RBS bank switch offer: Get £200 – Be Clever With Your Cash

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One other financial institution swap deal has launched, this time providing £200 for switching.

RBS is providing £200 for those who swap financial institution, the very best bonus it’s ever provided. And there’s additionally the chance to get one other £60ish through linked rewards and financial savings accounts.

Right here’s how the supply works and my evaluation.

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How a lot are you able to get for switching to RBS?

This RBS switching supply is fairly simple. You’ll get a set £200 for those who meet the situations outlined under. That is the most important switching deal they’ve provided but.

You may solely get one bonus per individual, no matter whether or not you’ve got a couple of solo or any additional joint accounts. You’ll additionally solely get one cost per joint account, so if two of you need the money you’re higher off opening two new particular person accounts.

Who can get the RBS switching supply?

It’s one other deal the place new and present clients can get the free money. New clients might want to open up one of many following accounts through the RBS web site or app:

SelectRewardPremier Choose Premier Reward

Current clients might want to have one among these accounts previous to 14 February 2023:

SelectFoundationRewardReward SilverReward PlatinumSelect SilverSelect PlatinumPremier SelectBlackPremier Reward Black

Then that you must use the Present Account Switching Service to maneuver over an account from a special financial institution.

Current or earlier account holders received’t get the cash for those who’ve had any money since October 2017 from switching to any financial institution within the Natwest Group, which consists of RBS, Ulster Financial institution or Natwest.

Hearken to Money Chats, Andy’s award-winning podcast. Episodes each Tuesday.

What are the necessities for the RBS switching supply?

To get the £200 that you must:

Open or have already got one of many accounts listed aboveStart a full swap through the Present Account Swap Service through the RBS web site or appPay in £1,250 inside 60 days of opening the account (it doesn’t need to be in a single go)Log in to cellular or app banking inside 60 days of opening the accountKeep the account open till you’ve had the switching money

Observe, for present clients switching in, the 60 days begins when the swap completes.

When will the cash be paid?

The complete £200 shall be paid to your account inside seven calendar days of assembly the above standards

When will the supply finish?

There’s no set finish date for this promotion, so it may finish at any time. I’ll replace this text if a date is introduced. The supply will finish at 8am on Monday 11 September 2023.

RBS swap supply abstract

Switching bonus£200Bonus paidWithin 7 Days of finishing criteriaOpen to present customersYes Eligible accountsSelect, Reward, Premier Choose or Premier Reward (for brand spanking new clients, longer checklist for present clients)Necessities Pay in £1,250 inside 60 daysLog on to on-line or app banking inside 60 daysNot have obtained a switching bonus from RBS or Natwest since October 2017Switch utilizing the Present Account Swap Service and shut your outdated accountYou should begin the swap from the RBS web site or your cellular appThe outdated account have to be from a special bankExclusionsOffer restricted to as soon as per personOffer ends8am on Monday 11 September 2023

Which RBS account ought to I select?

So, you’ve acquired 4 accounts to select from. Let’s ignore the Premier Reward accounts as they’re actually solely value contemplating if in case you have a excessive revenue otherwise you want journey insurance coverage and breakdown cowl. And there are most likely higher choices on the market for the latter sorts of account.

That leaves both the Choose or Reward account. The Choose account is free to make use of and a sensible choice for those who simply need to get the bonus.

Nonetheless for those who’ve acquired a few spare Direct Debits, including them to the Reward account will earn you £4 a month. You’ll get one other £1 for utilizing your RBA app every month. Deduct the £2 a month price and also you’ll earn £3 a month, or £36 a yr. It’s not the highest-paying account on the market, however value nabbing if you’re going to follow RBS.

Advantages£5 month-to-month reward, made up of:– £4 for having two Direct Debits– £1 for opening the cellular app every monthLimited cashback with retailers through debit cardInterestAccess to six.17% (variable) AER Digital Month-to-month Saver (max £150 a month) Learn moreFee£2 a monthRequirementsTwo energetic Direct Debits of no less than £2 eachOpen the app as soon as per monthMultiple accounts?Sure, however you may solely declare Rewards as soon as per personNotesYou have to withdraw your rewards to make use of them

Is it value switching to RBS?

Andy’s evaluation

Although I count on quite a lot of you’ll be dominated out as you bought the free money from earlier RBS or Natwest gives, anybody eligible ought to definitely think about it.

Not solely are you able to get the free switching money, however you’ll get £36 a yr with the Rewards account and entry to the Digital Common Saver which pays 6.17% on £150 a month (max of £5,000 general).

It’s additionally good to see the stricter swap and keep situations from a yr in the past are gone, making it a very simple supply to nab – after which doubtlessly transfer on from with one other swap.

Are there higher switching gives

If you happen to’re a repeat financial institution switcher then you definately would possibly solely be capable to choose one or two choices, however for full newbies you’ve acquired just a few selections.

Right here’s all the things that you must learn about all these totally different financial institution switching offers.

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