Business Banking Switch
What is Business Banking Switch?
Business Banking Switch is an incentivised switching scheme. Launched in February 2019, it’s been set up to reward eligible Royal Bank of Scotland customers who switch their business current accounts to one of the participating banks.
The scheme has been designed to provide offers that are better than those normally available on the market, such as free banking and cash incentives.
Why is this happening?
In 2008 and 2009 we received financial support from the UK Government. As a result, we made a commitment to help increase competition in UK business banking and reduce our market share.
Previously, it meant that certain business and commercial customers were due to become part of a new bank, Williams & Glyn, but this is no longer going ahead. Instead, an alternative proposal – Business Banking Switch – was approved by the European Commission in 2017.
Where can I go for more information?
All participating banks and offers are now available on the Business Banking Switch website.
Is this for me?
You’ll know if you’re eligible as we’ll have contacted you directly. Business Banking Switch is only available to certain business and commercial customers, with a turnover of £25 million or less at an individual company level, who were due to move to Williams & Glyn. Businesses in financial difficulty may not be eligible and participating banks may have their own eligibility criteria.
What could Business Banking Switch do for you?
All the participating banks and offers are now available on the Business Banking Switch website. To find out more, visit the site now.