This is the joint-highest upfront bonus together with HSBC and Natwest, but you'll have to meet some requirements before you get accepted.
The new switching offer is available to new and existing RBS customers who switch their main bank account to a RBS Select, Reward, Reward Silver or Reward Platinum account before March 8.
On top of the money, those who choose the Reward accounts receive 2 per cent cashback on bills paid by direct debit.
This means the average customer could receive £83 each year if they have monthly bills of £345, according to RBS.
But the Reward accounts do come with monthly fees ranging from £2 to £20, so carefully consider whether your bills are high enough to make the fees worth it.
The RBS Select account comes with no fees, but you won't receive the cashback either.
What do you need to get the account?
To get an RBS account, you need to do the following:
- You must have £1,500 paid into the account each month
- Customers need to do a full switch, i.e. close their other main account and register for online and mobile banking with NatWest
- You'll need to switch before March 8, and log in to RBS' online or mobile banking by April 12. The switching bonus will then be paid out by May 10
- When switching your main bank account, it usually also means you have to move both where your salary is paid as well as any direct debits or standing orders
- Customers must be above 18 years old, a UK resident and must not have already taken advantage of a cash offer from RBS or NatWest since October 2017 for opening a new current account and switching
- Existing customers will only receive the cash if they don’t already have their main bank account with RBS
Is it a good deal?
If you decide to go for a Reward account, you need to make sure you use the cashback element of this card to make the monthly fees worth it.
If not, the Select account may be a better option for you.
RBS' sister bank NatWest is currently offering a similar £150 cash reward, but this is only available until February 15.
HSBC meanwhile, offers £150 and while you don't pay a fee, you do need to pay in at least £1,750 a month.
If you don't have enough cash or don't fancy paying a fee then you should consider First Direct or M&S Bank.
First Direct offers up to £125, while M&S offers a £180 gift card – but the offer by the latter ends at midnight tonight.
Why should I switch bank accounts?
- Switching is easy. Under the switching service, swapping banks should take seven working days. That includes all your payments, direct debits and standing orders being moved too. Just open your new account and then ask your new provider to close your old account using the switch service.
- Make sure you are eligible. Most accounts have certain requirements, such as paying in a minimum amount of cash each month.
- Watch your overdraft. Check your new bank will offer you the same limit — and does not have higher costs for using it.
What are the best switching offers from banks?
Switching bank account is a great way to make some extra cash, and it doesn't have to be complicated either.
Apart from RBS' new offer, below are some of the best switching deals right now.
NatWest Select: New customers need to switch by February 15 and pay in £1,500 by March 22 to get a £150 bonus.
Just like RBS' Reward accounts, it comes with a monthly £2 fee, but there's also 2 per cent cashback on bills paid by direct debit, such as council tax, energy, water and phones.
HSBC Advance: New customers who sign up to HSBC Advance will receive £150 in cash, making it as good an offer as the one by RBS and Natwest.
You’ll also be eligible to get HSBC’s five per cent regular savings account.
But you’ll need to pay in £1,750 per month – or £10,500 every six months – so consider whether you’ll be able to meet this criteria before switching.
If you can’t afford it, HSBC’s Bank Account offers £75 to switch and has a lower £500 monthly pay-in.
First Direct: The online-only bank gives new customers a bonus of £100, but you can also get an extra £25 if you sign up via consumer website MoneySavingExpert.
You’ll also get a £250 zero per cent overdraft, and can open a linked five per cent regular saver.
But you need to pay in a minimum of £1,000 to avoid a monthly £10 fee.
If you don't like the bank and decide to leave within six months, you'll get £100 in compensation.
Halifax Reward: Switch to the Halifax Reward account and you'll get £50 paid before your switch completes, and another £85 after six months if you pay in £1,500 per month, use your debit card at least once and opt for online banking.
You can also get ongoing rewards of £2 a month if you pay in at least £750 each month, remain in credit, and pay out at least two direct debits.
M&S Bank Current Account: New switchers receive a £100 M&S gift card, with no minimum pay-in, plus reward points when they shop in M&S – but the deal ends tonight so you'll have to be really quick.
You also get a £100 zero per cent overdraft and access to a linked 5 per cent regular saver.
If you pay in £1,250 per month and keep four direct debits active in the first year, you’ll get another £80 gift card.
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