RBS switch deal: February to April 2024

Find out about RBS's switching offer, plus how much to earn in savings interest on top.

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Jason Loewenthal

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RBS switch deal update

RBS’s £200 switching offer has now ended. The information below is for reference only. For switching deals available now, make sure to check out our switching deals guide.

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RBS launched a £200 switching bonus on 15 February 2024, available for new and existing customers who use the Current Account Switch Service to switch into a Select, Reward or Premier account (monthly fees start at £2 for the Reward and Premier accounts). Our guide explains how easy it is to get this extra money.

For a full list of switching deals on the market, you can visit our switching deals guide.

How much will you get?

You’ll get £200, which is the largest switch bonus available. This is paid within 7 days once you’ve fulfilled the eligibility criteria. More on that below.

If you get either of these accounts, you can also open a Digital Regular Saver, which pays 6.17% AER (variable) on balances up to £5,000. The maximum monthly deposit is £150, meaning you could earn £59.83 in interest in the first year.

If you open the Reward Account, you can get £4 a month back if you have 2 or more direct debits of over £2 each. You can also earn an extra quid each month if you log in to the mobile app, which shouldn’t be too difficult. After the £2 monthly fee, that works out to £3 a month or £36 for the year.

Overall, the switch could be worth a tidy £295.83 after the first year.

Compare RBS accounts

These are all NatWest’s accounts. We’ve labelled the ones where the switch bonus is available.

1 - 2 of 2
Updated daily
Name Product Finder Score Account fees Funding requirement Interest (AER) Arranged overdraft Incentive Representative example Link
Select Account
Select Account
4.2
★★★★★
£0
No minimum funding requirement
0% AER
39.49% EAR variable (subject to status)
Current account switch service guarantee badge
You must be 18+ and a UK resident.
Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200 Subject to status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.
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Reward Account
Reward
4.2
★★★★★
£2 per month
Min. £1250 Per Month
0% AER
39.49% EAR variable (subject to status)
You must be 18+ and a UK resident. Earn up to £5/month in Rewards (£4 with 2x +£2 direct debits set up, £1 for monthly app log in) and from 1% in Rewards when you spend with selected partners.
Current account switch service guarantee badgeRepresentative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200 Subject to status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.
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Who can get this deal?

This deal is available for new and existing RBS customers. You must be a UK resident and 18 or older to be eligible.

How you can get the £200 switching bonus

To qualify, you must:

  • Be a UK resident over 18.
  • Have an RBS Select, Reward, Reward Silver, Select Silver, Reward Platinum, Select Platinum, Premier Select, Premier Reward, Black, Premier Reward Black or Foundation account. It can be existing or new.
  • Complete a switch of a non-RBS current account to your eligible account using the Current Account Switch Service online or via the RBS mobile app.
  • Deposit £1,250 into your eligible account. You can do this in multiple payments.
  • Log in to the RBS mobile app within 60 days of switching to your eligible account.

The exclusions

  • If you’ve previously received a switcher incentive from RBS, NatWest or Ulster Bank since 1 January 2020, you won’t be eligible. All these banks are part of the NatWest Group.
  • If your switch doesn’t fully complete, you won’t receive the incentive. A complete switch means your old bank account closes, and any funds and direct debits move to your new account.
  • If your deposit of £1,250 isn’t in your new account for at least 24 hours, you won’t be eligible for the bonus payment, so be patient!
  • You can’t apply to switch your non-RBS account in a branch or over the phone. You must use the Current Account Switch Service online or via the mobile app to be eligible for the bonus.
  • Joint accounts are only eligible for a single bonus.
  • If you open multiple eligible accounts, you’ll get the offer only once.

When the offer ends

The offer will end on Tuesday 2nd April 2024.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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Writer

Jason is a freelance writer and editor. He worked as a senior subeditor for Finder for 5 years and in that time became familiar with a wide range of financial products and services. Before that, he worked for Australian Associated Press. He has a BA from Macquarie University in Australia. Jason loves to help other people find new ways to save money. See full bio

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