The offer makes it the highest cash bonus on the market but you will have to pay £1,500 into the account
Royal Bank of Scotland (RBS) is offering £150 to new and existing customers switching to its Select account.
The offer launches on 27 August 2019 and runs until 29 November 2019.
However, embarrassingly for RBS, at the time of writing the RBS and NatWest websites are suffering an outage, leaving customers unable to access online banking since the morning.
Switchers are required to use the Current Account Switching Service, close their existing account and transfer their main current account to RBS.
To obtain the bonus all customers have to do is pay in £1,500 to the account and log into online or mobile banking before 10 January 2019. Customers will then receive £150 by 7 February 2020.
You have to 18 or over and must not have received a cash offer from RBS for switching after October 2017.
The account has no monthly fee and also 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.
RBS Reward, Reward Silver, Platinum and Black accounts are also eligible for the offer.
Bruno Genovese, head of RBS current accounts, says: “We are seeing more and more consumers taking advantage of our account benefits and our switcher offer gives consumers the opportunity to change accounts simply and easily using the switcher service.”
How does it compare?
There used to be a raft of banks out there offering switching deals – with some even going as high as £200 - but unfortunately these are now few and far between.
Up until recently HSBC had a current account switching bonus of £175 while Halifax had one for £135. Both banks have now pulled the deals.
first direct has also slashed its bonus from £100 to £50.
first direct 1st Account - up to £50 if you switch
Open a new account with first direct and move your current account over to earn a £50 switching bonus.
The bonus will be paid into your account 28 days after opening it.
It will also pay you another £100 if you are unhappy with the service and leave after the first six months.
To qualify, you’ll need to transfer via the Current Account Switching service, transfer your direct debits and deposit at least £1,000 in the first three months.
M&S Bank Current Account - £180 M&S gift voucher to switch
M&S Bank is offering a £100 M&S gift card plus an additional £80 after 12 months if you choose to switch.
The deal is also available on the £10-a-month M&S Bank Premium Current Account.
Can you switch from RBS to Nat West and pick up cash bonus.
My husband switched from NatWest to rbs and got the bonus
Dreadful banking group. I wouldn't switch to them for £1,000. Money can't buy customers as good service is more important