RBS Business Banking Switch - Free Money or PITA?

[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.

[ladymuck]

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

[GhostofTarbera]

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


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[KinooOrKinog]

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

[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

[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

[SimonMac]

So RBS are paying you to take your business elsewhere?

[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

[BR14]

qh[/B]

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

[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)