Banking switch 4k
Discussion
I have banked my business with RBS for 20 years
Last year i started getting letters from RBS saying i could switch to another bank hassle free
I binned the letters as wasnt that intrested in switching, i have also been getting emails from RBS about the same thing, today i had a look through the RBS website what my offers would be if i switched
Starling and Co-op are offering 4k cashback to switch this seems quite generous has anybody else looked into this
Lots of different offers ranging from free bank charges for 12 months etc etc
Last year i started getting letters from RBS saying i could switch to another bank hassle free
I binned the letters as wasnt that intrested in switching, i have also been getting emails from RBS about the same thing, today i had a look through the RBS website what my offers would be if i switched
Starling and Co-op are offering 4k cashback to switch this seems quite generous has anybody else looked into this
Lots of different offers ranging from free bank charges for 12 months etc etc
Simpo Two said:
Hang on, RBS are offering customers £4,000 to leave? What is the business logic behind that?
I need to open a few RBS accounts...
It's part of the issues with the government bail out from 2008 ishI need to open a few RBS accounts...
They were supposed to split up and sell but no-one would buy
So they came up with a wheeze to encourage customers to leave.
I had banked with them forever.
Switched two small ones to Starling for a few k each and our main business to metro for 25k.
We even got a couple of extra k from Starling later
The starling switches were superb and I highly rate them.
Metro are really same old same old but the incentive was worth it.
If the incentive is there - take it.
JeffreyD said:
It's part of the issues with the government bail out from 2008 ish
They were supposed to split up and sell but no-one would buy
So they came up with a wheeze to encourage customers to leave.
I had banked with them forever.
Switched two small ones to Starling for a few k each and our main business to metro for 25k.
We even got a couple of extra k from Starling later
The starling switches were superb and I highly rate them.
Metro are really same old same old but the incentive was worth it.
If the incentive is there - take it.
Just realised I’ve got a second RBS business account that don’t really use. I’ve popped my account number into the switching checker and it says I can get £1250 to switch. Is that it? Seems too easy.They were supposed to split up and sell but no-one would buy
So they came up with a wheeze to encourage customers to leave.
I had banked with them forever.
Switched two small ones to Starling for a few k each and our main business to metro for 25k.
We even got a couple of extra k from Starling later
The starling switches were superb and I highly rate them.
Metro are really same old same old but the incentive was worth it.
If the incentive is there - take it.
Ham_and_Jam said:
Just realised I’ve got a second RBS business account that don’t really use. I’ve popped my account number into the switching checker and it says I can get £1250 to switch. Is that it? Seems too easy.
Yep.You get a code and download the starling app.
Fill a couple of online forms in and a couple of weeks later your phone buzzes and you have a new account with 1250 in it and all your regular payments migrated
Other banks are available.
Starling were great for a bounce back loan.
I wouldn't want one of the challenger banks if I needed complex stuff or overdrafts and stuff. We were lucky with the BBL as I got in on day 1.
Simpo Two said:
Madness. So isn't that taxpayer's money being used to pay them to leave?
Well we do own the bank remember!This is from memory but about 2010/11 Santander were supposed to buy, then the English Commercial arm was being spun off into "Williams and Glyns" (I am that old that is who I banked with originally!)
then that got f
ked so they came up with this wheeze.I *think* it was EU state aid rules relating to company bail outs originally. But to be honest RBS was a toxic turd of a company anyway.
(a similar thing happened with a major french insurer when they were bailed out. they had to divest loads of stuff in return for national bail out funds.)
just completed my rbs = starling move this week
I too had been ignoring the emails/ letters then thought- i’ll give it a go for £1,500!!
so far it’s been seamless! as mentioned, click through a few links from rbs, download the starling app, send them some ID (all through the app) and within a week it should be sorted. direct debits moved over (first one came out today fine) and even moved over some of my online banking contacts- eg payees saved for hmrc etc.....
just need to wait another week or so and see when my £1500 turns up
I too had been ignoring the emails/ letters then thought- i’ll give it a go for £1,500!!
so far it’s been seamless! as mentioned, click through a few links from rbs, download the starling app, send them some ID (all through the app) and within a week it should be sorted. direct debits moved over (first one came out today fine) and even moved over some of my online banking contacts- eg payees saved for hmrc etc.....
just need to wait another week or so and see when my £1500 turns up
Well I did get a lump from Scottish Widows' demutualisation. Still waiting for Nationwide...Our business left Natwest (RBS group) for the same reason a few years ago. Got a decent amount to switch.
Its due to competition rules, and related to this abandoned fiasco that wasted huge amount of money:
https://en.wikipedia.org/wiki/Williams_%26_Glyn
So customers are paid to leave, and smaller challenger banks were given grants to launch or improve business services.
Its due to competition rules, and related to this abandoned fiasco that wasted huge amount of money:
https://en.wikipedia.org/wiki/Williams_%26_Glyn
So customers are paid to leave, and smaller challenger banks were given grants to launch or improve business services.
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