RBS bank switch offer: Get £200

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?

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	Unknown

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

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.