People switching to RBS’s Select, Reward, Reward Silver, Platinum and Black accounts are all eligible for the cash. The time-limited offer runs from 27 August until 29 November 2019.

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.

Bruno Genovese, head of RBS current accounts, said: “We are seeing more and more consumers taking advantage of our account benefits and our switcher offer gives consumers the opportunity to change accounts simply and easily using the Switcher Service.”

To qualify for the £150, customers need to switch their bank account through the Current Account Switch Service, close their existing account, pay at least £1,500 into the account, and log into online or mobile banking through the Royal Bank mobile app before 10 January 2019.

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

Payments, such as direct debits and standing orders will be automatically transferred to the newly opened account within seven days. Customers will then receive £150 by 7 February 2020.

RBS ran the same switching offer from 29 January to 8 March 2019. The offer was re-launched on the same day the bank suffered a major website outage.

Switching incentives

RBS isn’t the only bank to offer a cash incentive for switching. Here are some alternatives:

First Direct offers £50 to switchers if you deposit £1,000 in the first three months. If you ditch First Direct after six months, it will give you an additional £100 if you meet certain criteria.

If you open an M&S Bank current account and transfer four or more active direct debits, you’ll get a £100 M&S gift card. If you’re still with M&S a year later, have deposited at least £1,250 a month, kept a minimum of four active direct debits, and registered for online banking, you’ll get another £80 gift card.

Nationwide offers a refer-a-friend scheme rather than a straightforward switching incentive. If a friend refers you to Nationwide and you open a current account (and set up two direct debits), you’ll both receive £100. Once you’re an account holder you can earn up to £500 a year referring other people.