RBS offers £200 to Switch Bank Accounts.
The Royal Bank of Scotland (RBS) is the latest bank to offer switch rewards as an incentive for switching your current account to them.
Switching to RBS current accounts will qualify savers for an attractive £200 cashback – the highest cashback reward currently being offered by UK banks, alongside NatWest.
Using the Current Account Switch Service, you can switch your bank account within seven days of applying, provided your old bank provider also participates.
Before switching, ensure you understand all bonus reward scheme terms and conditions.
What are the rules for the RBS bank account switch incentive?
There are a couple of eligibility requirements regarding the RBS switch reward to be eligible. You must apply for the switch online or via the mobile app – if you apply over the telephone, or through a local branch, you’ll be ineligible for this promotional offer.
Here are the requirements in order to receive the cash reward after applying online or through the mobile banking app:
- You can receive the RBS £200 offer by switching your account from another bank to RBS
- Your account must be opened and funded with £1,250, & you login into the RBS mobile banking app within 60 days. Applicant eligibility criteria apply.
- You can only switch current accounts through the switch service
What if I’m already a Royal Bank of Scotland customer?
It is still possible to receive the £200 reward if you already have an RBS bank account – you just follow the same process and switch to an eligible RBS account.
If you are not an existing customer of RBS, and you have an account with another bank, you can easily transfer to a new RBS account and receive the £200 switch reward.
What type of RBS bank account do I need to open to get the reward?
The £200 switch reward is available for three different RBS bank accounts.
Here is a breakdown of their features and benefits:
- Get notifications when you spend, and get more control over your money
- No monthly fee
- You must be over 18 and a UK resident
- Get £4 a month in Rewards for having 2 or more Direct Debits outgoing
- £2 per month fee
- You must deposit at least £1,250 per month
- You must be over 18 and a UK resident
RBS Premier Bank Accounts
- Get personal support on complex financial decisions, online or over the phone
- Premier Banking criteria must be met, such as a minimum income requirement, minimum borrowings or minimum savings to be eligible
Which RBS account should I switch to?
There are two options worth looking at for everyday customers looking to switch accounts – the RBS Select bank account and the RBS Reward bank account.
- The RBS Select account comes with no monthly fee and may be a great option if you’re only incentivised to switch accounts for the cash reward and if you don’t intend to stay with RBS for the long term.
- The RBS Reward account could be the better choice if you’re looking for a more permanent switch. The rewards account has a £2 monthly fee but features additional rewards through setting up direct debits to offset the monthly charge.
What types of rewards are offered by RBS?
Aside from the ongoing £200 cash reward for switching, RBS Reward accounts offer cashback on direct debits set up – two of which must be at least £2 each.
Customers can also earn rewards when they use their RBS debit card at a variety of participating retailers. Through a system of personalised offers, customers of RBS can earn reward points to be spent at places like Curry’s, Morrison’s, and Greggs or for Sky TV.
What type of bank accounts are eligible to switch?
- The switching service excludes savings accounts, such as ISAs,
- The switch service is available to any bank account as long as your old provider takes part
- As long as both parties consent and you are switching to a joint account rather than a sole account, you can switch to a joint account as well
Do I have to close my existing account to qualify for the £200 bonus?
Your existing account will be closed once the switch to RBS is complete.
Your old account’s Direct Debits and payments will be automatically redirected by the Current Account Switch Service.
How long does the bank account switch process take?
Switching current accounts will take just 7 days – the provider guarantees it.
Until the 6th day after switching, you can still use your old bank account for bank transfers, debit card payments, and online banking, and once the transfer is complete, you can start using your new account immediately.
What do I need to do before switching my bank account to RBS?
- Update all your details with your old bank, including your address.
- You should have the details of your active debit cards with your old bank.
To switch, you must complete the switching application form online or by using your mobile app.
Is there a downside to switching banks?
There are no real downsides to switching banks, as there may be a more favourable offer and reward – or the bank is simply a better option for you in general. That being said, it’s important that you do not simply switch often to capitalise on cash rewards, as this may have some negative effects you should be aware of.
While there are no hard limits to switching bank accounts, some restrictions are in place – you’ll be ineligible for cash rewards of a similar type if you recently received one, and typically, you’ll have to stay with that bank for a period to receive the cash before you can switch again.
Importantly, switching bank accounts will go on your credit file. Opening up different accounts, or switching accounts often will do little to build up a banking relationship with any one UK bank, and this could cause issues when you decide to create a long-term bank account – such as taking out loans or receiving financial
Regardless, it is always a good idea to explore your options and if you could be getting a better deal elsewhere – such as RBS’s £200 cash reward offering.
If you don’t switch or don’t pay attention to certain banks’ offerings, you’ll never know if a different bank might serve you better.
What other UK banks give you money for switching?
Several UK banks will regularly offer some form of incentive, such as First Direct offering £175 for switching– however, we’ve yet to find offers as competitive as RBS £200 cash offer; other than NatWest, which operates under the same group and is currently running a similar offer.
RBS is offering the highest cash reward amount compared to other UK banks as of 2023.
Can I qualify for more than one £200 reward?
You can only receive the £200 reward for your first bank account transfer once.
Most UK banks offering similar rewards will specify in the small print that if you have received a cash reward from a competing bank, or a bank of the same group, such as NatWest – you’ll be ineligible for their cash reward.
When will the £200 reward be paid?
After the switch process has been completed and you have met all requirements and conditions, RBS will then deposit the £200 reward into your account.
For more details go to the RBS switch deal website or to compare switch deals see the link below:
When will this offer end?
This offer has been available since February 14, 2023, and is likely to end in early April 2024. These cash reward schemes can be withdrawn at the banks’ discretion.
Because of this, it may be a good idea to see if you could be eligible to switch to an RBS select or reward bank account to receive a £200 cash reward.
With each passing month, the likelihood that the offer will end increases, so act now before it is withdrawn if you think switching is the right move for you.
For more details, go to the RBS switch deal website, or to compare switch deals, see the link below: