If you bank with RBS or Natwest you might be able to get paid up to £1,000 to switch to someone else! During the 2008 recession, RBS received financial support from the Government and to receive the money they had to agree to help increase competition in UK business banking by reducing their market share. In 2017 the European Commission agreed to the ‘Business Banking Switch’ proposal that involves paying customers to leave and it’s happening now.
RBS needs to get rid of around 120,000 business customers so they have written to around 200,000 offering them a chance to leave. If you haven’t received a letter you may still be in with a chance of getting your hands on some free money by applying here.
We can’t see exactly what’s offered because it depends on what account you have, how much is deposited into that account and which bank you’d like to switch to but our research tells us that there is likely to be a significant cash element in most cases with some banks offering less cash but free banking or other similar perks. Our contact in Santander assured us that a company turning over £50k could expect around £1,000 cash for switching!