NatWest has launched its latest initiative for customers, offering a £200 bank account switch offer.

It applies to those who switch to the bank's Reward or Select bank accounts.

Those wanting to get a bit of extra cash must apply for an account online or via the NatWest mobile banking app, using the Current Account Switching Service (CASS), reports Which?

This move means your existing bank account will be closed and any remaining funds and direct debits will be moved to your new account with NatWest.

Which? explains: “Within the first 60 days of having the account, you'll need to deposit a total of £1,250 and log in to the mobile banking app at least once.

“Upon meeting these conditions, your £200 bonus will be paid into your account within seven days.

“Anyone who has received a switching bonus from NatWest or Royal Bank of Scotland since the start of 2020 isn't eligible for the deal.”

What are NatWest Reward and Select bank accounts?

If you’re wondering what else the NatWest Reward and Select accounts offer, there is even more money to be saved.

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Although the Reward account has a £2 monthly fee, it allows account holders to earn up to £5 a month back in “rewards”, according to Which?

It adds: “These consist of a payment of £1 for logging in to the mobile app, and £2 for each of the first two direct debits. Account holders can also get 1% cashback at some retailers.”

Meanwhile, the Select account is an “everyday” basic bank account with no monthly fees or rewards.

This offer comes after Lloyds Bank recently launched a £175 bonus for customers switching to its Club Lloyds account.

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Where is a NatWest bank near me?

If you are looking for your local NatWest bank, you can find it via the branch locator here.

The website adds: “Enter your postcode or click ‘use my location’ to find the nearest branch, banking hub, or ATM that can offer the service you need.

“This will help us to pinpoint the places with the exact facilities you’re after.”

You can also visit the NatWest website to find out more about the £200 bank account switch offer.