Third major bank to offer ‘fast’ free cash to new customers: receive up to £200
A THIRD major bank is offering new and existing customers ‘fast’ free cash worth up to £200.
Royal Bank of Scotland (RBS) is the latest bank to launch a switching incentive that you can claim within days.
Banks and building societies regularly offer the bonuses as a way to attract new customers.
To claim the £200 bonus from RBS, you’ll need to switch to one of the Everyday, Reward or Premier current accounts using the Current Account Switch Service (CASS).
RBS customers can also move one of their existing current accounts to one of these accounts.
In addition, you must deposit €1,250 into your new checking account and log in to the mobile banking app within 60 days of the switch.
Once you have done this, the money will be deposited into your account within seven days.
You cannot switch if you have received a switching premium from the NatWest Group, of which RBS is part, since 1 January 2020.
Customers who switch to RBS’s Rewards bank account can earn up to £5 cashback when they use the card, but will have to pay a monthly fee of £2.
The Everyday checking account does not offer cashback, but is free of charge.
Meanwhile, there are three Premier accounts to choose from: Premier Select, Premier Reward and Premier Reward Black.
There are no monthly fees for the Premier Select account, but £2 and £31 monthly fees for the Premier Reward and Premier Reward Black accounts respectively.
However, anyone looking to grab the RBS offer will want to act sharply.
No date has been set for the deal to expire, but Co-op and First Direct both struck a switch deal last month, leaving bankers without any offers.
Consumer expert Martyn James said: “The bank switch offer is back, but you’ll need to act quickly if you want to take advantage of it as the last offers are disappearing very quickly.”
Make sure you only switch to one of RBS’s eligible current accounts as it will also give you the right benefits, not just the £200 cash bonus.
There may also be other terms attached to the deal, so check these on the RBS website before making the switch.
How to switch bank accounts
In most cases, you can switch bank accounts via the Payment Account Switching Service (CASS).
Dozens of major banks and building societies are affiliated, including Barclays, First Direct, Lloyds, Monzo, Santander and TSB.
The full list of participating banks and building societies can be found on the CASS website.
All you have to do is apply for the new checking account you want. The new bank tells your existing current account that you are switching.
Any direct debits will be passed on for you, but you can do a number of things before submitting the application.
This includes choosing the date on which you switch and transferring any old bank statements to your new account.
You can obtain this from your existing bank.
When you switch banks, make sure you check what other benefits come with the checking account.
Additionally, it’s worth checking to see if there are any downsides, such as monthly fees for maintaining an account.
Martyn added: “Do your research before making the switch.
“Check the terms and conditions to see if the bank has a minimum amount of cash you must pay each month, or if you need to set up direct debits on the account.
“And before you do anything, check the customer service phone number to see how long it takes to get through to a human — just in case something goes wrong.”
Which other banks offer switching offers?
NatWest and Lloyds Bank are both offering transfer deals worth up to £200.
NatWest is offering switchers £200 to switch to one of its NatWest Reward, NatWest Select or Ulster Select accounts.
Customers can make the switch using the CASS, by depositing £1,250 into the NatWest account and logging into the mobile app within 60 days of switching accounts.
Meanwhile, Lloyds’ switching incentive was launched last week for new customers looking to open an account.
The bank is offering existing and new customers from another bank account £175 if they switch to a Club Lloyds account between now and March 28.
How switching bank accounts affects your credit score
Switching banks frequently can negatively impact your credit score, meaning you’re less likely to be approved for a loan or line of credit.
Your credit score may be affected if you switch, so keep that in mind if you’re looking to apply for a loan or buy a home soon.
You don’t have to switch bank accounts just once; some have done it multiple times and made hundreds of dollars in the process.
A Nottinghamshire resident told The Sun how the £500 he earned from switching helped pay for part of his daughter’s wedding.
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