If you are a Royal Bank of Scotland customer, and your business has an annual turnover of less than £25 million then you may be eligible for incentives to switch your banking to another provider.
Summary of what is happening
Following the Government’s bail out of Royal Bank of Scotland after the financial crash of 2008, the European Commission put in place a series of measures on RBS to ensure fair competition in the market place. One of these measures is the “Business Banking Switch” which is to provide funding to eligible RBS customers to incentivise to switch their banking to another eligible bank (known as the Challenger Banks). £350 million has been made available for this scheme.
If you are eligible and decide to switch to one of the Challenger Banks then you could receive incentives to switch. Your costs of switching banks will be covered by the scheme.
RBS have commenced contacting eligible customers to formally register the customer’s interest in the Banking Switch.
Challenger banks’ offers to customers will be visible to eligible RBS customers through a new RBS microsite which is launching on 25 Feb 2019.
Who is eligible?
Eligible customers are defined as those who currently bank with RBS in England & Wales and who has a business with an annual turnover of £25 million or less, and are not in arrears or considered in financial difficulty.
What to do?
If you are interested in participating in this scheme, you will need to be registered on the RBS microsite.
If you are unsure on whether you are eligible, or would like to discuss this with someone then please do not hesitate to get in touch with our Commercial Property Team who will be able to assist.