RBS business banking switch, anyone here been asked to?

[WillB]

Just wondered if anyone else on here has an RBS Business Account and being asked to leave?

https://businessbankingswitch.rbs.co.uk/

I've had one with RBS since 2007 and they are offering a pretty large amount of money to move.
My top options so far are Metro Bank / Santander etc

It seems too good to be true......

[buggalugs]

Wait what? I got the switch letter the other day but I didn't read it properly, just binned it... feck...

[WillB]

You don't need the letter

[buggalugs]

You're right, they're offering just over a grand plus two years banking... might just go for that! They've closed all the branches near me anyway.

[1WEL]

I've just switched RBS to Santander and couldn't believe what they were offering.
I was offered £3,000 to switch.
I just need to wait 30 days to receive the switching bonus

Edited by 1WEL on Tuesday 5th March 08:16

[VEX]

I can’t decide who to go with.

Co-op look best for me with free banking if I join the FSB.

Santander look good but their monthly fees are a lot higher that the others. But depending on the cash back that could be off set.

Liked the look of Metro too.

[Glasgowrob]

hold on their paying you to leave?


state owned fkwittery at its finest

[mickytruelove]

I got a letter ages ago but it never mentioned being paid to swap.

I have since opened a Santander account as RBS were useless. I still have the RBS account open, i wonder if i could "switch" and claim this money?

[Kermit power]

Glasgowrob said:

hold on their paying you to leave?


state owned fkwittery at its finest

On what are you basing this?

If it's costing them more to keep these accounts open for whatever period they'd have to go through to forcefully close them and/or they can show that the PR cost of just shutting people's accounts down against their will is more than the cost of paying them to move, then surely it's sound business sense to make the offer?

[VEX]

Think I am going Santandar as well.

Although there is a monthly fee it is less than I pay for my activity at the moment and there is more than enough going in and out every month for me to hit the full rebate of £300, so they will be completely off-set each year.

The Co-op looked good initially, but after the free fee period it ramps up again and the FSB Membership is more than the monthly fees.

V.

[VEX]

Just a heads up!

Watch out for a bad process I have just experienced with the banking switch.

When your account switches, it closes, which is fair enough, but their 'process' also instantly cuts you off from your data and log in, so even though I can still log in to see a pair of savings account, I can not see any data for my closed account, which means I can not download any data for bank reconciliation or VAT return.

I have had to order paper statements and will have to enter them manually to my system.

Best I got from complaints is 'well we've followed our procedure, so we cant uphold your complaint'

V.

[gregs1959]

Well I’ve just completed the switch from Rbs. Had a choice of 6 banks all offering incentives.

Decided on Starling Bank....... all done without any hitches and a week later £3,000 credited to my account. Can’t believe my luck ... as I was thinking of moving from the Rbs since they closed down the local branches......

[Storer]

Curious as I am not an RBS customer.

Why do they want you to leave?
Do you not borrow anything from them?
Or are you a big borrower they may see as risky?

Most banks want more customers providing they are not “a risk”.

So why pay people/businesses to leave?

[HappySilver]

They were forced to incentivise a proportion of their SME customers to move to challenger banks to increase competitiveness in the UK banking market by the EU as a condition of their bail out by the government.

It was not the original sanction but when they demonstrated that they could not spin off a viable challenger bank (Williams & Glyn) the EU agreed this as part of an ‘alternative remedy’.

[Storer]

Bloody EU again.

bdS