Are you a Royal Bank of Scotland business customer?
Have you heard of the Business Banking Switch Scheme?
This has been created as a result of the financial support provided to RBS from the UK Government at the start of the financial crisis for which the European Commission required a number of state aid measures to encourage competition in the small and medium enterprise business banking market.
What is the scheme intended for?
The proposal is to incentivise certain RBS business customers to switch their accounts and facilities to certain “challenger banks”. There are some 127,000 eligible customers and RBS will need to migrate at least 120,000 of those to alternative banks under the scheme.
Applicable substantial incentives and rewards (including related legal and valuation fees) will be available to those customers who agree to switch and will present a better offer than those normally available in the market.
Launch date confirmed
The Scheme is to be launched with effect from 25th February 2019.
Get in touch for further information
If you have been contacted by RBS already as a potentially eligible customer or have any interest or queries about participating in the Switch please do not hesitate to contact Jonathan Ashbridge, who would be delighted to assist in helping you to consider your options and the proposals on offer. Full details of the scheme can be found on the RBS website by clicking here.