Tuesday, July 5, 2022
BusinessFinanceRBS launch limited time £150 switch offer

RBS launch limited time £150 switch offer

Royal Bank of Scotland is offering £150 to new and existing customers who switch their main current account as a limited time offer until April 21.

New customers can apply to switch to a select or reward account while existing customers can switch to a reward silver, platinum or black account.

The reward account gives customers £4 per month for two direct debits and an additional £1 for logging onto online banking. With a monthly fee of £2 this equates to £36 per year.

Customers can also benefit from regular retailer cashback offers.

Money in pot, by visual stories micheile on unsplash.
The RBS offer could save customers a lot of money not to mention a payment of £150 just for switching. Photo by visual stories Micheile on Unsplash.

The select account has no monthly fee and is rated five stars by Defaqto.

Allan Hardie, Royal Bank of Scotland, said: “We are welcoming new customers with our latest incentive.

“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.”

RBS is also launching their new round-ups feature aimed at helping customers save which can be activated using the mobile app.

Round-ups rounds to the nearest pound every time you spend with your debit card and deposits the change into your savings account. RBS estimates customers could save up to £120 over a year.

Switching accounts can be done through the current account switch service, payments such as direct debits or standing orders are automatically transferred to the new account within seven days.

A new account can be opened online or by downloading the RBS mobile app, anyone switching accounts can take advantage of the new digital regular saver account offering 3% interest.

The digital regular saver account is designed to help customers with little or no savings develop a savings habit and financial capability.

Switchers are required to use the Current Account Switch Service, close their existing account and transfer their main current account to Royal Bank by 5pm 21 April 2022.

Customers must pay in £1250 to the account and log into online or mobile banking through the Royal Bank mobile app before 26 May 2022.

There is no requirement for customers to qualify for an overdraft to be eligible for the offer. After these conditions are met, £150 will be credited to the account by 24 June 2022.

Customers must be 18 or over and have not received a switcher offer from the NatWest Group for opening a new current account and switching after October 2017.

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