RBS Business Banking Switch Scheme
With the launch of the Royal Bank of Scotland (RBS) Business Banking Switch Scheme, RBS business customers with a turnover of £25m or less are being incentivised to move their banking to a number of ‘challenger’ banks. With some incentives including ‘dowries’ of up to £50,000 and a financial contribution towards professional fees, there is a real benefit for qualifying businesses to make the move.
What should you do now?
Up to £350m is available and will be allocated on a ‘first come first served’ basis, subject to challenger bank criteria. Dowry entitlement is based upon turnover, loan product and deposits so you should consider the following:
- Visit the RBS Switching Portal – The portal is now providing details of the challenger bank offers available
- If you control a group of companies make sure you have registered each eligible company in your group – dowries are potentially available for each entity
- Review your existing borrowing terms and collate details of your facilities and deposits
- Arrange an advance appointment with a challenger bank so they can be ready to prepare indicative terms
- Ensure you have robust financial reporting information to smooth your application process
How can we help?
We understand that for some businesses moving banks can be a time consuming prospect, so it’s important to get the right support through the switching process. Our role is to make switching simple.
Here at Napthens we have a dedicated switch team on hand to assist. We have the largest corporate and commercial property teams in Lancashire who are experienced in acting for banks and financial institutions. We know what they expect so can guide you through the process, move quickly and efficiently and provide practical advice for a smooth transition on a fixed price basis.