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RBS offers £100 to current account switchers

Emma Lunn
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Emma Lunn

The Royal Bank of Scotland has launched a new current account switching offer which could see customers pocket £135 over the course of the first year.

Anyone switching their current account to a RBS Select or Reward account will receive £100 cash for doing so.

To be eligible for the cash, you’d need to use the Current Account Switch Service, close your existing account, and transfer your main current account to RBS.

You’d also need to pay £1,500 into the account and login to online or mobile banking before 30 December 2020. You’d then receive the £100 by 29 January 2021.

The limited time offer runs until 19 November 2020 but RBS has warned it could end earlier. Anyone who has received a cash switching incentive from RBS since October 2017 is barred from the deal.

What do the Select and Reward accounts offer?

RBS’s Select account has no monthly fee and offers GetCash which enables customers to withdraw money from a cash machine without their bank card using a passcode sent to their mobile phone.

Customers who are new to RBS can switch to a Select or Reward account. Existing customers can switch to Reward Silver, Reward Platinum or Reward Black.

The Reward account costs £2 a month but gives customers £4 per month if they have two direct debits set up on their account, and an additional £1 for logging onto online banking each month.

In the first year of switching, a customer who meets the requirements will be £136 better off, once the £2 monthly charge has been deducted.

Bruno Genovese, head of current accounts at RBS, said: “We are welcoming new customers with our latest switcher offer so they too can benefit from our award-winning mobile app which now even lets you check your credit score.”

If you switch accounts through the Current Account Switch Service, payments such as direct debits and standing orders are automatically transferred to the newly opened account within seven days.

Other banks currently offering cash to switchers include Metro Bank which has launched a ‘refer a friend’ switching deal. The incentive means existing customers can pocket up to £250 by referring five friends – the new accountholders will receive £50 each.

Alternatively, Halifax is offering £100 to people opening a Halifax Reward Current Account or Ultimate Reward Current Account and switching their old account using the Current Account Switch Service.