Simple financial institution change might get you £200 in time for summer season
One bank is offering £200 to customers who switch their account – but there are eligibility requirements you’ll need to meet first
The process is quick and easy(Image: Getty)
Royal Bank of Scotland account holders could receive £200 paid straight into their account. However, the offer isn’t available to everyone.
According to RBS, customers simply need to complete three straightforward steps to claim the money, which should arrive relatively promptly. In fact, you might receive it ahead of the summer break, providing you with extra spending money or helping to pay off travel costs sooner.
It was announced on May 30, 2025, that the UK Government “has sold its remaining shares in NatWest Group (formerly Royal Bank of Scotland, RBS) – ending public ownership that began when it stepped in to protect millions of savers and businesses during the financial crisis”.
So with this in mind, how can customers get the cash? Here is what you need to know.
How can I get £200?
1. Open a current account and switch to RBS
- Apply for a Select or Reward account and request and complete a full switch from another bank using the Current Account Switch Service.
Talking about the full switch, it explains: “The Current Account Switch Service will move everything from your old account over to us in seven working days. This means your old current account will close and funds and Direct Debits will transfer to us.”
2. Within 60 days of switching
- Pay in £1,250 – This can be made of multiple payments and must remain in the account for 24 hours.
- Log in to the RBS mobile app – This can be done on any device that supports the Royal Bank mobile banking app.
3. Receive £200
- When you’ve met these conditions, the bank willpay £200 into your eligible account within 30 days.
It confirmed: “This offer is available to new and existing customers who did not hold a Royal Bank current account on May 6, 2026.”
Terms and conditions
You can read the terms and conditions here. Under the section “important information”, it notes that this offer can be changed, replaced, or withdrawn at any time.
If the offer is withdrawn after you have applied to switch to a new account, you will still be eligible for the payment, provided you meet the conditions outlined in these Terms.
It adds: “You won’t be eligible for this offer if you’ve ever received cash from an RBS, NatWest, or Ulster Bank switch offer before.”
