RBS and Natwest Business Banking Switch
Receive up to £50,000 FREE !
If you have a business account with RBS or Natwest you will have received a letter in February about the Business Banking Switch.
As part of the UK Government bailout RBS and Natwest have to increase competition in banking by paying customers to change banks!
The rewards for changing can be quite high. One client received £25,000 and another £14,000 just for switching banks. We ourselves received over £4,000. As a bonus, some of the banks that are offering the switch have special deals such as free banking or cashback incentives each year. And usually the bank charges are cheaper than RBS and Natwest.
The amount received in respect of each eligible customer that switches is determined by the customer’s turnover and, if applicable, the outstanding balance on the loan product to be transferred. To switch your current account, the incentives can range from £750 up to £50,000 per entity.
The incentives for loan products will be calculated by multiplying the outstanding loan balance x 2.5%. Support for professional costs can be up to £10k legal costs on a like-for-like basis and up to £1200 per property valuation report.
Examples of the incentives are shown in the table below.
Paul has been engaged in the accounting profession since 1988 after leaving the University of Manchester with a BSc (Hons) in Computer Science & Accounting. He qualified with Price Waterhouse Coopers in 1991. After a successful period in industry and a spell working in a local firm of Chartered Accountants, Paul decided to go it alone and established Haywards in 1994. In his spare time, Paul enjoys going to the gym, running and scuba diving – not all at the same time though. Along with his daughter, Paul is also a keen Wigan Athletic fan.