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NatWest Rewards Value: How They Work & Exchange Calculator

Get the details on how NatWest Rewards work and calculate how much they are worth when redeemed for bank deposits, rewards with partners, and charity.
Last Updated: 07-14-2023
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NatWest gives you three ways to redeem your Rewards once you've reached at least £5: bank them into your bank account, trade them for physical and electronic gift cards with retail partners, and donate them to one of NatWest's chosen charities. If you're looking to maximize the value of your NatWest Rewards points, using the Trade Up option is the best route to take.

How to earn Rewards

NatWest Rewards can be earned shopping online and in-store at participating retailers. You can also earn additional Rewards on your day-to-day purchases when using the NatWest Reward credit card or NatWest Reward Black Credit Card.

NatWest Trade Up

Trade up allows you to redeem your rewards for both physical and electronic gift cards from a select group of partner retailers. When taking this route, NatWest will also provide bonus rewards with select partner retailers.

For example, here's the Trade Up option for a John Lewis Partnership eGift Card:

  • £10 Rewards = £10 John Lewis Partnership eGift Card + 4% Rewards
  • £25 Rewards = £25 John Lewis Partnership eGift Card + 4% Rewards
  • £50 Rewards = £50 John Lewis Partnership eGift Card + 4% Rewards

With this redemption, you would receive a bonus 4% back in Rewards which is 4% higher than what you would earn if you were to cash out your Rewards to your bank account. This is the best way to squeeze the most out of your NatWest Rewards.

You can check out the NatWest mobile app to see the full and most up-to-date list of retailers. Here are a few examples of NatWest's retailers:

  • John Lewis & Partners
  • Waitrose & Partners
  • Argos
  • Morrisons
  • Greggs
  • Caffe Nero
  • Currys
  • Marks & Spencer
  • B&Q
  • TK Maxx
  • Cineworld

Exchange Calculator

Use our exchange calculator to find out how much you can earn in bonus Rewards when using the Trade Up option with select retailers.

Do note that the bonus percentage can change at any time, so you'll want to check the NatWest mobile app to see what the current rates are.

Rewards Bonus
Enter the redemption amount and the percentage back in rewards
£ Rewards
Redemption Amount
Reward Bonus
Rewards Earned
The number below represents the rewards you'll earn based on the criteria entered above.
£ 10 Gift Card + £ 0.40 In Rewards

NatWest Rewards To Avios

NatWest Rewards can be converted to Avios using the Trade Up option. You can convert Rewards in the following increments:

  • £10 Rewards = 1,170 British Airways Avios
  • £20 Rewards = 2,350 British Airways Avios
  • £50 Rewards = 5,870 British Airways Avios

These trade up increments comes out to being about 117 Avios for every £1 in NatWest Rewards earned. (Do note that the £20 Reward and £50 Reward offers just a microscopic amount more value - 117.5 and 117.4 Avios/£1 respectively).

Based on our valuations, Avios are worth 1p each on average for economy flights and up to 2p for Business and First class flights. This means 1,170 Avios is worth anywhere from £11 to £23 which is higher value than the £10 in Rewards you would get if you used Bank Them or if you turned them into eGift Cards with most retailers.

This makes this trade up option British Airways Avios one of the best redemption options for NatWest Rewards.

NatWest Rewards To Emirates Miles

NatWest Rewards can be converted to Emirates Skywards using the Trade up option. You can convert Rewards in the following increments:

  • £10 Rewards = 770 Skywards Miles
  • £50 Rewards = 3,850 Skywards Miles
  • £100 Rewards = 7,770 Skywards Miles

This comes out to being 77 Skywards Miles per £1 in Rewards traded. With our valuations of Skywards Miles being an average value of 1p each, this trade up option is a little underwhelming since you'll be receiving about 0.77p in value for every £1 in Rewards.

Converting NatWest Rewards to Emirates would only make sense if you had an excellent redemption lined up with Emirates that would give your miles significantly high value or if you were a few Skywards miles short of a redemption and needed to top off your account.


How much are NatWest Rewards worth?

NatWest Rewards are worth face value, but you can get increased value when redeeming Rewards with select partners using the trade up option.

Can you transfer NatWest Rewards to Avios?

Yes. You can use the NatWest Rewards trade up option to convert Rewards to British Airways starting at £10 Rewards for 1,170 Avios.

Can you use NatWest Rewards for Morrisons?

Yes. You can convert NatWest Rewards to a Morrison eGift Card starting at £10 Rewards for a £10 e-gift card. You'll also get 4% back in Rewards.