Royal Bank of Scotland is offering £175 to new and existing customers switching their main bank account. The time limited offer launched on April 23, 2019 and runs until June 28, 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% 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% 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 Royal Bank Current Accounts, 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% 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.
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 August 30, 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 August 2, 2019.