NatWest Rewards: Cash Value & How They Work

Rewards Value 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.

NatWest Rewards can be only be redeemed in a few select ways once you've accumulated at least £5 in rewards. This includes cashing out rewards to your bank account, trading them in for gift cards, or donating them to Charity.

Bank Rewards into your bank account

NatWest Rewards can be cashed out and deposited directly into your bank account. This is at a 1:1 ratio meaning that if you've earned £75 Rewards, you would end up with £75 in your bank account if you were to bank them.

Trade Rewards for gift cards

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

For example, here's a Trade Up option listed 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. If you don't mind your Rewards being tied to a gift card, this is the best redemption option for NatWest Rewards.

NatWest Rewards trade up partners include, but are not limited to:

  • John Lewis & Partners
  • British Airways Avios
  • Argos
  • Red Letter Days
  • Morrisons
  • Currys PC World
  • B&Q
  • TK Maxx
  • Greggs
  • Cineworld
  • Caffè Nero
  • Emirates Skywards

British Airways Avios

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

  • £10 - 1,170 Avios
  • £20 - 2,350 Avios
  • £50 - 5,870 Avios

When using the Trade Up option, trading £20 for 2,350 Avios provides the best value due to the redemption amounts being slightly uneven.

Avios points are worth 1p each on average for economy flights and up to 2p for Business and First class flights. This means 2,350 Avios is worth anywhere from £23 to £47 which is higher value than the £20 in Rewards you would need to cash in.

That makes this trade up option for NatWest Rewards a great redemption option.

Emirates Skywards

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

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

This comes out to being 77 Skywards Miles per £1 in Rewards traded. Since Skywards Miles have an average value of 1p each, this trade up option is a little underwhelming.

Transferring NatWest Rewards would only make sense if you have an excellent redemption lined up with Emirates that would give your miles 1.3p or higher in value. It can also be worth it if you merely need to top off your Emirates account.

Your Rewards can be donated to charity starting at £5 in Rewards. You can donate your Rewards to the following charities:

  • Disasters Emergency Committee
  • Comic Relef
  • Barnado's
  • Macmillan Cancer Support
  • Cancer Research UK
  • Princes Trust
  • RNIB
  • Alzheimer's Society
  • British Heart Foundation


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.