The account includes a monthly fee of £2, equating to an additional £36 per year for customers, and savers can also get regular retailer cashback offers.

There is no monthly fee for the Select account and like all accounts has GetCash, allowing customers to withdraw cash from a cash machine via a passcode sent to their mobile phone, rather than using their bank card.

David Lindberg, CEO of Retail Banking at NatWest, said: “We provide a range of practical support for customers to help them with budgeting and saving as part of our commitment to help people build their financial resilience.

“Customers will be welcomed with £175 and can earn five percent on their savings. They will also have the chance to win £1,000 by turning on our Round Ups feature which rounds up transactions to the nearest pound and automatically sends the spare change into their savings account.”

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