Query on Royal Bank of Scotland switch T&Cs

JustAnotherSaver

https://personal.rbs.co.uk/content/dam/royal_bank_of_scotland/personal/current-accounts/documents/april19-rbs-switcher-terms-conditions.pdf


Since the Tesco current account dropped from 3% to 1% from yesterday i was initially going to close the accounts. I have 2 as does my wife.
Before i did this i thought i'd check to see if there were any switching deals on as i thought i'd exhausted what was on the market pretty much. That's when i found Royal Bank of Scotland (already have Bank of Scotland on a Halifax log in so hope they're not linked?).


I read the T&Cs and was looking for the 'but' where you need a thousand active direct debits, need to do it in branch, so on & so forth. I didn't find it.


Closest i found was this:

and moving all your payment instructions to your eligible current account

First question is what if you don't have any? It doesn't say you have to have a certain amount. For this part i'm asking for people other that my wife and myself.


As it stands we have a direct debit on ours which pulls £1 per week as per the Tesco T&Cs for their interest.


So so long as we credit with £1,500 we should be good?


I'm only checking because i tend to miss the fine print on these things & that's where you guys usually save my bacon.

Zero_Sum

I switched a redundant account to Nat West (which is the same bank as RBS) which had no DD's or even any money in. I got paid.

It just means that if you have any, theyll be switched.

oldagetraveller

I have switched a Tesco CA to RBS, using the Switching Service. There were DDs set up in the Tesco account though. They transferred successfully.
I'm sure they would specifically state, I couldn't find any reference, that xDDs were necessary for the switch bonus.

Similarly, there's no obligation of a monthly minimum deposit, only the one off £1500 or more. Already done that.
I eagerly await my £125 and the £50 next year. I have my Netflix monthly payment set up for the RBS Debit Card which should fulfill that requirement.
I also opened a Builder Saver, not bad at 1.50%.

badger09

JustAnotherSaver wrote: »

https://personal.rbs.co.uk/content/dam/royal_bank_of_scotland/personal/current-accounts/documents/april19-rbs-switcher-terms-conditions.pdf


Since the Tesco current account dropped from 3% to 1% from yesterday i was initially going to close the accounts. I have 2 as does my wife.
Before i did this i thought i'd check to see if there were any switching deals on as i thought i'd exhausted what was on the market pretty much. That's when i found Royal Bank of Scotland (already have Bank of Scotland on a Halifax log in so hope they're not linked?).


I read the T&Cs and was looking for the 'but' where you need a thousand active direct debits, need to do it in branch, so on & so forth. I didn't find it.


Closest i found was this:





First question is what if you don't have any? It doesn't say you have to have a certain amount. For this part i'm asking for people other that my wife and myself.


As it stands we have a direct debit on ours which pulls £1 per week as per the Tesco T&Cs for their interest.


So so long as we credit with £1,500 we should be good?


I'm only checking because i tend to miss the fine print on these things & that's where you guys usually save my bacon.

Why would you think they are linked?

Royal Bank of Scotland/Natwest is an entirely different banking group to Halifax/Bank of Scotland (HBOS)

JustAnotherSaver

Great. I'll go ahead with the switch.
Others have no accounts to switch so will have to open one just to switch it. Hopefully it'll all be done in time.

badger09 wrote: »

Why would you think they are linked?

Royal Bank of Scotland/Natwest is an entirely different banking group to Halifax/Bank of Scotland (HBOS)

Thanks for saying no they're not linked.

oldagetraveller

JustAnotherSaver wrote: »

Great. I'll go ahead with the switch.
Others have no accounts to switch so will have to open one just to switch it. Hopefully it'll all be done in time.
Thanks for saying no they're not linked.

You have until the 28th June - I think. Mine completed fully in the specified time with updates until the final "you're done and dusted" in their final e-mail.

I also received a letter from Tesco advising of the switch.
I was a tiny bit skeptical of it going smoothly but was pleasantly surprised when it did!
I did take a couple of screenshots of the offer an details from the RBS website - jus in case.

colsten

oldagetraveller wrote: »

I also opened a Builder Saver, not bad at 1.50%.

Have you exhausted the 5%, 3%, 2.5% and 2% Regular Savers?

You can also get 1.5% AER on instant access, on more than £10K, and without penalty for withdrawals, at Cynergy and Marcus. Although both these do include a bonus which will drop after 12 months.

stephen25uk

Hey Folks
I’m also about to switch a Monzo account to rbs, is the £1500 pay in just a case of paying it in, leaving it a few days then transferring it back out just to meet the term and conditions or do I need to leave that cash in until the bonus is pad

YorkshireBoy

stephen25uk wrote: »

Hey Folks
I’m also about to switch a Monzo account to rbs, is the £1500 pay in just a case of paying it in, leaving it a few days then transferring it back out just to meet the term and conditions or do I need to leave that cash in until the bonus is pad

You need to do neither of those.

Just imagine the £1500 was your salary. On a scale of 1 to 10, how annoyed would you be if you couldn't pay your mortgage the day after the payment landed, or couldn't get £50 out of the ATM the same day?...just to make sure you got the incentive.