NatWest Reward account: everything you need to know

Thinking of switching bank accounts? If you want to get a little more from your current account, the NatWest Reward account could be a good choice.

It offers rewards on spending, along with other useful features.

In this guide, we’ll run through everything you need to know about the NatWest Reward account. This includes features, fees and how to open an account, along with how rewards can be earned and redeemed.

Weighing up all of your options? Make sure to check the Wise multi-currency account.

It’s a convenient, low cost way to send, spend and receive money in 40+ currencies. But Wise also gives you something back - simply turn on Wise Interest and you can get a 4.82% variable rate on your GBP balance. Your money is invested in an interest-earning fund that holds assets guaranteed by the government.

Capital at risk. Current rates do not guarantee future growth.

Variable rate is based on 7 day performance as of 10 Aug 2023. This fund has returned an 0.93% annual average over the last 5 years, excluding Wise and fund manager fees. See full 5 year past performance of funds.

But for now, let’s focus on the NatWest Reward account.

NatWest Reward account features

The NatWest Reward account is a current account, offering all the features you need for everyday banking.

You can manage your money through online banking or the NatWest mobile app. And you’ll automatically be issued with a contactless debit card, which works with mobile wallets such as Apple Pay and Google Pay. You can also apply for an arranged overdraft (subject to eligibility).¹

But the account also comes with additional features, in the form of ‘Rewards’ worth up to £5 a month¹ when you spend on your debit card or meet other requirements.

Rewards and benefits

There are three ways to earn Rewards with this account:¹

1. Earn 1% when you spend on your NatWest debit card at partner retailers - you can check the full list in the mobile app.
2. Earn £4 a month by having 2 or more Direct Debits set up to leave your account (each must be at least £2 or more)
3. Earn an extra £1 a month for logging into your NatWest mobile app.

Once you reach £5 in Rewards, you can redeem them. And again, you have options. You can choose to have them paid directly into your current account as cashback, or trade them for eGift codes. Alternatively, you can donate your Rewards earnings to one of the bank’s chosen charities.¹

You don’t need to set up MyRewards, as it’s all done automatically when you open an account and you’ll start earning right away. You’ll be able to see, manage and redeem your Rewards balance in the NatWest app.

Fees to use the NatWest Reward account

So, how much does it cost to use the NatWest Reward account? The first and most important thing to know is that there’s a monthly fee of £2. If you earn enough in Rewards though, you should be able to cancel this out.

The account also has some other fees, including some relating to international and overseas transactions. Let’s take a look²:

How to open a NatWest Reward account

Interested in opening a NatWest Reward account? Here’s how to do it, including details of who is eligible to apply.

Eligibility

Unfortunately, not everyone can open this account. To be eligible, you’ll need to meet the following requirements:¹

• Be a UK resident over the age of 18
• Be able to pay in at least £1,250 per month
• Don’t currently have 2 Reward accounts.

What you’ll need

Before you start the application process, make sure you have the following details and documents to hand:¹

• Your personal details, including home address, nationality and tax residency status (if you’re new to NatWest)
• Your financial details, such as monthly take-home pay (if applying for an overdraft)
• Proof of ID, such as your UK passport or driver’s licence
• Proof of address, such as a recent UK utility bill, bank statement, council tax bill or driver’s licence.

How to apply - step-by-step

Now you’re ready to apply. Here are the steps you need to follow:

1. Go to the NatWest website and check the details of the Reward account here
2. Click ‘Ready to apply’ at the top of the page
3. Check you meet the eligibility criteria and click ‘continue’
4. Follow the on-screen steps to complete your application
5. Upload ID and proof of address documents as requested
6. Once your account is open, you should receive your new debit card around 3-5 working days afterwards.

You can also open the NatWest Rewards account through the Current Account Switch Service. This guarantees to switch you over to your new account within 7 days.

At the moment, NatWest is also offering a £200 switching bonus provided you meet certain conditions.¹

Save with Wise when managing your money internationally

Don’t fancy paying a monthly fee, but still want to get more for your money? Check out the Wise account.

When you sign up online with Wise, there’s no initial or monthly fee to pay.

You’ll get a powerful account for managing your money in 40+ currencies, including making international payments for low fees* and mid-market exchange rates. These rates are often much better than you’ll get when you use your bank for international transactions.

You can even receive money in 8+ major currencies, as Wise gives you your own local account details.

For a one-time cost of just £7, you can get a Wise debit card which has no foreign transaction fees for spending abroad. You can withdraw up to £200 a month (max. 2 withdrawals) from overseas ATMs with no Wise fees. Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks.

Join Wise today

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

And there you have it - the full lowdown on the NatWest Reward account. We’ve covered it all, from features to fees. The account does have a monthly fee, but this can be worth it if you’ll earn the full amount in Rewards each month.

Sources used:

Sources last checked on date: 26-Jul-2023