Business Banking Switch Rbs
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Find out if you re eligible for the business bank switch by putting your details into the natwest business banking switch website or rbs business banking switch website.
Business banking switch rbs. Royal bank of scotland s rbs incentivised switching scheme also known as the business banking switch is for selected business banking customers and launched on 25th february 2019. The move was announced today by banking competition remedies limited as it became clear the state owned royal bank was struggling to shift the targeted 120 000 clients from its books by 25 august. Our fees are upfront so you ll know your rate and your arrangement fee.
The incentive is paid in the form of cash dowries to the receiving bank. It was created following the 2007 8 financial crisis when royal bank of scotland rbs was bailed out by the uk government. As a result we made a commitment to help increase competition in uk business banking and decrease our own market share.
The scheme allows eligible rbs customers to make an incentivised switch from rbs to a participating bank. Our business bank account is supported by a range of other services. Customers that choose to switch as part of business banking switch must apply to open a new business current account with a participating bank by 28th february 2021 at the latest.
The business banking switch used to have the slightly less catchy name of the incentivised switching scheme. Find out if you re eligible and what your incentive payment is on the rbs business banking switch page. Rbs had originally planned to open a new business bank resurrected bank from the past williams glyn.
To receive an offer customers must complete their switch and close their royal bank of scotland account by 30th june 2021 at the latest. Protect your short term cash flow with an overdraft. A fund worth 225m has been made available as dowries to challenger banks to encourage the switch away from rbs and an additional 50m available as loan related dowries if an rbs term loan is refinanced when transferring the business current account.
Rbs business customers have been given an extra six months to switch to rival banks under the incentivised switching scheme iss. Click through on starling bank s offer and give consent for us to contact you.
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