£50,000 to switch business bank!? Before you get too excited there are limited circumstances where this applies and by now, you should know you’re eligible. But, in case you’ve not received the letter or maybe have forgotten, here’s a reminder of what is on offer for eligible RBS, NatWest and Ulster Bank business customers.
What is it all about?
During the financial crisis RBS were bailed out by the government. The deal came with some conditions, one of which was to ensure increased competition in business banking. To deliver this a scheme would be rolled out to incentivise members to switch business bank. Yep, really, RBS, NatWest and Ulster Bank will pay certain customers to leave!
Are you eligible?
Only RBS/NatWest/Ulster Bank business banking customers who were due to be moved to the resurrected Williams & Glyn brand are eligible. You should already be aware but in case you’ve not been made aware, or have just forgotten, you can check your eligibility on the RBS website.
Can you really get £50,000?
Yes, a small number of businesses can receive as much as £50,000. To receive amounts that high your business needs to have turnover in excess of £7.5 million but even small businesses with turnover under £15,000 could received £750 for switching. Of course, you have to use this scheme, via RBS, to switch business bank and receive any incentive.
Again, you can find out what offers are available by heading over to the RBS site with your bank accountant number and sort code to hand.
Does it matter which bank you switch to?
Yes, there are currently 10 eligible banks:
- Arbuthnot Latham
- Clydesdale & Yorkshire Bank
- The Co-operative Bank
- Habib Bank Zurich
- Hampden & Co
- Metro Bank
Should you change bank and should you do it now?
When it comes to the questions of should you change, we can’t really say. It’s up to you and the relationship you currently have with your bank but, the incentives on offer are considerable and so we wanted to make sure you knew about it.
The scheme started a year ago on 25 February 2019 and as far as we know, will end on 25 August 2020. So you have just 6 months to make a decision.
For now, if you think you might be affected we’d suggest at least checking the RBS site to ensure you’re aware of exactly what’s on offer for you. If you work with us already and want some more help working out what you might get, please do get in touch and we’ll happily help out.