RBS launches £175 switcher offer

The time limited offer launches on 23 April 2019 and runs until 28 June 2019.

This is the highest switching incentive the bank has ever offered.

The £175 will be split into two payments, £125 after the first few months and a further payment of £50 once the account has been open for a year.

Switchers to the Royal Bank Reward current account will also benefit from 2 per cent Rewards on household bills with an average of £83 received each year. A customer switching to Royal Bank Reward could receive over £255 within the first year of switching accounts.

Customers switching to Royal Bank’s Reward Silver, Platinum or Black accounts also benefit from no foreign purchase fees on debit card purchases made outside of the UK, up to 40 per cent off cinema tickets and (for Reward Platinum and Black customers) personal car breakdown cover which will cover customers both for vehicles they own and any vehicle they are travelling in. This is in addition to mobile phone and travel cover.

Bruno Genovese, head of current accounts at RBS, said: “There couldn’t be a better time to become a Royal Bank customer. Not only will customers benefit from our strongest ever switcher offers but by opening a Reward account they will receive a further 2 per cent back on their household bills.”

Switching bank accounts is simple and can be done through the Current Account Switch Service. Payments, such as Direct Debits and Standing Orders are automatically transferred to the newly opened account within seven days.

An account can be opened at rbs.co.uk or in any remaining Royal Bank branches.

Switchers are required to use the Current Account Switch Service, close their existing account and transfer their main current account to Royal Bank. Customers will then receive £125 by 30 August 2019 and if they remain a customer after a year and meet the terms and conditions will receive a further £50.

It is simple to obtain the switcher offer.

Customers must pay in £1500 to the account and log into online or mobile banking through the Royal Bank mobile app before 2 August 2019. Customers must be 18 or over and must not have received a cash offer from Royal Bank for opening a new current account and switching after October 2017.