Switching banks.

[jd6420s]

Hello, my bank has told me that I can change my business current account to another bank and get £4000 for doing so and free banking charges for 2 years. Where is the catch in all of this? Has anyone else done this successfully? It certainly seems too good to be true.

 

[Courier]

Who is going to give you the £4k , your current bank or the new one or is it simply a different account within the same banking group ?

It does seem too good to be true.

 

[jd6420s]

Who is going to give you the £4k , your current bank or the new one or is it simply a different account within the same banking group ?

It does seem too good to be true.

I can't find that bit out but I think the new bank does. They say I get half the money upfront and half when I have been with them for a year. My current bank says they have to make me aware of this offer because of the bail out in 2008.

 

[Courier]

https://www.tsb.co.uk/business-banking-switch/band4/ ???


*£4,000 cashback will be paid within 30 days after the 3-month anniversary of the completion of the account switch through CASS for that account, providing the account is still open and we have validated your switch with RBS/NatWest.
And if the average monthly balance across your TSB Business and savings accounts in the first 3 months after your switch is over:

• £50,000 we'll increase your payment by £200, so your total cashback is £4,200
• £100,000 we'll increase your payment by £500, so your total cashback is £4,500
• £200,000 we'll increase your payment by £1,000, so your total cashback is £5,000

 

[jd6420s]

https://www.tsb.co.uk/business-banking-switch/band4/ ???

Yep that's the kind of thing I'm looking at.

 

[Martyn]

https://www.tsb.co.uk/business-banking-switch/band4/ ???


*£4,000 cashback will be paid within 30 days after the 3-month anniversary of the completion of the account switch through CASS for that account, providing the account is still open and we have validated your switch with RBS/NatWest.
And if the average monthly balance across your TSB Business and savings accounts in the first 3 months after your switch is over:

• £50,000 we'll increase your payment by £200, so your total cashback is £4,200
• £100,000 we'll increase your payment by £500, so your total cashback is £4,500
• £200,000 we'll increase your payment by £1,000, so your total cashback is £5,000

is this open to everyone

 

[JeepJeep]

This is the moving from the RBS bunch thing is it not?

 

[jd6420s]

I'm not sure but the TSB link above seems to say that that they will match any RBS or NatWest account loans or overdrafts. So it probably applies to those banks only.

 

[Mc115reed]

I'm not sure but the TSB link above seems to say that that they will match any RBS or NatWest account loans or overdrafts. So it probably applies to those banks only.

Iv had same thing but only offering me £1500 but my concern is are they going too transfer my overdraft and bounce back loan too the new bank and pay any associated fees that come with moving that over...

 

[Courier]

I have a quiet 20 year old Ltd Company with a bank account (no overdraft) as well as The Farm and Courier businesses - Thinking about exploring the Ltd Co. Account which currently attracts a monthly fee...and not much else ....

 

[neilo]

Iv had same thing but only offering me £1500 but my concern is are they going too transfer my overdraft and bounce back loan too the new bank and pay any associated fees that come with moving that over...

The BBL doesn’t need to be with your own bank, so presumably that could stay, but an OD facility would be attached to the business account you have/move.
They do promise to match your existing OD terms, but doesn’t mention the arrangement fee.

Free banking for 2 years plus a tidy cashback offer like that would certainly make me think about switching.
I wonder if I could switch from HSBC to NatWest, then immediately switch to TSB...

 

[jd6420s]

So the financial incentives seem pretty good. Has anyone had any recent experience of changing current accounts? Does it go as smoothly as what they say?

 

[Highland Mule]

By invite only, from RBS/NatWest. I have a decades old Ltd Co account and they’re not letting me go for it.

 

[Mc115reed]

So the financial incentives seem pretty good. Has anyone had any recent experience of changing current accounts? Does it go as smoothly as what they say?

I’m gonna give NatWest a ring later today if I get 5 minutes and see how it all works I’m happy enough with my bank account currently but free money isn’t something too turn your nose up at....

 

[Highland Mule]

I’m gonna give NatWest a ring later today if I get 5 minutes and see how it all works I’m happy enough with my bank account currently but free money isn’t something too turn your nose up at....

save you the time - you can check at this site, but it seems like if they haven’t offered, you’re not eligible.

Business | Royal Bank of Scotland

See how Royal Bank of Scotland could help your business, from business bank accounts, business lending and other everyday banking services.

businessbankingswitch.rbs.co.uk

 

[Mc115reed]

save you the time - you can check at this site, but it seems like if they haven’t offered, you’re not eligible.

Business | Royal Bank of Scotland

See how Royal Bank of Scotland could help your business, from business bank accounts, business lending and other everyday banking services.

businessbankingswitch.rbs.co.uk

Iv had my offers through just think there’s got too be a catch somewhere so would rather speak too a human haha

 

[Nick Adams]

Just checked mine. Five offers all about £1500 cash back + other incentives.

I'm amazed. I've no overdraft and not a huge turnover - they don't make much money out of me already!

Now to choose; Clydesdale and Yorkshire, Coop, Metro, Starling and TSB.

Any recommendations?

 

[wanton dwarf]

Hello, my bank has told me that I can change my business current account to another bank and get £4000 for doing so and free banking charges for 2 years. Where is the catch in all of this? Has anyone else done this successfully? It certainly seems too good to be true.

Already done it.

It was because of the previous banking crash .. the EU forced certain banks to reduce the number of customers they can have.

 

[nelly55]

I binned my letter ,now to find it.Found it but Ihave no O/d just a small loan .Does it all get transferred

 

[neilo]

Already done it.

It was because of the previous banking crash .. the EU forced certain banks to reduce the number of customers they can have.

Good old EU.