NatWest Reward current account review
- Incentive
- £180 for accounts switched using the Current Account Switch Service.
- Account fee
- £2 per month
- Interest (AER)
- 0% AER
- Overseas card transactions
- 2.75%
- Representative example
- If you use an arranged overdraft of £1,200, you'll be charged interest at 39.49% EAR variable. Account fee of £2 per month.
Our verdict
Looking for an everyday bank account that gives something back? Discover more about the NatWest Reward account.
If you’re looking for a bank account that also lets you earn something back, without paying a hefty monthly fee, the NatWest Reward account could be for you. You can earn rewards for everyday banking actions you would make, like having 2 or more direct debits and logging into your mobile app. You also have a choice in how you receive your rewards, either in cashback, as gift cards or as a charity donation.
However, the rewards on offer are not as competitive as some of the other current accounts on the market, so it’s worth doing your research first. To compare your options, check out our best current accounts with cashback and rewards.
Pros
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Easy to earn rewards
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Rewards can be exchanged for cashback, gift cards, e-codes or charity donations
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Overdraft available
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FSCS protection
Cons
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Monthly fee
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Interest charged on overdrafts
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Must pay in £1,250 a month to qualify
Details
Product overview
| Account name | Reward |
| Incentive | £180 for accounts switched using the Current Account Switch Service. |
| Provider | NatWest |
| Account fee | £2 per month |
| Interest (AER) | 0% AER |
| ATM withdrawal limit | £300 |
| Debit network | Mastercard |
| Card type | Cash / Debit |
| Minimum eligibility age | 18 Years |
| Minimum operating balance | £0.01 |
| Minimum opening balance | £0.01 |
| Direct debits | |
| Current account switch guarantee | |
| Cheque Book |
Fees
| Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA) | 2.75% |
| Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA) | 2.75% |
| Foreign cash transaction fee in Europe | 0% |
| Foreign cash transaction fee in rest of world | 0% |
Overdraft information
| Arranged overdraft available | |
| Arranged overdraft rate | 39.49% |
| Overdraft Grace Period | 14:30 same day |
| Representative example | If you use an arranged overdraft of £1,200, you'll be charged interest at 39.49% EAR variable. Account fee of £2 per month. |
What is the NatWest Reward current account?
As the name suggests, the NatWest Reward current account enables you to earn rewards that can then be redeemed as cashback or traded up for gift cards or ecodes to be used at certain retailers. In return, you’ll need to pay a small monthly fee.
The account can be managed online, via the mobile banking app, over the phone or in branch and it can be opened as a sole or joint account.
How does it work?
The NatWest Reward current account offers the following key features:
- Earn up to £10 a month in Rewards. Earn £9 a month in Rewards for 2 or more direct debits on the account. Plus earn an extra £1 a month with 1 mobile app log-in.
- Earn Rewards on spending. Earn from 1% when you spend with retail partners such as Caffè Nero, Europcar, Barrhead Travel, Boux Avenue and ATG tickets.
- Rewards exchange. Once you reach £5 in Rewards, you can redeem it as cashback, trade it up for gift cards or ecodes with NatWest’s retail partners or donate it to charity.
- Arranged overdraft. An arranged overdraft is available on the account. Interest applies at a rate of 39.49% EAR (variable).
- Round Ups feature. When you pay with your debit card or contactless device, the amount will be rounded up to the nearest pound and the difference transferred to your NatWest savings account. (You’ll need the app to make this work.)
Who is it for?
To qualify for the NatWest Reward account you must be aged 18 or over and a UK resident. You will also need to pay in £1,250 a month to any eligible personal current account you hold with NatWest and you must not currently hold more than 2 Reward accounts.
You’ll also need to be prepared to pay a fee of £2 a month to hold the account.
"If you’re looking for a low-cost rewards account, the NatWest Reward current account could be the answer at only £2 a month, or £24 a year. This is cheaper than a lot of its competitors, although the benefits of the account aren’t overwhelming.
The main benefit is NatWest Rewards. If you meet the required criteria, you could earn up to £5 a month in these Rewards, giving you a ‘profit’ of £3 a month once you’ve factored in the fee.
It shouldn’t be too difficult to earn the maximum amount in Rewards either – you’ll need at least two direct debits on the account and to log into your mobile app once a month. As soon as you’ve earned £5, you can redeem your rewards as cashback, trade them up as gift cards or donate them to charity. In addition, you can earn at least 1% in Rewards when you spend with your debit card at certain retailers.
The downside is you will also need to pay in at least £1,250 a month, and while this might be achievable for many people, it could be difficult if your income fluctuates.
If you can’t meet this requirement, or you simply want more from your account, it’s worth looking at some of NatWest’s competitors. The Santander Edge account, for example, has a monthly fee of £3 and you can earn cashback on your household bills, supermarket spend and travel costs. Plus, you only need to pay in £500 a month."
What are the benefits?
The main benefit of this account from NatWest is the rewards on offer. If you’re looking to earn something back on your spending, including direct debits, this could be the account for you. Without much effort, the rewards can soon start to stack up.
How to apply
You’ll need to apply for the NatWest Reward current account online. If you are not currently a NatWest customer, you will need to provide a few details about yourself, including your name, address and contact details, as well as your nationality and tax residency.
You may also need to provide proof of ID such as a UK/EU/EEA driving licence or a UK passport, plus proof of address such as a UK utility bill or a bank statement.
Is it safe?
Yes, NatWest is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person, or up to £170,000 for joint accounts.
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