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Natwest Reward Account Review: Is It Any Good?

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Card type: Current and credit
Interest rate: 39.49% APR (variable and only for credit card users)
Fees: £2
Rewards type: Cashback, Gift vouchers, and E-codes
Customer support: Chatbot (24/7 availability)
Mobile app: Yes

Updated: July, 25, 2022

Pros

  • Flexible rewards opportunities
  • Possible cash withdrawal without a card
  • Easy to earn and claim rewards
  • 15+ retailers
  • Overdraft available
  • Rounds Up feature
  • Cons

  • Monthly fee
  • Must pay at least £1,250 to keep your account running
  • Interest charged on overdraft
  • A NatWest reward account can earn you a nice little bonus in the long run.

    But, what are the NatWest Rewards benefits, how does the Reward account work, and is it worth getting one?

    Let’s dive into our Natwest Reward account review.

    What is a NatWest Reward Account?

    A NatWest Reward account is one of the many financial services offered by NatWest, a UK bank whose history dates back to 1968. 

    Much like the best cashback apps and sites, NatWest Reward accounts allow customers to earn rewards in the form of cashback or vouchers for well-known high-street NatWest retailers in return for a £2 monthly fee. 

    Even though this was not standard practice with traditional banking institutions, the growing presence of challenger banks has caused high-street banks to introduce innovative solutions to attract new customers. 

    How Does NatWest Reward Account Work?

    NatWest is one of the UK banks that gives you money for opening an account. So, if you have a Rewards account, you can earn NatWest cash back in your current account in two main ways:

    • Balance on debit cards: You can earn up to £4 a month for having two or more direct debits on your account, which need to be at least £2 each. You’ll earn an extra £1 a month if you log into the mobile app.
    • Spendings: You can earn 1% when you purchase items or services from NatWest Reward partners.

    Once you have at least £5 in Rewards, you can withdraw them as cashback, trade the money for e-codes or gift cards with the bank’s retailer partners, or donate the money to charity.

    Worth noting: It takes 5 working days for NatWest to clear the banked rewards from your account.

    How to Apply

    To apply for a Reward account at Natwest, you’ll need to meet all eligibility requirements, including:

    • Be at least 18 years old.
    • Be a UK resident.
    • Pay at least £1.250 each month to an eligible NatWest account.

    Worth noting: NatWest customers can’t have more than 1 Reward account.

    Customers can also apply for a Reward credit card and earn 1-15% in Rewards at NatWest’s partners and 0.25% everywhere else. 

    To apply, they need to:

    • Be 18+.
    • Be a UK resident.
    • Earn at least £10,000 a year.
    • Have a savings account, current account, credit card, or mortgage with NatWest.

    Worth noting: Reward credit card users are subject to a representative APR of 23.7%.

    Who Are NatWest MyRewards Retailers?

    NatWest customers can trade their cashback for vouchers for the following NatWest Rewards partners:

    • Some of the cheapest supermarkets in the UK, including Morrisons and Waitrose (i.e. John Lewis & Partners)
    • Retailers like Argos and Currys PC World
    • Gifts and vouchers company Red Letter Days
    • Home improvement retailer B&Q
    • Hospitality companies, such as Greggs and Caffe Nero
    • British Airways exclusive club Avios

    Take a look at the full list here.

    NatWest Reward Account Benefits And Features

    Here’s what NatWest offers to its customers. 

    Earn Rewards

    Customers with a NatWest cashback account can earn cashback on their purchases from certain retailers. In other words, if you shop at one of NatWest’s partners, you can get 1% back in rewards and then either withdraw it as cash, donate it, or trade it up for gift vouchers. 

    Worth noting: With Club Lloyds you can get up to 15% cashback at selected retailers, plus you won’t have to pay a fee if you deposit £1,500 each month.

    Loyalty card hub

    NatWest has a feature that allows individuals with a Reward account to scan and store all loyalty cards from NatWest’s partner retailers in the NatWest app and use the electronic form in shops to collect points.

    This is a great feature considering that 73% of UK consumers prefer to shop through mobile devices—this way you can store all your loyalty cards on your phone and earn instant points.

    Cash without a card

    NatWest customers can withdraw cash from the bank’s ATM using their 6-digit code (generated through the NatWest mobile app) and take out up to £130 every 24 hours

    That means they don’t always have to have their NatWest credit or debit card on them to get cash in emergencies. 

    However, they will need to have at least £10 available on your account to withdraw money from their account.

    The Santander 123 current account, on the other hand, allows you to withdraw £300 within 24 hours.

    Mobile banking app

    The NatWest application offers a variety of features – You can check your credit balance and latest transactions, pay up, split a bill, and message NatWest’s digital assistant Cara, which is available 24/7. 

    NatWest also offers digital lessons and tips for less tech-savvy users.

    Overdraft available

    NatWest allows customers to use an arranged (set a limit) or unarranged overdraft (unlimited) but requires them to pay interest at a rate of 39.49% EAR (variable). If you get accepted, you can use the bank’s online calculator to figure out how much interest you’ll have to pay.

    If you are looking for a bank account with much lower overdraft features, consider Starling Bank.

    Round Ups feature

    Customers with a current and/or savings account can take advantage of NatWest’s Rounds Up feature that helps them save a few pounds when they pay with their debit card.

    Once you turn the feature on, NatWest will round up the amount of your purchase to the nearest pound and send the spare to your savings account

    Pricing

    A NatWest Reward account charges a £2 fee per month.

    There are no other costs related to having a debit Reward current account (except that you’ll have to pay at least £1.250 monthly), but you will be subject to an APR charge (the representative APR is 39.49%) if you want to earn cashback with a credit card.

    Worth noting: A Chase current account also offers 1% cashback and is completely free of charge.

    How Can You Switch To a Rewards Account at NatWest?

    NatWest has a Current Account Switch Service that can move everything from your old bank account to your new account within a week, including standing orders and Direct Debits. 

    You can also choose when you want the bank to start the process – all you’ll need to do is provide NatWest with the details of your old account.

    The only exceptions are ISAs and saving accounts– NatWest does not switch them through its Current Account Switch Service.

    Customer Support

    NatWest has several customer support teams that specialise in different products that the bank offers. 

    For example, if you can’t find an answer to your questions related to your Rewards Black card or queries regarding loans and overdrafts on its FAQ pages, there are numbers you can call (which you can find on NatWest’s website) to get a customer support representative that can help you fix your issue. 

    However, the bank doesn’t offer phone support for queries related to current and savings accounts. If you need help, you can contact NatWest’s digital chatbot Cora through the app, which is available 24/7.

    If Cora can’t help you, she will pass the issue to a real person

    NatWest Reward Account Reviews

    Customers that are satisfied with their NatWest Reward account say they like what the bank has to offer. Some cite the switching process and others point out that the bank charges a small fee (compared to other banks).

    “I’ve had a few different rewards accounts over the years, and NatWest Rewards by far outweighs its competitors with this account.” – Harry.

    “I like how NatWest rewards customers with £5 for choosing it as their main bank. In addition, the opportunity to earn Rewards if shopped with their MyReward retailers is fantastic and the retailers tend to be quite well known and popular too.” – Susma.

    “I used a switcher service last year to move my accounts to Natwest. It was a smooth process and I immediately started earning rewards on both my bank account and credit card – it really adds up quickly! I am very pleased and wish I had changed sooner”. – Sue.

    Bottom Line 

    A NatWest Reward account is an excellent option for people who already have debit cards with the bank and like to shop with the bank’s partners. NatWest charges a fee of £2 a month in exchange for the option to earn cash back and/or vouchers – which is worth it, especially if you’re in charge of the household bills. 

    FAQ

    What are NatWest rewards?

    NatWest rewards refer to the points that customers with NatWest Reward accounts gather, which can be exchanged for cash back, vouchers, and e-codes (once they receive at least  £5 in rewards).

    Is a NatWest Reward account a current account?

    A NatWest reward account is a current NatWest cashback account, but you can also get a Rewards credit card with the bank, which is subject to APR charges.

    How long does it take for NatWest rewards to clear?

    It takes about 5 business days for NatWest to clear a customer’s reward.

    Is NatWest rewards taxable?

    According to the Low Income Tax Reform Group (LITR), all rewards that are paid as interest or cash are taxable. Banks are not obliged to deduct tax before paying the cash reward, but you are expected to report it and pay tax on it.

    Is it worth having a NatWest reward account?

    Based on our NatWest Reward account review, it is worth getting a Reward account if you regularly shop at some of the bank’s partners and use more than one debit card.

    My name is Marija, and I'm a financial writer at DontDisappointMe. Although finance might not be everyone's cup of tea, my 10+ years of working in one of the biggest banks in my country, and my interest in extensive research on everything finance/investment-related, have made me somewhat of an expert in the field (if I do say so myself). No longer having the passion to work in a corporate setting, I decided that I couldn't let all of this knowledge go to waste so I started writing. And, here I am! Today I try to share my knowledge with my audience in the hopes of making this topic as simple and interesting as possible. In my leisure time, I like spending time with my family and travelling to new locations.