In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees
    • Overdraft information
  • Frequently asked questions
  • Your reviews

NatWest Reward current account review

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Reward
Account fee
£2 per month
Interest (AER)
0% AER
Overseas card transactions
2.75%
Representative example
Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200 Subject to status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.

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

  • Easy to earn rewards
  • Rewards can be exchanged for cashback, gift cards, e-codes or charity donations
  • Overdraft available
  • FSCS protection

Cons

  • Monthly fee
  • Interest charged on overdrafts
  • Must pay in £1,250 a month to qualify

In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees
    • Overdraft information
  • Frequently asked questions
  • Your reviews

Details

Product overview

Account name Reward
Incentive
tag iconEarn 4 Rewards per month by making at a minimum of 2 direct debit payments of at least £2 each.
Provider NatWest
Account fee £2 per month
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

Foreign cash currency fee in Europe 2.75%
Foreign cash currency fee in rest of world 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 Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200 Subject to status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.

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.

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.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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