RBS launches switching incentive offer

Royal Bank of Scotland (RBS) has announced today that it is offering new and existing customers £175 to switch their main bank account to the high street bank before 20 April 2020.

Customers will be able to get the £175 if they switch their main bank account to an RBS Select, Premier Select, Reward, Premier Reward, Reward Silver, Reward Platinum or Reward Black account, using the Current Account Switch Service. In order to receive the money, customers must pay £1,500 into one of these accounts and log into online or mobile banking through the RBS mobile app before 24 May 2020. Customers who meet the terms and conditions will then receive the £175 before 19 June 2020.

The RBS Select account has no monthly fee and offers customers its GetCash service, which allows them to withdraw money from a cash machine without their bank card using a passcode sent to their mobile phone. Alternatively, its Rewards accounts charge a monthly fee but offer customers cashback incentives.

This announcement follows a similar switch incentive launched by NatWest earlier this month. Both banks are owned by the same company.

Commenting on the switch offer, Bruno Genovese, head of current accounts at Royal Bank of Scotland, said: “Switching bank accounts couldn’t be easier and we hope our highest ever guaranteed switcher offer will give an added incentive for those who have been thinking about switching to a bank that can help make you more confident about money.”

Many banks, including RBS and NatWest, have signed up to the Current Account Switch Service, which is designed to make it easy for customers to switch bank accounts with the change-over causing little disruption for the customer. Over 40 banks and building societies have signed up to the service, which ensures the new bank takes care of closing the customer’s old bank account, moving their balance and switching over payments.

Rachel Springall, finance expert at Moneyfacts.co.uk said: “It’s great to see this cash perk introduced, which expands the choice of current accounts that offer a switching cash incentive. It’s important that any consumers who are intrigued by this cash offer weigh up the overall benefits and charges on any account they choose to ensure it’s the right deal for them. The cash offer from RBS comes less than two weeks since NatWest announced it would offer £175 to customers who switch, which matches the cash offer from HSBC. It will be interesting to see whether any other brands follow suit.”