RBS launches £100 switching offer for new and existing customers

RBS follows Halifax, which launched its own £100 switching offer last month. It could be welcome news for those looking for an added incentive to switch accounts, after a dry spell in the switching market (banks had withdrawn their offers due to the coronavirus pandemic).

Our top pick from RBS is its Reward account, which for a £2 monthly fee offers £5 cashback every month if you pay in £1,250+, log in to its mobile banking app and pay out two direct debits of £2 or more. If you'd prefer to avoid a monthly fee, you can also get the bonus on the free RBS Select account, though this doesn't offer any cashback.

To get the £100 bonus, you have to switch by 19 November 2020 (see full criteria below). You won't be eligible if you've had a switching bribe from RBS, NatWest or Ulster Bank since October 2017.

See our Best Bank Accounts guide for full details on the RBS Reward account, more info on switching and the rest of our top picks.

I'm a new customer – how do I get the bonus?

If you don't already have a current account with RBS, you'll need to:

• Apply for an RBS Select, Reward, Premier Select or Premier Reward account online or in branch by 19 November 2020.

• As part of that application, switch a non-RBS account to your new RBS account (using the Current Account Switch Service).

• Pay in at least £1,500 by 30 December 2020.

• Log in to online or mobile banking at least once by 30 December 2020.

If you meet the criteria, RBS will pay your bonus directly into your bank account by 29 January 2021.

I'm an existing customer – how do I get the bonus?

If you already have an RBS Select, Reward, Reward Silver, Reward Platinum, Premier Select, Premier Reward or Premier Reward Black account, you'll need to:

• Switch a non-RBS account to your existing RBS account (using the Current Account Switch Service) by 19 November 2020.

• Pay in at least £1,500 by 30 December 2020.

• Log in to online or mobile banking at least once by 30 December 2020.

Again, provided you meet this criteria, the bonus will be paid directly into your RBS account by 29 January 2021.

How does the RBS offer compare with others?

There's only one other big bank switching bribe available at the moment – until Tuesday 15 September, Halifax is offering £100 to newbies switching to its Reward account (see our Halifax Reward MSE News story for full details).

However, it's worth noting that while free cash is always tempting, switching bonuses shouldn't be the only consideration when opening a new bank account.

Depending on your situation, you may be better off with an account that offers cashback on bills, or has lower overdraft costs. So it's worth doing some research into what each account offers before you switch, and checking whether there are other accounts out there that meet your needs better. See our Best Bank Accounts guide for full help and our current top picks.