RBS £150 switch incentive - Feb 2022

PRAISETHESUN

Couldn't see a thread on this, so thought I'd post something. RBS has launched an £150 switch incentive, similar to the on-going NatWest incentive discussed here: https://forums.moneysavingexpert.com/discussion/6328913/new-natwest-switching-offer-starting-24th-jan-2022/p1

Not to be confused with the previous RBS incentive discussed here: https://forums.moneysavingexpert.com/discussion/6296900/new-bonus-from-rbs-150-to-switch-stay

Full terms at: https://www.rbs.co.uk/content/dam/royal_bank_of_scotland/personal/permanent/current-accounts/documents/rb-pers-switcher-terms-january-2022.pdf

Who’s eligible for the offer?

New and existing Royal Bank of Scotland plc (‘RBS’) customers are eligible for this offer if you meet the following conditions.

1. New customers To get £150, you must:
(a) apply online for an RBS Select, Reward, Premier Select or Premier Reward account (‘new eligible account’) via rbs.co.uk or the mobile app between 3rd February 2022 and 21st April 2022 by 5pm (the application must then successfully result in an open account)
(b) as part of your application, transfer a non-RBS current account to your new eligible account (which includes closing your non-RBS current account and moving all your payment instructions to your new eligible account) using the Current Account Switch Service online or via the mobile app: and
(c) after your new account is opened and before 26th May 2022, deposit £1,250 into your new eligible account and log into our mobile banking service. If you meet these conditions, we’ll pay £150 into your new eligible account by 24th June 2022.

2. Existing customers If you already have an RBS Select, Reward, Reward Silver, Reward Platinum, Premier Select, Premier Reward or Premier Reward Black account (‘existing eligible account’) opened prior to 3rd February 2022, to get £150 you must:
(a) by 5pm, 21st April, transfer a non-RBS current account to your existing eligible account (which includes closing your non-RBS current account and moving all your payment instructions to your existing eligible account) using the Current Account Switch Service online; and
(b) before 26th May 2022, deposit £1,250 into your existing eligible account and log into our mobile banking service. If you meet these conditions, we’ll pay £150 into your existing eligible account by 24th June 2022.

Please note
• You must apply online or via the mobile app. If you switch your account to us in branch or over the phone, no payment will be made to you.
• If you close your new or existing eligible account before 24th June 2022, no payment will be made to you.
• If you upgrade or downgrade your new or existing eligible account to another existing eligible account type within the offer period, you’re still eligible to receive payment so long as you continue to meet the conditions of the offer.
• You won’t be eligible for this offer if you’ve already taken advantage of a cash switcher offer from RBS, NatWest and/or Ulster Bank between October 2017 and 3rd February 2022.
• Joint account holders will only be eligible for one payment.
• You can only benefit from this offer once, meaning that even if you apply, successfully open an account, and meet the conditions of this offer for more than one eligible account, you’ll only receive one payment.
• We can withdraw this offer at any time.

What other conditions do you need to know? You’ll be bound by Your Current Account Terms, which contain all the terms applicable to your eligible current account, including any regular criteria you need to meet to keep your account and use the account benefits.

dcs34

Thoughts on existing customers opening a new account and switching into that? T&Cs talk about existing accounts or new customers but not the third permutation.

The_MoneySavingKid

dcs34 said:

Thoughts on existing customers opening a new account and switching into that? T&Cs talk about existing accounts or new customers but not the third permutation.

I think that would be covered by terms on second page of PDF that were not copied into post:

"

• You won’t be eligible for this offer if you’ve already taken advantage of a cash switcher offer from RBS, NatWest and/or Ulster Bank between October 2017 and 3rd February 2022."

dcs34

The_MoneySavingKid said:

dcs34 said:

Thoughts on existing customers opening a new account and switching into that? T&Cs talk about existing accounts or new customers but not the third permutation.

I think that would be covered by terms on second page of PDF that were not copied into post:

"

• You won’t be eligible for this offer if you’ve already taken advantage of a cash switcher offer from RBS, NatWest and/or Ulster Bank between October 2017 and 3rd February 2022."

That's not quite what I'm asking. Someone who is an existing customer, but opens a new account. They don't necessarily have to have already taken advantage of a switch offer.

On a strict reading the offer seems to be for only new customers with new accounts, or existing customers with existing accounts that are eligible. Not existing customers with new accounts. But would seem an odd exclusion, and possibly not enforced by their system!

northwalesd

If you open a new account, then switch into it (say a day later), surely by that time it is an existing account? I know it's drilled into people to read the T&Cs, but you're reading too much into those.

PRAISETHESUN

@dcs34 I would agree that you're probably reading too much into it - there's only 2 real possibilities here:

a) You don't hold any RBS accounts (new customer), or

b) You hold an RBS account (existing customer)

Opening a new account when you already hold an RBS account would put you firmly in the "existing customer" category and you would need to qualify for the offer under those terms.

dcs34

PRAISETHESUN said:

@dcs34 I would agree that you're probably reading too much into it - there's only 2 real possibilities here:

a) You don't hold any RBS accounts (new customer), or

b) You hold an RBS account (existing customer)

Opening a new account when you already hold an RBS account would put you firmly in the "existing customer" category and you would need to qualify for the offer under those terms.

Which I guess I wouldn't as the account was opened after 24th January.

alph

Please can I ask,  that you do not need to have 2 Direct Debits and have to transfer them?  

JustAnotherSaver

The_MoneySavingKid said:

dcs34 said:

Thoughts on existing customers opening a new account and switching into that? T&Cs talk about existing accounts or new customers but not the third permutation.

I think that would be covered by terms on second page of PDF that were not copied into post:

"

• You won’t be eligible for this offer if you’ve already taken advantage of a cash switcher offer from RBS, NatWest and/or Ulster Bank between October 2017 and 3rd February 2022."

Read the (misleading) opening post and thought great, £150 for me, £150 for the wife & i'll sort my brother & sister out too.

Then read the post from TMSK & found I can't because I've already benefited from a switching offer between those dates.

Thanks TMSK for including that key piece of info.

PRAISETHESUN

alph said:

Please can I ask,  that you do not need to have 2 Direct Debits and have to transfer them?  

No DDs required. Just a £1250 transfer required into your account before 26 May 2022 after you've initiated the switch.

JustAnotherSaver said:

The_MoneySavingKid said:

dcs34 said:

Thoughts on existing customers opening a new account and switching into that? T&Cs talk about existing accounts or new customers but not the third permutation.

I think that would be covered by terms on second page of PDF that were not copied into post:

"

• You won’t be eligible for this offer if you’ve already taken advantage of a cash switcher offer from RBS, NatWest and/or Ulster Bank between October 2017 and 3rd February 2022."

Read the (misleading) opening post and thought great, £150 for me, £150 for the wife & i'll sort my brother & sister out too.

Then read the post from TMSK & found I can't because I've already benefited from a switching offer between those dates.

Thanks TMSK for including that key piece of info.

I don't feel my OP was misleading, consdering it is a direct copy/paste of the linked switch term T&Cs linked at: https://www.rbs.co.uk/content/dam/royal_bank_of_scotland/personal/permanent/current-accounts/documents/rb-pers-switcher-terms-january-2022.pdf. If I've missed off anything I apologise but having looked over it I feel both pages of the offer have been copied into my OP. At any rate, it does highlight how important it is to verify the offer terms yourself directly from the source yourself, rather than relying on a third party such as MSE, a random forumite, etc.

Zanderman

JustAnotherSaver said:

The_MoneySavingKid said:

dcs34 said:

Thoughts on existing customers opening a new account and switching into that? T&Cs talk about existing accounts or new customers but not the third permutation.

I think that would be covered by terms on second page of PDF that were not copied into post:

"

• You won’t be eligible for this offer if you’ve already taken advantage of a cash switcher offer from RBS, NatWest and/or Ulster Bank between October 2017 and 3rd February 2022."

Read the (misleading) opening post and thought great, £150 for me, £150 for the wife & i'll sort my brother & sister out too.

Then read the post from TMSK & found I can't because I've already benefited from a switching offer between those dates.

Thanks TMSK for including that key piece of info.

The opening post contains the info that you claim is missing - you misled yourself by not reading it fully..