Royal Bank of Scotland has taken the first step towards attempting to move off the bottom spot of current account customer satisfaction: offering £150 to entice people to switch to it.
The part taxpayer-owned bank has announced its latest cash carrot which is open to those aged 18 or over who haven’t received a switch bonus from the bank since October 2017.
Customers must switch through the Current Account Switch Service before 29 November and need to pay in £1,500 to the account.
It also requires a log into online or mobile banking through the RBS mobile app before 10 January 2020, in order to receive £150 by next February.
RBS was recently named Britain’s worst bank in a survey of current account customers
What’s more, according to the latest figures from CASS, RBS lost just over 3,600 customers between April and June this year, perhaps suggesting the bank is offering the £150 sweetener in a bid to staunch its bleeding of current account customers.
Nonetheless, while it is a bad coincidence for the bank that it announced a cash carrot that requires users to log into online banking on a day its website crashes, the £150 is the best cash welcome bonus currently offered by a UK bank.
First Direct offers switchers £50 if they join through CASS, while M&S Bank offers £180 but in the form of M&S gift cards.