NatWest is offering customers who switch to its current account a £125 cash incentive.

This is the first time in ten years the bank has offered a perk to join them.

And even more surprisingly, the offer isn’t just available to new customers, as existing customers can get in on the action too.

New or existing customers moving their main account to a Select, Reward, Reward Silver, Reward Platinum or Reward Black account are eligible.

Cash incentives are a norm for most high-street banks, but not for NatWest, who have stayed away from offers on their products for nearly a decade.

To get the money, customers will need to move funds and direct debits using the Current Account Switch Service from their non-NatWest to their new or existing NatWest account and shut the old account.

For those who are new to NatWest and are opening an account just to get the £125, the simplest option is the free Select Account.

But for those planning to make a total switch to NatWest, their Reward Account is on of the better options, as it pays two per cent back on household bills.

It costs £2 a month, but as long as customers log on to online banking once every three months, they can earn the two per cent back on council tax, mobile, TV, water, gas and electricity and broadband bills.

The account also pays one per cent back on spending with certain partner retailers.

The bank says this earns as much as £83 per year for the average household, or £59 when you factor in the monthly fee.

Existing NatWest customers will have to have a secondary account with another bank they are willing to close to be eligible for the cash offer.

Another of the accounts on offer with great extra perks is the Reward Platinum.

This account offers the cashback feature as well as worldwide family cover, including winter sports, mobile insurance, Green Flag breakdown cover and a free Tastecard for a fee of £19 a month.