RBS prepares for new industry-wide switching service


RBS prepares for new industry-wide switching service

RBS is among 17 banking groups taking part in the launch of a new service to make switching current accounts simpler for customers.

Our news

13 September 2013

The Current Account Switch Service, which will launch on 16 September, has been designed to make switching current account from one bank to another simpler, more reliable and less hassle for personal, charity, trust and small business customers.

If a customer wants to move their current account, they will only need to speak to their new bank, which will complete the switch in seven working days – a substantial improvement on the 18-30 days it can take now.

In the run up to the launch of the new switching service, RBS and NatWest have launched Cashback Plus, the first debit card loyalty programme to reward customers for purchases at participating retailers. Customers can redeem their Rewards by changing them into money which is transferred to their current account, exchanging them for retail gift vouchers or changing them into money which can be donated to one of four chosen charities. Available on selected current accounts to over 18s on qualifying purchases.

The Payments Council, which has co-ordinated development of the switching service, will run an advertising campaign to make customers aware of the changes.

All participating financial institutions will use a Trustmark as an easily identifiable logo, and uphold a guarantee that promises the following benefits:

  • the service is free to use
  • the customer can choose and agree the switch date with their new current account provider
  • the new current account provider will take care of moving all payments going out, such as direct debits, and those coming in, including salary
  • for 13 months the new current account provider will arrange for payments made to the old account to be automatically redirected to the new account
  • if anything goes wrong with the switch, as soon as it is told the new current account provider will refund any interest and charges made on either a customer’s old or new current account as a result of the failure

More information about the new service, including frequently asked questions, and an explanation of how the switching process works is available at www.simplerworld.co.uk

Posted In

Our news

Latest news

Women and millennials help drive £17bn+ franchise sector to record levels

New research from NatWest and the British Franchise Association (bfa) highlights changes and profitability in the sector.

Winners announced for Skills & Opportunities Fund

52 winning organisations have been announced for round two of the 2018 Skills & Opportunities Fund.

RBS Multicultural Network meets Eric Holder, 82nd US Attorney General

Simon McNamara, RBS Chief Administrative Officer and Executive Sponsor of the RBS Multicultural Network, recently hosted an event in discussion with Eric Holder, the first black US Attorney General. They discussed career, ethnicity, diversity and even a little bit of politics. At the event, Eric Holder shared his wisdom and experience with attendees from the RBS Executive committee and RBS Multicultural Network. Simon McNamara blogs about his experience meeting Eric, a BAME role model, and why diversity is so important to RBS.

Set Tab for lightbox