Martin Lewis explains why people should switch banks
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Switching sweeteners are back with a vengeance as the Royal Bank of Scotland (RBS) becomes the latest bank to launch an exciting new incentive that’s not only available to new customers but existing RBS customers too. It’s offering an attractive £150 cash reward, but on top of that it’s giving account holders up to three percent interest on their savings. But people will need to hurry as it’s a limited time offer running until November.
Savers who switch to the RBS Reward account will receive £150 in cash as well as an extra £36 a year on top if they have two direct debits set up, plus they will also be offered regular retailer cashback offers.
Anyone switching to Royal Bank will also be able to take advantage of their new Digital Regular Saver account paying 3percent which is designed to help customers with little or no savings start a savings habit.
Alternatively, they might prefer Royal Bank’s Select account which has no monthly fee and has the benefit of GetCash which enables customers to withdraw money from a cash machine without their bank card using a passcode sent to their mobile phone.
The Select account received five stars, the highest rating possible from Defaqto.
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Who can open an RBS bank account?
Anyone can open an account as long as they use the Current Account Switch Service, close their existing account and transfer their main current account to Royal Bank of Scotland by November 18, 2021.
Customers must pay in £1,500 to the account and log into online or mobile banking through the Royal Bank mobile app before December 30, 2021. After these conditions are met, £100 will be credited to the account by January 28. An additional credit of £50 will be applied to the account if 10 debit or credit transactions are made per calendar month between January 1, 2022 to September 30, 2022.
After these conditions are met, £100 will be credited to the account by 28 January. An additional credit of £50 will be applied to the account if 10 debit or credit transactions are made per calendar month between 1 January 2022 to 30 September 2022.
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Customers must be 18 or over and not have received a switcher offer from the NatWest Group for opening a new current account and switching after October 2017.
Allan Hardie, from the Royal Bank of Scotland, said he hopes it will encourage new customers to try the bank for the first time.
He said: “We are welcoming new customers with our latest switcher offer which really encourages taking advantage of the account and also discovering further benefits such as our award-winning mobile app and our Digital Regular Saver account paying three percent interest.”
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. An account can be opened online or by downloading the Royal Bank mobile app.
Some people make hundreds or thousands of pounds switching banks every year or so and it’s totally within peoples’ rights to do so.
Earlier today a Briton told how she had “made well over £1,000” by switching banks on Nihal Arthanayake’s Radio 5 Live show with money expert Martin Lewis.
She texted the show to say that both her and her 21-year-old daughter had made the money through switching bank accounts which gave her a much needed financial boost.
Speaking to the show’s listeners Mr Lewis explained: “We used to have a bank switching system season every January.
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“So every January, you would have three, four, five different banks willing to pay you to switch to them.
“That always worked rather well, but in the pandemic it stopped. We’ve had some banks come on and off.
“These aren’t the first deals we’ve seen but it’s the first time in a long time we’ve had such a mass of banks all wielding to offer it.
“For me, that means if you’re not deliriously happy with your existing bank account, I say: ‘Carpe pay em’! Seize the payment!”
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