Another bank switch deal has launched, this time offering £175 for switching.
RBS is offering £175 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 £60ish via linked rewards and savings accounts.
Here’s how the offer works and my analysis.
How much can you get for switching to RBS?
This RBS switching offer is pretty straightforward. You’ll get a fixed £175 if you meet the conditions outlined below.
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:
- 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.
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What are the requirements for the RBS switching offer?
To get the £175 you need to:
- Open one of the accounts listed above
- Start a full switch via the Current Account Switch Service by 5pm 20 October 2022 via the RBS website or app
- Pay in £1,250 by 2 December 2022 (it doesn’t have to be in one go)
- Log in to mobile or app banking by 2 December 2022
- Keep the account open until 29 December 2022
When will the money be paid?
The full £175 will be paid to your account by 29 December 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?
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 3.82% 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. That’s because other banks are offering £175 and you’ll get the money much faster. In fact, you might be able to get cash at other banks and then switch for the RBS offer.
Here’s everything you need to know about all these different bank switching deals.