Account nameReward
Switch your current account to NatWest and you could enjoy £200 plus monthly rewards of up to £5 if you choose a Reward account for just £2 a month. T&Cs apply.
Account fee£2 per month
ATM withdrawal limit£300
Debit networkMastercard
Card typeCash / Debit
Minimum eligibility age18 Years
Minimum operating balance£0.01
Minimum opening balance£0.01
Direct debits
Current account switch guarantee
Cheque Book

NatWest’s history dates back to 1968 when National Provincial Bank, Westminster Bank and District Bank came together to form National Westminster Bank, or NatWest. Today the bank offers a wide range of financial products, including current accounts.

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 £2 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 £5 a month in Rewards. Earn £4 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.

Pros and cons of the NatWest Reward account


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


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

Our verdict

If you’re looking for an everyday bank account that also lets you earn something back, without paying a hefty monthly fee, the NatWest Reward account could be for you. 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.

For example, the Santander 123 current account pays cashback on household bills, as well as at selected retailers, and also pays interest on balances. However, the monthly fee is double at £4 a month.

Alternatively, the Halifax Reward account lets you choose a “reward” each month, such as cinema tickets or cash, and pays cashback at selected retailers. If you pay at least £1,500 into your account each month, you won’t have to pay the £3 monthly fee either. Read more about this account in our review.

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