from NatWest Group, you won't be eligible for this offer. ‌ You won’t be eligible for this offer if you switch a current account from Royal Bank of Scotland or Ulster Bank. NatWest has also explained that the offer can be withdrawn or amended at any time due to limited availability. This service is only available to switch current accounts. Any other products you have with your old bank won't be moved at the same time. Over 50 UK banks and building societies have signed-up to the Current Account Switch Service. You can check if your existing bank provider is a participant. You won't be eligible for our switching incentives if your old bank isn't part of the Current Account Switch Service. Direct Debits and Standing Orders won’t appear on your account until the first payment has been taken. Article continues below Money Saving Expert explains: "The NatWest Reward account comes with a £2/month fee, but you get £5/month cashback when you pay in £1,250, pay out 2+ Direct Debits of £2+ and log into its mobile banking app each month. So the net gain is £3/month or £36/year. "You also get access to its linked regular saver which allows you to save up to £150/month, and pays 6.17% variable interest on up to £5,000. If you deposited the maximum amount each month for a year, you'd have £60 in interest."