The RBS Incentivised Switching Scheme is live providing funding of up to £275m to eligible switchers.

SME customers of the RBS business unit previously described as Williams & Glyn are being incentivised to switch. Target RBS SME customers are now able to switch their business current accounts and loans to ‘challenger’ institutions. In addition, a further £75m is being set aside within RBS to cover certain customers’ switching costs.

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Banking Competition Remedies (BCR), set up oversee the RBS Incentivised Switching Scheme, has named nine challengers eligible to participate.

The nine challengers are:

  1. Arbuthnot Latham & Co Limited
  2. Clydesdale Bank Plc
  3. The Co-operative Bank Plc
  4. Hampden & Co Plc
  5. Metro Bank PLC
  6. Santander UK Plc
  7. Starling Bank Limited
  8. Handelsbanken plc
  9. TSB Bank plc

Switching offers are live today on the dedicated Business Banking Switch websites:
Royal Bank of Scotland: www.businessbankingswitch.rbs.co.uk;
NatWest www.businessbankingswitch.natwest.com

RBS Incentivised Switching Scheme: Monzo and Nationwide

Two other challengers, Monzo and Nationwide are likely to be added to the RBS Incentivised Switching Scheme later this year.

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Godfrey Cromwell, BCR’s chairman, says: “Today’s announcement is an important, on-schedule, milestone. SME decision-maker customers will be able to access a diverse range of offers from a broad selection of organisations.”

RBS is freeing up a pot worth £775m as part of the conditions dating back to its 2008 bailout.

This is made up of £350m available to incentivise switching and another £425m to boost business banking deals.

On 22 February, BCR announced the first round winners. BCR is awarding Metro Bank £120m, Starling £100m and ClearBank £60m.

There are around 6 million SMEs in the UK.

RBS NatWest currently has a SME market share for current accounts of around 22%.

RBS made a commitment to help increase competition in UK business banking by reducing its market share. Originally, RBS intended to do this by setting up a new lender, Williams & Glyn.

But RBS axed plans to spin off its proposed Williams & Glyn unit blaming complex IT challenges.

BCR will announce the next round of winners on or about 20 May.