A bank account switching deal offering customers £200 has been praised as ‘outstanding’ by leading financial product price comparison service Moneyfactscompare.co.uk, which highlighted the offer in its regular Pick of the Week rundown.

The NatWest Reward Current Account was singled out as one of the most attractive incentives currently on the market. Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said: “NatWest has added a new switching offer to its Reward and Select Accounts, offering customers an attractive £200 when they switch using the Current Account Switch Service (CASS). To be eligible, consumers must ensure they deposit at least £1,250 and log in to the mobile banking app within 60 days of switching.

“While the Reward Account charges a £2 monthly fee, this is offset by the opportunity to earn up to £5 in rewards per month. To avoid overpaying on their current account, consumers should ensure they make use of all the benefits. Overall, the account earns an Outstanding product rating.”

Moneyfactscompare also turned its attention to savers, recommending the Chip Smart Cash ISA as a top choice.

Caitlyn said: “This week, Chip has increased and added a boosted rate on its Chip Smart Cash ISA. The rise sees the account take the number one spot when compared to its peers and now pays an attractive 4.32% AER, however, this includes a 0.57% AER bonus for the first 12 months, so it’s important savers review once it expires.

“Adding to its appeal, Chip’s Smart Cash ISA has an underlying gross rate guaranteed to be equal to Bank Base Rate. While savers can invest as little as £1 and add to the account at any time, if they wish to close the account or transfer out before the first anniversary, they will not receive their interest payment, which should be considered.

“Investors have the choice between holding a fee-free subscription or paying a £4.99 fee per 28-days for a ChipX subscription which gives them wider or exclusive access to some features. The deal secures an Excellent Moneyfacts product rating.”

‘Outstanding’ mortgage deals this week

In the mortgage sector, the HSBC five-year fixed rate mortgage at 60% loan-to-value proved particularly noteworthy this week.

Caitlyn said: “The latest update from HSBC sees it reduce selected fixed rates by up to 0.13%. The five-year deal at 60% loan-to-value has seen a marginally smaller 0.12% cut, which solidifies its position as a ‘Best Buy’. Homemovers can now get the deal at a competitive 4.49% until 31 July 2031 and, further adding to its appeal, they can receive a free valuation incentive which offsets its £999 product fee. On assessment, this deal earns an Outstanding Moneyfacts product rating.”

Turning to the buy-to-let market, HSBC once again drew praise, on this occasion for its two-year fixed rate mortgage at 60% loan-to-value.

Caitlyn said: “Alongside reducing variable tracker rates, HSBC has also reduced selected fixed rates for landlords by up to 0.09%. The two-year option at 60% LTV for second-time buyers has seen a smaller cut and is now priced at 4.94%. Landlords looking to minimise upfront costs may be pleased to note the no payable fee and free valuation incentive.

“Overpayments are also permitted by up to a maximum 20%, which may be a bonus for some. The reduction strengthens its position as a Moneyfacts Best Buy and earns an Outstanding Moneyfacts Product Rating.”

All deals are subject to terms and conditions and should be fully examined for individual suitability before committing.