You are here: Home - Saving & Banking - News -

RBS launches £175 switching bonus

0
Written by:
24/02/2020
The Royal Bank of Scotland (RBS) is offering £175 to new and existing customers switching their main bank account – the highest bonus amount it has ever given.

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.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Royal Mail to hike stamp prices as it predicts profit slump

Royal Mail will increase the price of stamps next month as it said the challenging environment means it is likely...

Close