Major British bank offering customers free £200 in latest cash incentive

Royal Bank of Scotland is offering customers a £200 cash bonus for switching their current account to the bank under a limited-time incentive scheme.

The offer is available to both new and existing customers who open either a Select or Reward account and complete a full switch using the Current Account Switch Service.

Customers who meet the eligibility criteria and complete the required steps can receive the payment within 30 days.

Royal Bank of Scotland, which is part of NatWest Group, requires customers to complete three steps to qualify for the bonus.

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The Government sold its remaining shares in NatWest Group on May 30 last year, ending a period of public ownership that began during the financial crisis when it intervened to support savers and businesses.

Customers must first apply for a Select or Reward account and request a full switch from their existing bank through the Current Account Switch Service.

The switching service transfers balances, Direct Debits and standing orders from an existing account within seven working days and closes the previous account automatically.

Once the switch has been completed, customers have 60 days to satisfy two further requirements.

They must pay at least £1,250 into their new account, which can be made up of multiple deposits provided the money remains in the account for a minimum of 24 hours.

Customers must also log in to the Royal Bank mobile app, which is available on devices that support the bank's mobile banking service.

However, not all customers will qualify for the incentive.

The offer is open to new and existing customers who did not hold a Royal Bank current account on May 6, 2026.

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The same restriction applies where another account holder has already benefited from a NatWest Group switching incentive.

Customers cannot switch an account held within the NatWest Group, meaning existing NatWest or Ulster Bank current account holders are not eligible to participate by transferring between brands.

More than 50 banks and building societies are members of the Current Account Switch Service, and customers are advised to check whether their existing provider participates before applying.

Royal Bank of Scotland said the £200 payment will be made into an eligible account within 30 days once all qualifying conditions have been met.

The bank has also noted that it may amend, replace or withdraw the offer at any time.

Customers who have already submitted a switching application before any withdrawal takes effect will still receive the payment if they meet all of the eligibility requirements.

Monthly account fees may apply depending on the account selected, and customers should review the full terms and conditions before applying.

Royal Bank of Scotland also highlights additional benefits available to current account holders, including fraud protection where customers have kept their security details safe, instant spending notifications through the mobile app and access to a Digital Regular Saver account.

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