Switching RBS account - but have RBS Regular Saver??

JustAnotherSaver

I closed my BoS accounts down to streamline the banking. I figured everyone has done their switching incentives now and i've got nobody else to benefit from.

In comes Lloyds to show me how wrong I was.

The only account i actually have spare now is an RBS account, except last month i also took out their regular saver account. Apparently you need their current account for their regular saver.

Since £100 (Lloyds switch) is more than the interest i'll get with RBS regular saver then if i have to sacrifice something it'll be the regular saver.

I've just tried opening a Santander current account quickly but no can do this time. Maybe they've gotten wise.

So what i'm asking is what would you expect to happen with the RBS Regular Saver should i apply to switch the RBS current account? Would you expect them to auto-close it or would you expect it'll continue since i had a current account when i opened the regular saver? Has anyone reading this done this and can say what happened with theirs?

Catplan

Is it an RBS reward you currently have? Could always apply for a select account with them, set up the 2 DD’s and use that for the switch, should be fairly quick to setup as already a customer. Failing that metro / monzo were quick to setup. Otherwise I,d expect the RS to be closed transferred as part of the switch, or shortly after.

JustAnotherSaver

Do Metro/Monzo send out a bank card in quick time?

Tried to do the switch for my sister as she has a BoS she doesn't use (has 3 in total but only uses 2 of them). They've kindly not sent out new debit cards for any of her 3 accounts, so now she's going to have to get on the phone and ask for new cards as her old ones have expired.

Catplan

Monzo card arrived 4 workings days after applying, its all online. Metro was quick as well, can’t recall actual time frame. Existing bank in theory should be quick as they’ve already confirmed identity, so unlikely to be any delays, hence the suggestion.

NottinghamKnight

Catplan said:

Is it an RBS reward you currently have? Could always apply for a select account with them, set up the 2 DD’s and use that for the switch, should be fairly quick to setup as already a customer. Failing that metro / monzo were quick to setup. Otherwise I,d expect the RS to be closed transferred as part of the switch, or shortly after.

No need for direct debits on that offer.

JustAnotherSaver

Twitter has its uses. 

RBS have confirmed that I can switch the current account and it won't close my regular saver. I just won't be able to access it without going in branch without a current account. 

May tie it in with the annual drive to relatives. Lock down rules pending. 

Or just open a current account at a later date with them. 

PRAISETHESUN

From what I can read the twitter rep is correct. You need a RBS account to open the digital saver but not to maintain it once opened - nothing about it automatically being closed if you do switch your RBS current account. Payments can be made into the regular saver from a non-RBS account and as stated above if you close your current account you can only make withdrawals at a branch. See here: https://personal.rbs.co.uk/content/dam/royal_bank_of_scotland/personal/permanent/savings/documents/rb-pers-savings-interest-rates-21-09-2020.pdf

kaMelo

JustAnotherSaver said:

Twitter has its uses. 

RBS have confirmed that I can switch the current account and it won't close my regular saver. I just won't be able to access it without going in branch without a current account. 

May tie it in with the annual drive to relatives. Lock down rules pending. 

Or just open a current account at a later date with them. 

Why not open another select account now whilst you are still a customer?
It's easy to do when logged in, they fill out all the details already held and you will keep your online access.

JustAnotherSaver

Because for some reason, I don't know why, I just thought another account would have to be a joint one, which wouldn't tick the box of switching for my wife also. 

If you can have more than 1 sole account then no problem. 

kaMelo

JustAnotherSaver said:

Because for some reason, I don't know why, I just thought another account would have to be a joint one, which wouldn't tick the box of switching for my wife also. 

If you can have more than 1 sole account then no problem. 

There are limits for the Reward accounts but as far as I can see no limits to the Select accounts.