The offer is open to certain new and existing customers and comes as banks continue to use switching incentives to attract account holders. According to RBS, customers who meet the required steps can receive the payment directly into their account within 30 days of satisfying the qualifying criteria. RBS has outlined specific eligibility rules, including restrictions for customers who have previously benefited from similar switching offers from RBS, NatWest or Ulster Bank.
How Customers Can Qualify for the £200 Payment
To qualify for the incentive, customers must first open either an RBS Select account or an RBS Reward account and request a full switch from another bank using the Current Account Switch Service.
According to RBS, the switching service transfers funds, Direct Debits and other payment arrangements from the old account to the new one within seven working days. As part of the process, the previous current account is closed.
After completing the switch, customers must meet two additional requirements within 60 days. They need to pay a total of £1,250 into the eligible account, although this amount can be made up of multiple deposits. The funds must remain in the account for at least 24 hours.
Customers must also log in to the RBS mobile banking app using a compatible device. Once all qualifying conditions have been met, RBS says the £200 payment will be deposited into the eligible account within 30 days.
The bank states that the offer is available to new and existing customers who did not hold an RBS current account on 6 May 2026. According to the terms outlined by RBS, anyone who has previously received a cash switching incentive from RBS, NatWest or Ulster Bank is excluded from the promotion.
Eligibility Rules and Details of the Reward Account
The bank has also highlighted features of its Reward account, which is one of the accounts eligible for the switching offer. According to RBS, Reward account holders can earn rewards through everyday banking activity. Customers may receive rewards for spending with participating retail partners using their Royal Bank debit card.
The account also offers a monthly reward for customers who pay at least two Direct Debits from the account. RBS states that two of those Direct Debits must be for at least £2 each. Eligible customers can earn £4 in rewards each month, while the account carries a monthly fee of £2. RBS says customers must be aged 18 or over, be resident in the UK, and pay at least £1,250 into an eligible Royal Bank account every month to meet the account requirements.
The bank’s terms and conditions also note that the switching offer may be changed, replaced or withdrawn at any time. Even so, RBS states that customers who have already applied to switch before any withdrawal of the offer will still receive the payment, provided they satisfy all eligibility conditions set out in the terms.
