Britons entitled to extra £150 bank boost by switching accounts – are you eligible?
Savings: Expert gives advice on 'crucial' ways to save money
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Royal Bank of Scotland (RBS) is the latest banking institution to offer the British public lucrative cash incentives to open a current account. The bank joins other high street giants, including Santander, HSBC, Nationwide, Lloyds and NatWest, as a wave of account switching deals hit the marketplace. Over the past year, similar switch and stay offers have been temporarily suspended due to the financial crisis resulting from the pandemic.
As part of the new deal, RBS is offering new and existing customers £150 for switching to one of its product offerings.
However, customers need to stay with the bank up until 5pm on November 18, 2021 for the offer to be valid.
Brand new RBS customers can choose to switch to one of the bank’s Select or Reward accounts to receive their £150 payment boost.
Existing customers of the bank will be able to get their payment by switching to Reward Silver, Reward Platinum or Reward Black.
Through RBS’ Reward account, customers will be given £4 per month for two Direct Debits and an additional £1 for logging onto their online banking.
However, the Reward account also includes a fee of £2 a month once customers decide to open it.
In comparison, RBS’s Select account offerings have no monthly fees attached to them, which is a savings boon for many Brtions.
On top of this, the account is partnered with many cashback offerings, including GetCash which allows customers to withdraw money without having to use their bank card.
Instead, customers can gain access to their money through a passcode which is sent directly to their mobile phone.
The Select account offered by RBS has received positive feedback from the financial industry and consumers, getting a five-star rating from Defaqto.
Allan Hardie, Head of Savings at RBS, outlined why this latest incentive deal is a priority for the bank.
Mr Hardie said: “We are welcoming new customers with our latest switcher offer which really encourages taking advantage of the account and also discovering further benefits such as our award-winning mobile app and our Digital Regular Saver account paying three percent interest.”
How to switch bank accounts
Those looking to take advantage of this offer can easily switch from their current account to one of RBS’s many offerings as soon as possible.
In order to receive this £150 bank boost, savers must apply for a new account via the Current Account Switch Service.
When making the transition between accounts, all standing orders and Direct Debits are automatically transferred to the new account within seven working days.
On top of this, salary and benefit payments are also transferred to the new account, without the need of any additional assistance from the account holder.
Opening an account with RBS can be done either online at www.rbs.co.uk or by downloading the bank’s mobile app.
Old accounts need to be shut through the Current Account Switch Service and transferred to the RBS account by December 30, 2021.
Furthermore, new customers transfer at least £1,500 into their new account by this same date in order to qualify for the deal.
After this is done, savers will receive £100 of the bank boost by January 2022, with the other £50 being transferred by September of next year.
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