This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Cookie Policy. Read more

This comparison simply includes all savings accounts.

first direct
1st Account first direct
Open With £1
Account Type Current Account
Features Get £175 to switch & 7% on regular savings

Why we like it: SPECIAL OFFER - Get £175 when you switch to a First Direct 1st Account. You also get access to a 7% AER/gross fixed for 12 months Regular Saver Account if saving between £25 and £300 a month (up to £3,600 per year). £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. No first direct fees for when spending abroad, withdrawing cash from the UK or when making a debit card payment in a foreign currency in the UK. Mobile banking app. UK based contact centre. For the £175 switching cash offer you need to open a 1st Account, switch your everyday banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account. This offer is only available to new First Direct customers, or HSBC customers who haven't opened an account since 1 January 2020

The Royal Bank of Scotland is offering £200 in cash as a reward for switching to their bank. The offer applies to their Select and Reward Current Accounts. So, here’s everything you need to know about their bank switch offers and how to open a new bank account with RBS.

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)

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

Latest news

Popular Fixed Income Plan - Pays 6.48% pa with Monthly Income

Are you getting 6.48% fixed from your capital?  Read More »

Newsletter signup

Sign up to our Newsletter to get exclusive news and offers direct to your inbox.

Let's get social now! Twitter Facebook

About us is a trading style of Fair Investment Company Ltd.

We've been comparing savings and current accounts for many years so you can trust you're in good hands.