Revealed: How to get £100 paid into your bank account

Today, Royal Bank of Scotland has launched a new bank account switching offer giving those that switch their main account to them a payment of £100. But this is not the only switching incentive available with the Halifax and Metro Bank both announcing new offers last month. We’ve looked at the three offers and give a summary below:

The £100 switching deal is available until 19 November 2020 unless the bank decides to end it early. So those looking to switch would be best to do this sooner rather than later. The offer is open to new and existing RBS customers depending on the type of RBS account they move to:

• New to RBS – switch to the Select or Reward Silver, Reward Platinum or Reward Black accounts and qualify for £100
• Existing RBS customers – switch Reward Silver, Reward Platinum or Reward Black and qualify for £100

The RBS Select account has no monthly fee, while the Reward account has a £2 fee, but this can be recouped as the account offers a £5 reward when you have two live direct debits and log into their mobile app at least every month. In addition, transactions made with their retail partners will also generate you a further 1% cashback.

These accounts can be opened online and in branch. The switch must be completed using the Current Account Switch Service and this means any switch should be completed in just seven days. This service also automatically transfers any standing orders and direct debits too.

The £100 is paid once the customer has paid at least £1,500 into the account and logged onto their account online or through the RBS app before 30 December 2020. Anyone that has previously received a cash incentive from RBS to open a bank account since October 2017 will not be eligible for the £100 offer.

Customers of Metro Bank can now recommend the bank to friends and earn £50 for each of them that then opens an account, up to a maximum of £250. Customers need to register online with the bank to receive a unique code that friends, and family can then use when opening an account with the bank. The offer is available until 11 December 2020.
Those wanting to take up the scheme will find terms and conditions on Metro Bank’s website.

Those wanting to switch bank account can also get £100 from the Halifax when they successfully open an account and move across their existing direct debits and credits to their new account. They are also required to close their old bank account to receive the £100 offer. Any switch must start before the 14 September 2020 and anyone who has received a switching offer from the Halifax since April 2018 is not eligible. Our news story about the Halifax £100 switching inventive has more information.

Photo: Robert Perry.