The offer runs until 20 April 2020 and customers will need to close their existing account and use the Current Account Switching Service (CASS) to be eligible.

CASS transfers a customer’s existing current account, with all direct debits, standing orders and salary commitments transferred within seven days.

To get the cash, customers must pay in £1,500 to the account and log into online or mobile banking through the RBS app before 24 May 2020. They will then receive £175 by 19 June 2020.

They can switch to one of several RBS accounts including Select, which lets customers withdraw money from a cash machine without their bank card using a passcode sent to their mobile phone (GetCash scheme).

RBS’s Reward, Reward Silver, Platinum and Black accounts are also eligible for the offer.

The £2 a month Reward account gives customers £4 per month for two Direct Debits and an additional £1 for logging onto online banking. This means that in the first year of switching, a customer could be at least £211 better off once the monthly charge has been deducted. Customers can also benefit from regular retailer cashback offers.

Bruno Genovese, head of RBS current accounts, 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.”

Customers must be 18 or over and must not have received a cash offer from RBS for opening a new current account and switching after October 2017.

NatWest (part of the RBS Group) launched a £175 switch offer earlier this month. Both NatWest and RBS scrapped cashback on household bills for Reward current account holders at the start of February.