Another bank switch deal has launched, this time offering £200 for switching.
RBS is offering £200 if you switch bank, the highest bonus it’s ever offered. 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.
Other switch offers
Now the RBS offer has ended, you might want to check out one of these additional deals that are currently running
How much can you get for switching to RBS?
This RBS switching offer is pretty straightforward. You’ll get a fixed £200 if you meet the conditions outlined below. This is the largest switching deal they’ve offered yet.
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. New customers will need to open up one of the following accounts via the RBS website or app:
- Premier Select
- Premier Reward
Existing customers will need to have one of these accounts prior to 14 February 2023:
- Reward Silver
- Reward Platinum
- Select Silver
- Select Platinum
- Premier Select
- Premier Reward Black
Then you need to use the Current Account Switching Service to move over an account from a different bank.
Existing or previous account holders won’t get the money if you’ve had any cash since October 2017 from switching to any bank in the Natwest Group, which consists of RBS, Ulster Bank or Natwest.
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What are the requirements for the RBS switching offer?
To get the £200 you need to:
- Open or already have one of the accounts listed above
- Start a full switch via the Current Account Switch Service via the RBS website or app
- Pay in £1,250 within 60 days of opening the account (it doesn’t have to be in one go)
- Log in to mobile or app banking within 60 days of opening the account
- Keep the account open until you’ve had the switching cash
Note, for existing customers switching in, the 60 days begins when the switch completes.
When will the money be paid?
The full £200 will be paid to your account within seven calendar days of meeting the above criteria
When will the offer end?
There’s no set end date for this promotion, so it could end at any time. I’ll update this article if a date is announced. The offer will end at 8am on Monday 11 September 2023.
RBS switch offer summary
Which RBS account should I choose?
So, you’ve got four accounts to choose from. Let’s ignore the Premier Reward accounts as they’re really only worth considering if you have a high income or you need travel insurance and breakdown cover. And there are probably better options out there for the latter 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 RBA 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 stick with RBS.
|Benefits||£5 monthly reward, made up of:|
|– £4 for having two Direct Debits|
|– £1 for opening the mobile app each month|
|Limited cashback with retailers via debit card|
|Interest||Access to 6.17% (variable) AER Digital Monthly Saver (max £150 a month) Read more|
|Fee||£2 a month|
|Requirements||Two active Direct Debits of at least £2 each|
|Open the app once per month|
|Multiple accounts?||Yes, but you can only claim Rewards once per person|
|Notes||You need to withdraw your rewards to use them|
Is it worth switching to RBS?
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 6.17% on £150 a month (max of £5,000 overall).
It’s also good to see the stricter switch and stay conditions from a year ago 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 you’ve got a few choices.
Here’s everything you need to know about all these different bank switching deals.