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Third major bank offering ‘quick’ free cash to new customers – can you get up to £200?
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A THIRD major bank is offering new and existing customers "quick" free cash worth up to £200.
Royal Bank of Scotland (RBS) is the latest bank to launch a switching incentive which you can start claiming in just days.
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Banks and building societies regularly offer the bonuses as a way of enticing new customers in.
To claim the £200 bonus from RBS, you'll have to switch to one of its 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.
You'll also have to deposit £1,250 into your new current account and log in to the mobile banking app within 60 days of switching.
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Once you've done this the money will be paid into your account within seven days.
You won't be able to switch if you received a switching incentive from the NatWest Group, which RBS is part of, since January 1, 2020.
Customers switching to the RBS' Reward bank account can earn up to £5 cashback when using the card, but have to pay a £2 monthly fee.
The Everyday current account doesn't offer cashback but is fee-free.
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Meanwhile, there are three Premier accounts to choose from: Premier Select, Premier Reward and Premier Reward Black.
There's no monthly fee for the Premier Select account but a £2 and £31 monthly fee for the Premier Reward and Premier Reward Black accounts respectively.
Anyone looking to snap up the RBS offer will want to act sharpish though.
No date has been set for when the deal will expire, but Co-op and First Direct both pulled switching deals last month, leaving bankers without any offers.
Consumer expert Martyn James said: "Bank switching offers are back, but you'll have to act quick if you want to take advantage of them as the last ones vanished really quickly."
Make sure you are only switching to one of RBS' qualifying current accounts because it's offering you the right perks as well, not just for the £200 cash bonus.
There may also be other terms and conditions attached to the deal so check those out on the RBS website before making the switch.
How to switch bank accounts
Switching bank accounts, in most cases, can be done via the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up, including Barclays, First Direct, Lloyds, Monzo, Santander and TSB.
The full list of participating banks and building societies is on CASS' website.
All you have to do is apply for your desired new current account and the new bank will tell your existing one you're making the switch.
Any direct debits are moved across for you, but there are a few things you can do before applying.
This includes choosing the date you switch and transferring any old bank statements to your new account.
You can get these from your existing bank.
Whenever switching banks, be sure to check what other perks come with the current account.
Plus, it's worth checking out if there any downsides such as monthly fees for maintaining an account.
Martyn added: "Do your research before you switch.
"Check the T&Cs to see if the bank has a minimum amount of cash you have to pay in each month, or if you need to set up direct debits on the account.
"And before you do anything, check the (customer service) telephone number to see how long it takes to get hold of a human - just in case anything goes wrong."
What other banks are offering switching deals?
NatWest and Lloyds Bank are both offering switching deals worth up to £200.
NatWest is offering switchers £200 for moving across to one its NatWest Reward, NatWest Select or Ulster Select accounts.
Customers can make the switch using the CASS, by paying £1,250 into the NatWest account and logging into the mobile app within 60 days of switching accounts.
Meanwhile, Lloyds' switching incentive for new customers looking to open an account launched last week.
The bank is offering existing and new customers from any other bank account £175 if they switch to a Club Lloyds account between now and March 28.
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How switching bank accounts affects you credit score
SWITCHING banks regularly can negatively impact your credit score meaning you're less likely to be approved for a loan or credit.
Your credit score may be affected if you make a switch so bear that in mind if you are looking to apply for a loan or you are planning on buying a property any time soon.
You don't just have to switch bank accounts once - some have done it multiple times and earned hundreds of pounds in the process.
One Nottinghamshire resident told The Sun how the £500 he earned from switching helped pay for some of his daughter's wedding.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
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