Switching business bank account - £1500 cashback!?

[Pixelpeep Z4]

Hi all,

Had a chase email from Natwest today saying we have until the 28th Feb to take them up on an offer to switch business bank accounts.

they've given us the choice of TSB, Co-op, Metro bank and two other odd ones.

Each of them are offering £1500 to switch. Rates/interest/services seem to be relatively the same - what's the catch?!

We are not a complicated business, we don't have much need for a bank other than paying in and out. We are always in credit, don't borrow any money, we have one customer, two directors and two PAYE employees (the directors) our turnover is around £20,000 a year and everything we do is inside the UK

is my tiny company really worth a £1500 sweetener to switch accounts ?

[Pete102]

From Reddit:

I would imagine this is part of the Business Banking Switch scheme. Long story but basically RBS (NatWests parent company - though the whole enterprise is now named NatWest Group) was forced into doing this for some of their past foul-ups. Initially they tried to launch a new bank (William and Glynn) which failed miserably. As part of an agreement they are now actively paying business customers to bank elsewhere.

[55north1west]

Is there a catch? Monthly charges? Charges after x many transactions?

We’ve just moved to Starling bank and are really impressed. We were with TSB (appalling platform / service)

[JeffreyD]

There's no catch.

It's a real thing and I can't think of a single reason not to do it.

[keith333]

The switch is very simple and was smooth for us. Its free money, do it!

[22]

Had ignored all the switch emails but just seen the thread. Small side business Ltd company I've just applied online, hope I've not left it too late.

[malks222]

all legit, it goes back to the financial crisis and the government bailing out rbs.

they wanted rbs to offload business customers to increase competition in the market or something like that. Basically it never happened, then they decided to give an incentive to move.

I move a month ago RBS> starling, everything went smoothly and I received £1500 in my account 2 weeks ago.

[Pixelpeep Z4]

well we did it.. went for co-op..

waiting to hear.

if successful we're gonna buy a new surface pro 7 and dock, for the business.



thank you all for the replies.

[Pixelpeep Z4]

Just an update - Switch is now complete, they transferred over all the direct debits, the balance went over, got new cards in the post and the access tokens.

Seamless. Just waiting for our £1500 now, which can take up to 4 months apparently

[22]

I'm in the system with Clydesdale (who have morphed into Virgin money along the way).

Also have a small bounceback loan with NatWest and some suggestion of needing a 'service' account to pay this (although communications have been sparse).

Teeny ltd company with account fees of ~£5 a month with Nat West, so should cover those well into retirement!

[Simon-k41v9]

is this still live, anyone got a link?

[malks222]

The cut off date for this has now passed unfortunately. You had to have you application to switch in by end of Feb and the process completed by june (ish?) to receive the cash

[gashart]

I did this last Nov, switched from Natwest to Co-Op business accounts, received £4k in January for the hassle!! Absolutely no hassle what's so ever, but Co-op business bank is years behind what Natwest is, not enjoying it, so may switch again to Barclays, should have done that the first time!!

[Pixelpeep Z4]

gashart said:

I did this last Nov, switched from Natwest to Co-Op business accounts, received £4k in January for the hassle!! Absolutely no hassle what's so ever, but Co-op business bank is years behind what Natwest is, not enjoying it, so may switch again to Barclays, should have done that the first time!!

Luckily we don't need any services/loans/mortgages etc etc - it's just Money in & Money out with some basic DDs to HMRC etc

what is it specifically that you feel they're behind NatWest?

[gashart]

When you make transactions, paying out or transferring between accounts or any transaction really, there is about a 2 hour wait to see the changes, Natwest / Barclays instant, and no banking App, just very old school.

[Pixelpeep Z4]

gashart said:

When you make transactions, paying out or transferring between accounts or any transaction really, there is about a 2 hour wait to see the changes, Natwest / Barclays instant, and no banking App, just very old school.

there is an app now - i have it running for coop, it's a dedicated business one though, i found it by searching app store for coop business bank.

it's very basic though, you can't set up new PAYEES or DDs, just transfer to existing ones set up via the web.

[Cyberprog]

Wish I hadn't closed my business account now

[gashart]

Pixelpeep Z4 said:

there is an app now - i have it running for coop, it's a dedicated business one though, i found it by searching app store for coop business bank.

it's very basic though, you can't set up new PAYEES or DDs, just transfer to existing ones set up via the web.

Cool, I look into that, cheers

[gashart]

Another gripe I have with Co-op business bank, every time you set up a new Payee you can't pay anything to the new Payee for 3 hours, they call it Cool off period, bloody frustrating!!

[Pixelpeep Z4]

gashart said:

Another gripe I have with Co-op business bank, every time you set up a new Payee you can't pay anything to the new Payee for 3 hours, they call it Cool off period, bloody frustrating!!

Wow, who you dealing with that can't wait 3 hours for payment?