RBS bank switch offer: Get £150

Another bank switch deal has launched, this time offering £150 for switching.

RBS is offering £150 if you switch bank – and this one looks far easier than last year’s “switch and stay” promotion. And there’s also the opportunity to get another £50ish via linked rewards and savings accounts.

Here’s how the offer works and my analysis.

RBS switch offer

How much can you get for switching to RBS?

This RBS switching offer is pretty straightforward. You’ll get a fixed £150 if you meet the conditions outlined below. This is much better than last year’s promotion which gave £100 for the switch and an extra £50 if you stayed for a year and regularly used the account.

You can only get one bonus per person, regardless of whether you have more than one solo or any extra joint accounts. You’ll also only get one payment per joint account, so if two of you want the cash you’re better off opening two new individual accounts.

Who can get the RBS switching offer?

It’s another deal where new and existing customers can get the free cash. You will need to open up or already have one of the following accounts:

  • Select
  • Reward
  • Reward Silver
  • Reward Platinum

Then you need to use the Current Account Switching Service to move over an account from a different bank (this is only non-RBS, so a Natwest account should be fine).

You won’t get it if you’ve had any cash from switching to RBS, Ulster Bank or Natwest since October 2017.

Andy’s podcast

Listen to Cash Chats, Andy’s twice-weekly podcast. Episodes every Tuesday and Friday.

What are the requirements for the RBS switching offer?

To get the £150 you need to:

  • Open one of the accounts listed above
  • Start a full switch via the Current Account Switch Service by 5pm 21 April 2022 via the RBS website or app
  • Pay in £1,250 by 26 May 2022 (it doesn’t have to be in one go)
  • Log in to mobile or app banking by 26 May 2022
  • Keep the account open until 24 June 2022

When will the money be paid?

The full £150 will be paid to your account by 24 June 2022 as long as you meet the above criteria.

Which RBS account should I choose?

So, you’ve got four accounts to choose from. Let’s ignore the Silver and Platinum accounts as they’re only worth considering if you need travel insurance and breakdown cover. And there are probably better options out there for those types of account.

That leaves either the Select or Reward account. The Select account is free to use and a good choice if you just want to get the bonus.

However if you’ve got a couple of spare Direct Debits, adding them to the Reward account will earn you £4 a month. You’ll get another £1 for using your Natwest app each month. Deduct the £2 a month fee and you’ll earn £3 a month, or £36 a year. It’s not the highest paying account out there, but worth nabbing if you are going to use RBS.

Is it worth switching to Natwest?

Andy’s analysis

Though I expect a number of you will be ruled out as you got the free cash from previous RBS or Natwest offers, anyone eligible should certainly consider it.

Not only can you get the free switching cash, but you’ll get £36 a year with the Rewards account and access to the Digital Regular Saver which pays 3.3% on £150 a month (on a max of £1,000 overall).

It’s also good to see the stricter switch and stay conditions are gone, making it a very easy offer to nab – and then potentially move on from with another switch.

Are there better switching offers

If you’re a repeat bank switcher then you might only be able to pick one or two options, but for complete newbies I’d actually look elsewhere – at least to start.

You can get up to £125 via switch it to Nationwide or £150 from First Direct.

But if you only want to switch once I’d probably go for the Halifax switching offer. You’ll get £125 for switching and earn a £5 reward each month (£60 a year).

Here’s everything you need to know about all these different bank switching deals.

15 thoughts on “RBS bank switch offer: Get £150

  1. You cannot transfer joint accounts to a joint account with RBS or Nat West, just wasted an hour trying to do this so wanted to stop someone else having the same problem.

  2. Hi Andy

    No direct debits required for this one?

    Thanks

  3. Hi Andy!

    No need to have any direct debits transferred with this one?

    Also, the old regular savers that have expired for examples in BoS ,do they count as current accounts valid for this switch?

    Many thanks!

    1. Nope, no DDs for this!

      Sadly it has to be a full current account, not a savings account.

      1. Does the £1,250 that you have to put in stay in the account? Or can you transfer it back out the same day after transferring £1,250 in? Thanks

  4. Hi Andy

    Is it not necessary to switch any direct debits with this one?

    Another question, the old regular savers account that expire, are they considered as valid current accounts to swtich? I have several of them unused but not sure if they would qualify

    Thanks for your work. It is AMAZING!

  5. To receive additional £50 you must conduct 10 transaction a month on card which is obviously debit since its a current account.So “Make 10 eligible credit or debit transactions every month between January and September 2022” is wrong.
    I dont recall reading anything about withdrawal at the ATM counting towards 10 a month transaction limit either.
    to get those 50 pounds in November you will have to buy something with the card 10 times a month.
    One can consider it as a £5.55 a month bonus paid out after 9 month 5.55*9=50
    You will have to find something to buy for 55p 10 times a month for 9 month straight to be reimbursed for your troubles.
    Quite an undertaking. Cotton buds are 28p… queues at Lidl are murderous though.I dont think Local Offlicences sell anything useful for 55p

    1. That list was from the RBS terms and conditions, so it will count. But I think standing orders are the easiest option.

  6. Hi does the £1500 have to be the balance or can it be paid in lumps but used in between, I.e. the total credits may be over £1500 over time before 30/12 but the balance may be less. I.e. paid in some, spend some, paid in some more..? Thanks

    1. Yes, the paid in amount doesn’t have to stay in the account, so you can do it in small amounts and the balance doesn’t need to be £1,500

  7. Hi Andy
    I’ve just switched to santander in the last couple of months. I’ve now received the 130 pound. Am I under any obligation to stay with them or can I switch again. Halifax are offering 125 pound to switch to them
    Many thanks
    Aidan

    1. You can switch again!

  8. Hi Andy,
    Does the £1,500 have to remain in the RBS account before the £100 is paid or can it be moved to another account after being deposited to the RBS account?

    1. Hi Snoor, no you can move the money back out of the account.

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