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RBS launches £175 switching bonus

Paloma Kubiak
Written By:
Paloma Kubiak

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.