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RBS offers £150 cash to move your bank account to it

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04/02/2022
RBS has joined competitors in launching a £150 cash incentive for new customers switching their current account to it.

The Royal Bank of Scotland (RBS) is offering new and existing customers £150 when switching their current account online or via the app. The offer is available until 5pm on April 21.

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.

To be eligible, the switch needs to take place through the Current Account Switch Service which closes your existing account and transfers it to RBS, along with your payments, direct debits and standing orders within seven days.

You’ll need to pay in £1,250 to the account and log into online or mobile banking before 26 May 2022.

You don’t need to qualify for an overdraft to be eligible for the offer. But if you’ve already switched current account to NatWest Group (NatWest, RBS, Ulster Bank) since October 2017, you’ll need to sit this one out.

The £150 will be credited to your account by 24 June 2022.

More about the RBS Select and Reward accounts

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.

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. Once the fee has been taken into account, that equates to an extra £36 a year.

Its Digital Regular Saver account also pays 3% on the first £1,000 and 0.01% on any amount above £1,000. The maximum you can pay in is £50 per month.

The accounts also offer ‘round-ups’ so every time you spend on your debit card, the sum is rounded up to the nearest pound with the change put into your savings account. RBS said that on average, customers could have an extra £120 in savings over a year using this method.

Allan Hardie, Royal Bank of Scotland, said: “We are welcoming new customers with our latest incentive so they too can benefit from our award-winning mobile app and Digital Regular Saver account paying 3% interest which is now even easier to save into using our Round Ups feature.”

Other accounts paying cash to switchers

Banks are fighting for customers at the moment as many are offering switch incentives.

NatWest – part of the RBS Group – is offering £150 while Santander offers £140.

Elsewhere, First Direct currently has a £150 cashback offer (up from £130) while Nationwide offers £100 for new customers and £125 for members to switch to it.

Meanwhile, people switching to Virgin’s M Plus Account can bag a £100 Virgin Experience Days gift card.

See YourMoney.com’s Current account switching perks are back for more information.

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