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

Royal Bank of Scotland hosts ‘Easy Wins Live’ event

The event explored today’s ‘always on’ world and the pressure Scots face as they struggle to balance life inside and outside of work.

To win the fight against fraud and scams, it is vital to educate young people.

Primary school children in Currie, Edinburgh put on their detective hats last week to learn more about fraud and scams thanks to the Royal Bank of Scotland MoneySense programme. Les Matheson, CEO of Personal Banking, tells us why it’s so important to financially educate young people.

New NatWest debit cards now accessible for all customers

New card features are being rolled out from today with all cards having a notch and raised dots.

Set Tab for lightbox