Understanding the RBS Business Banking Switch

Royal Bank of Scotland’s incentivised banking switch scheme for business customers

  • Immediate assistance with RBS switchover
  • Free restructuring audit before switching
  • Access to over 50 finance facilities
  • Unlock flexible banking and finance deals
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What is the RBS Business Banking Switch?

Updated: 5th February 2021

Royal Bank of Scotland’s (RBS) incentivised switching scheme, also known as the ‘Business Banking Switch’, is for selected business banking customers and launched on 25th February 2019. The scheme allows eligible RBS customers to make an incentivised switch from RBS to a participating bank.

If you bank and have facilities with RBS and you were due to move to Williams & Glynn, we can help shape your business to get ready for the switchover.

If you have been subject to a County Court Judgment (CCJ), default notice, or you have an overdrawn business account, you may consider restructuring before switching banks. By starting afresh before switching to a new provider, you could receive better banking offers and more flexible finance facilities, giving you the best chance of approval.

If you have a Company Voluntary Arrangement (CVA) in place, we can source a new finance facility which can help you keep up with repayments. At Real Business Rescue, we work closely with over 50 commercial finance lenders who are compatible with RBS business banking switch customers.

As the RBS switch offer allows you to freely move to an alternative bank, you may consider restarting your business to consolidate debts. We can find a rescue solution for your business and assist you during the switchover process, ensuring that your business has no historic debt or outstanding liabilities.

Why has RBS launched the Business Banking Switch?

During the financial crisis of 2007 and 2008, Royal Bank of Scotland was bailed out by the UK government for £45 billion to rescue the bank from collapse. As part of the understanding, RBS agreed to increase competition in the UK banking sector by decreasing their share in the corporate banking market.

As a result, RBS established a standalone bank, Williams & Glyn, for all RBS commercial customers which has now been cancelled. Following approval from the European Commission, Royal Bank of Scotland have launched an incentivised banking switch scheme for business and commercial customers in England, Scotland and Wales.

The RBS switch offer is not compulsory, but customers who take part in RBS incentivised switching will be rewarded. The scheme will be overlooked by the Banking Competition Remedies Limited (BCR), an independent panel set up to overlook the performance, management and fairness of the scheme.

Are you eligible for the RBS Business Banking Switch scheme?

In order to qualify for the RBS Business Banking Switch scheme, you must meet the following criteria:

  • You are a Royal Bank of Scotland SME business customer
  • Your turnover is £25 million or less
  • You were due to move to Williams & Glyn

You will be ineligible for the scheme if:

  • You joined RBS after 5th November 2018
  • Your business is in financial difficulty or insolvent

If you are experiencing cash flow shortage or debt build up, you may need actionable, restructuring advice from a licensed insolvency practitioner. We can help restructure or restart your business to give you the best chance at seeking competitive offers from alternative banking providers.

We can also help facilitate the switch from RBS to a reputable provider through our longstanding relationships with banks and lenders.   

What banks are participating in the RBS business banking switch? 

Participating banks, also known as challenger banks, are smaller banks intending to compete with the four major UK banks – RBS, HSBC, Lloyds and Barclays. As 70 per cent of business current accounts are with the four major banks, the RBS business banking switch has been designed to redistribute their market share.

As many as eleven banks are confirmed as participating.  Offers from nine banks were made available from 25th February; the remaining two banks will have offers available late 2019.

The participating organisations are:

  • Arbuthnot Latham & Co Ltd
  • Clydesdale Bank plc
  • Co-operative Bank plc
  • Hampden & Co.
  • Handelsbanken plc
  • Metro Bank plc
  • Santander UK plc
  • Starling Bank Ltd
  • TSB Bank plc

Organisations to join later in 2019

  • Monzo bank plc
  • Nationwide Building Society

Participating banks will decide on the incentives available to RBS switch customers. The scheme intends to bring exclusive incentives which are not otherwise available on the market to RBS commercial customers. A fund has been set up to facilitate the RBS bank switch incentives which will be made available to RBS switch customers.

We work closely with banking providers who are reliable, trustworthy and offer competitive deals to RBS switch customers. We can help you during this complex process and put you in touch with a vast range of providers. 

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How can Real Business Rescue help you?

If you have a facility with RBS but have experienced issues due to tight lending restrictions, we can help source a flexible banking facility. We have close working relationships with reputable banking and finance providers who can tailor finance solutions to your business.

A Real Business Rescue expert can provide restructuring advice to maximise assets and minimise liabilities by making financial and operational adjustments. By strengthening the performance of the business, you can start a fresh relationship with a new bank with better lending conditions.  Our rescue solutions can make it highly likely for your business to be accepted by banking providers, allowing you to smoothly switch from RBS in a stress free manner.

If you have been affected by the RBS Business Banking Switch scheme, we can source a banking solution for your business and guide you through the process. Get in touch with a member of the Real Business Rescue team to arrange a free no-obligation consultation on 0800 644 6080.

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