Open an eligible Select or Reward account.
You can open your account online or through the app, by filling in a short application form.
Switch using the Current Account Switching Service.
This takes place during account opening - when prompted, state you wish to switch your existing account to your new RBS one.
Choose your switch date.
You’ll need to choose a date for when you want your account switched over - think about what makes sense for you in terms of when your regular payments come out.
Receive switch confirmation.
On the day of your current account switch, you’ll receive confirmation from RBS that your account is now open.
Pay £1,250 into your account.
Within 60 days of switching, you must pay £1,250 into your account. This can be made up of multiple payments and must remain in your account for 24 hours.
Receive your £175 bonus.
Once you've met the above conditions, you'll receive £175 in your new account within 30 days.
You get £175 within 30 days of meeting the eligibility criteria listed below.
When you switch to a RBS account, you also get access to its Digital Regular Saver at 5.50% AER (variable) on balances up to £5,000. If you save the maximum amount of £150 a month into the savings account, you’ll have £54.54 in interest after a year.
With the Reward account, you can get £5 a month extra – £4 for having 2 monthly direct debits worth over £2 and a further £1 for logging in to the mobile banking app once during the month. By doing so, you can earn an additional £36 per year after accounting for the Reward account’s £2 monthly fee.
That’s £265.54 in your first year, including switching bonus, maximum savings interest and monthly rewards.
To make comparing even easier we came up with the Finder Score. Fees, features and customer service across 20+ of the most popular banks are all weighted and scaled to produce a score out of 10. The higher the score the better the account – simple.
Read the full methodology
There’s no end date for the offer but it could be withdrawn at any time.
If this offer is not for you, we also have a guide displaying current banking switching deals on the market and also other banking offers such as refer-a-friend offers and more.
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