RBS Business Banking Switch - Free Money or PITA?

[nhussain03]

RBS may not have been the best bank but I found them Ok while I had an account with them. I didn't do much other than check balances for payments and transfers, all pretty much via the App. I visited a branch once/twice I think. The main issue was at the start opening the account which took an absolute lifetime, nearly 2 1/2 months.

I was also offered the transfer originally and took no action as I was fine with RBS, then they came back with a 3k offer at which point I took a look into it.
TSB had a good offer which meant no fees after the intro offer as long as you had a minimum balance. I took them up on it and after a few months you get the money, there are conditions like minimum amount coming in within 3 months.

Earlier this year TSB added another 1k into my account, apparently the offer went upto 4k after I switched and to help with corona they wanted to make sure customers who had switched before also received that.

TSB is worse than RBS, in particular the absolute rubbish mobile banking app for business, this is no exaggeration. They are now closing branches as well which I am sure in the rare event that I need to use them they will be a pain. In branch services however are pretty poor, these isn't much they can do in branch for you.

[pjt]

I wonder whether you can open an account with them - and then wait for them to offer you the same deal to go?

I opened an account in April, just had an email saying they will be offering me money on the 25th to move

[GJABS]

I wonder whether you can open an account with them - and then wait for them to offer you the same deal to go?

[Mordac]

So RBS are paying you to take your business elsewhere?

Having previously had a business acct with RBS, I'm surprised they have to resort to this. I jumped ship as soon as the 2yr fee-free period expired. I don't mind paying fees, but in return I expect a level of service RBS seem to be incapable of.

[quackhandle]

AFAIK it's the Williams and Glynn tranche of customers who are being encouraged to feck off. It should have ended ages ago but they've got nowhere near the numbers of people they expected to jump so it's all still staggering on. RBS had to be whacked due to European state aid rules following the bailout. I'd expect it to be quietly shelved at the end of the year.

That's the feller. For about 18 months I got regular emails about moving to W&G, ooh nearly there, its all exciting, nearly there now, it'll be soon, next month, erm, spring. Maybe.

Then, no that's not happening, here's some money to leave, cheerio now.

qh

[barrydidit]

So RBS are paying you to take your business elsewhere?

AFAIK it's the Williams and Glynn tranche of customers who are being encouraged to feck off. It should have ended ages ago but they've got nowhere near the numbers of people they expected to jump so it's all still staggering on. RBS had to be whacked due to European state aid rules following the bailout. I'd expect it to be quietly shelved at the end of the year.

On the plus side, I know a few guys who are looking at moving their accounts to ClientCo for the free money since they'll be binning the LTD in a couple of months anyway (Subject to LM's point about minimum holding time etc)

[BR14]

qh[/B]

* or you work for accenture <FKA arthur's androids>

[quackhandle]

So RBS are paying you to take your business elsewhere?

Yes, it was due when they were bailed out with tax payers money back in 2008/9, so now they have to NOT BANK WITH YOU.

Or something like that.

qh

[SimonMac]

So RBS are paying you to take your business elsewhere?

[quackhandle]

Yes, I went through this last summer. I got 3k.

I was given a list of available banks, to move my biz acct to. I chose four however only the co-operative got back in touch.

I don't like their dashboard and I have had loads of issues with the bank feed with Free Agent, however that due to some stupid 3rd party app called Yodlee. Seems to have been sorted now.

And the Coop are are ethical, yar, so I can make sure my kids Tarquil and Pereguine* have an Earth to inherit.


* I may be fibbing.
qh

[ladymuck]

Check how long you have to stay with them! If you're tied in for ages then it may not prove to be as good a deal as it first seems

[KinooOrKinog]

I honestly wouldn't trust RBS as far as I could throw them.

[GhostofTarbera]

It’s indeed free Money, RBS are also behind meeting the targets so offers might go up


Sent from my iPhone using Contractor UK Forum

[ladymuck]

Mods - just in case this is a genuine query would you move this thread into one of the professional forums please?

[willendure]

I have an RBS business banking account which they keep pestering me to move elsewhere with an £820 + £500 incentive for doing so. I think this is due to pressure from government to offload some of their accounts to even up the market.

I also have a property secured loan with RBS in my business too, with a £1250 cashback incentive for doing so.

Sounds like free money! But I have just been sent a document asking my business to guarantee payment of all fees if any legal costs are not met by RBS, without knowing in full what all the fees are going to be. I think it should all work out ok, but looks like I need to be quite careful about this (i.e. get some legal advice).

So just wondering, has anyone else done the switch? and did it all work out ok? Starting to wonder if this is all going to be more hassle than it is worth.