NatWest assures customers that switching bank accounts is simple and can be done through the Current Account Switch Service.

Payments, such as direct debits or standing orders will automatically be transferred to new accounts within seven days.

Accounts with NatWest can be opened on their website or by downloading their app.

Savers will likely be keen to take advantage of any deals they can in the current environment given how low interest rates are at the moment.

These fears ramped up recently as it was reported Sam Woods, the deputy governor of the central bank, wrote to UK banks asking them if they are prepared for the prospect of negative rates.

As the correspondence detailed: “For a negative bank rate to be effective as a policy tool, the financial sector – as the key transmission mechanism of monetary policy – would need to be operationally ready to implement it in a way that does not adversely affect the safety and soundness of firms."

“As part of this work, we are requesting specific information about your firm’s current readiness to deal with a zero bank rate, a negative bank rate, or a tiered system of reserves remuneration – and the steps that you would need to take to prepare for the implementation of these.

“We are also seeking to understand whether there may be potential for short-term solutions or workarounds, as well as permanent systems changes.”