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.
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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 and existing customers will need to open up or have one of the following accounts:
- Select
- Foundation
- Reward
- Reward Silver
- Reward Platinum
- Select Silver
- Select Platinum
- Premier Select
- Black
- Premier Reward Black
Then you need to use the Current Account Switching Service to move over an account from a different bank.
What if you’ve previously had switching cash from Natwest group banks?
Existing or previous account holders won’t get the money if you’ve had any cash since January 2020 from switching to any bank in the Natwest Group, which consists of RBS, Ulster Bank or Natwest.
However, this is better than the last iteration of the offer. That had a date of September 2017 – so this later date might mean you can get this offer even if you had switching cash from the group before.
It’s worth noting that in 2023 many readers reported in our Facebook group that they were able to get an offer from each bank in the group, despite the terms saying it wasn’t possible.
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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 after 20 February 2024
- Start a full switch via the Current Account Switch Service via the Natwest website or app
- Switch from a non-Natwest bank
- Pay in £1,250 within 60 days of switching the account
- Log in to mobile app banking within 60 days of switching the account
- Keep the account open until you’ve had the switching cash
That £1,250 deposit doesn’t need to be in one go, so you can add money across the qualifying period. It can even be the same smaller amount added and then withdrawn so you can add it again. However each single deposit (rather than the total £1,250) needs to be in the account for 24 hours.
Note, the wording suggests that the 60 days begins when the switch completes.
You won’t be eligible if you start the switch in a branch or over the phone. Upgrades to one of the eligible accounts won’t count either – it needs to be an existing account or a new one.
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?
** Update – we now know the offer ends 2 April 2024 **
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.
RBS switch offer summary
| Switching bonus | £200 |
| Bonus paid | Within 7 Days of completing criteria |
| Open to existing customers | Yes |
| Eligible accounts | Select, Reward, Premier Select or Premier Reward (for new customers, longer list for existing customers) |
| Requirements | Pay in £1,250 within 60 days of switching |
| Log on to mobile app banking within 60 days of switching | |
| Switch using the Current Account Switch Service and close your old account | |
| You must start the switch from the RBS website or your mobile app | |
| The old account must be from a different bank | |
| Exclusions | Offer limited to once per person |
| Cannot have received a switching bonus from RBS, Ulster or Natwest since 1 January 2020 | |
| Offer ends | 2 April 2024 |
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Which RBS account should I choose?
So, you’ve got a few accounts to choose from. Let’s ignore the Premier Reward accounts as they’re really only worth considering if you have a high income, and with some if 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 |
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Find out if you can get free cash for switching bank.
Is it worth switching to RBS?
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. Both the Select and Reward accounts give 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.
Hi Andy, my switch will ‘complete’ on 05/05/24, and all criteria will be met. Will I get the £200 bonus still, as its after 02/05 announcement?
Is anything specified in the T&Cs that the RBS account needs to remain open for a specified period or the cashback will be taken away, if for example you close the RBS account after receiving the cashback?
To qualify for the RBS switch offer, I have to deposit £1,250 into the account. Can this be done in several smaller amounts, withdrawing in-between to provide the necessary amount to redeposit to ultimately achieve a total of £1250 deposited?
Hi Andy. Does the £1250 need to remain in the account when it’s transferred over from your old account until the £200 is paid or can I move the money out of the account?
I’m an existing RBS customer with a current account (salary paid in monthly…direct debits paid out etc…).
Do I have to use a mobile app or can the process be done online and the reward activated? Feels like I’m being coerced into buying a new mobile phone to use this account. My Nokia wouldn’t be able to cope with the new app tech.
March 2023. Can I switch from NatWest to rbs and get the £200?
I’ve not had any cash offers ever from these banks before
No, Nick. NatWest and RBS are in the same group, so won’t qualify for the incentive.
Looks like you copied this from the Natwest offer — ‘RBS switch offer summary….You must start the switch from the Natwest website or your mobile app’
Hi Andy
Have already received my £175 from RBS and wonder whether I can switch again before 29th December? Would they be able to reclaim the incentive if I switched out again?
Thanks
Hi Andy,
Does the £1250 need to be transferred/deposited into my account? Or can it be my salary coming in every month for example?
Thanks for your work!
I switched to RBS and they have already paid the bonus to me – do I need to stay until the 29th Dec? Can’t find the T&C’s on this.
Can I Transfer Monzo current bank account to RBS for 175 Pound benefit.
I just opened my account in MONZO bank just 3-4 days back and did 1 or 2 transactions in that.
whether monzo account is eligible for such transafer ?
Yep you can!
Yes it is. I did monzo and it worked
Hi,
With your “for the people” advice, went ahead with the switch (for both NatWest and RBS). Bu then in the NatWest FAQs section
“Do I have to close my old account?
If you use the Current Account Switch Service, your old bank will close your old account. This ensures that any payments made to your old account are automatically redirected to your new account with us.
If you would like to keep your old account open then you are free to do so, but you won’t be able to use the Current Account Switch Service to do this, and you will not be covered by the Guarantee. Speak to us and we can explain your options.”
I didn’t want to close the accounts out of loyalty…
So does this mean not getting the £175?…
Thanks.
Yep, these switching deals require you do close the account you switch from. You can of course open up a dummy account you use just for switching, which I’ve written about here.https://becleverwithyourcash.com/the-best-extra-dummy-accounts-for-bank-switching/
Also, FYI you won’t get the bonus from both Natwest and RBS – just one of them.
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.
Hi Andy
No direct debits required for this one?
Thanks
Nope!
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!
Nope, no DDs for this!
Sadly it has to be a full current account, not a savings account.
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
Did you still receive the £200 after transferring it back out?
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!
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
That list was from the RBS terms and conditions, so it will count. But I think standing orders are the easiest option.
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
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
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
You can switch again!
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?
Hi Snoor, no you can move the money back out of the account.