RBS Select Current Account
Of course, the primary benefit of the RBS Select Account bank switch offer is the £200 cash bonus. However, RBS is offering a few more incentives for choosing this current account, such as:
- £0.01 minimum opening balance
- £0 account fees
- 0% AER interest (annual equivalent rate)
The RBS Select Current Account also gives you access to their Digital Regular Saver. The top rate of interest on this savings account for balances up to £5,000, and the £200 cash reward create a total earning of £508.50 in one year.
RBS Select Account bank switch offer requirements
Put down a minimum deposit of £1,250
- Log in to the RBS app within 60 days
- Apply using the RBS mobile banking app or website (app eligibility criteria apply)
- Complete the switch through the Current Account Switch Service
The Royal Bank of Scotland will pay £200 into your new bank account by within 7 days if you meet their criteria for a current account switch.
RBS Reward Current Account
Similar to their Select Current Account, the Royal Bank of Scotland is also offering the £200 cash incentive for switching to their Reward Current Account. This deal also includes up to £5 per month as cashback. Unlike the Select Account, the Reward Current Account does come with a £2 per month fee, meaning you will make £3 per month from their cashback offer.
You can make a total of £236 (inclusive of the account cost) in a year through this bank switch offer. To earn this extra cash through your new bank account, you must:
- Meet the RBS eligibility requirements
- Arrange two or more direct debit payments of at least £2
- Log in to the RBS banking app at least once a month
RBS Reward Account bank switch offer requirements
- Minimum payment of £1,250 a month
- Only eligible for one payment for joint account holders
- Not eligible if you switch in an RBS branch or on a phone call
- Excluded if you have already used a bank switch offer from RBS, NatWest or Ulster Bank
Switching to a new RBS Current Account
Before you make the switch to a new bank account, you should compare the differences between the RBS Select and Reward Current Account deals. Take time to consider which plan best suits your long-term financial needs. Once you have chosen your current account, you can sign up online or on the RBS banking app.
Next, the Current Account Switch Service will put your old bank in contact with RBS to begin the transfer process. As part of the Current Account Switch Guarantee, your new bank account will be ready to use within seven working days. It is recommended not to arrange new payments during the switching period as they will not be carried over to your new current account.
On your end, you will be required to complete a current account application form. You must provide RBS with two suitable documents which prove your identity and address, such as your passport, ID, utility bills or payslips. Then, RBS will conduct a credit check. They will also ask you to nominate a switch date that is at least seven working days ahead of the bank switch.
Factors to consider when opening an RBS current account
- You will need to redirect ongoing payments that are linked to your debit card, not your account
- You can switch from a sole to a joint account, but not from a joint to a sole account
- Savings accounts, ISAs and credit cards will not be transferred, but savings products linked to your old current account may be lost
- Application rejections or opening multiple new bank accounts in a short timespan may negatively affect your credit score