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RBS may be state-owned for another decade, say City analysts, RBS makes no plans for large scale redundancies, Glenrothes-based electronics business set to close with the loss of 83 jobs, German-owned firm announces restructuring, with factory to shut down in April, Murray Capital leads funding rounds for two Scottish start-ups, Latest moves follow investment in UK artificial intelligence manufacturing firm late last year, Barclays’ new office campus pays tribute to Glasgow’s heritage, The bank worked with University of Glasgow experts to uncover Tradeston's industrial heritage, Ferries contracts 'not a catastrophic failure' Scottish Government Minister claims, Minister's response was described as "the worst Government response to a committee report I have ever seen" by one MSP, UK floating offshore wind 'could be subsidy-free by 2030', Study suggests an offshore leasing round in the next two years to facilitate access to the most cost-effective deployment areas, Scottish dental group acquires a further four practices, More deals are in the final stages, so the Glasgow-based business is aiming to reach the 50 practice milestone within weeks, Scottish Government pledges £7.3 million for travel agents and brewers, Local authorities have begun inviting eligible businesses to claim grants of £10,000 or £25,000, Holyrood committee criticises ‘piecemeal approach’ to post-Brexit devolution frameworks, Convener sets out "significant and outstanding concerns" about the impact on the devolution settlement, Edinburgh energy consultancy hires four on the back of green recovery, Company's global headcount now reaches 50, with a new office in Paris recently announced, Scottish estate agency group makes four UK acquisitions, Chief executive says the deals "signal our intention to continue to consolidate regional markets", Incremental acquires Glasgow-based Redspire as part of financial services tech support shift, Chief executive says he is "working to identify further acquisitions" as part of a buy and build strategy, Scottish tech startup hits £10 million revenue in year two, Edinburgh-based business plans to continue growing its team this year, but won't rule out growth by acquisition, Further deals are in the final stages, so the Glasgow-based business should reach the 50 practice milestone within weeks, Quiz reports 73% revenue fall as Covid-19 hits both in-store and online trading, Cost reduction and cash preservation measures help offset impact, as online sales also halve during the period, Edinburgh energy consultancy hires four analysts on back of green recovery, Scottish Government to end overseas support for fossil fuel companies this year, No details have been announced for the pledge that comes ahead of the climate change conference COP26 in Glasgow in November, Scottish company launches Covid-19 antibody test for use by medical professionals, Work is also proceeding on the firm's 27 country coronavirus test rollout, Scotland sees steepest fall in cash machine withdrawals last year, Data from the UK's main cash machine network reveals that ATM transactions fell by up to 68% during the first national laockdown, Investing in health and social care data 'can help Scotland RBS said: "As a result of the on-going COVID-19 pandemic, fewer customers have been switching under ISS and these changes are being announced by BCR to preserve the momentum and aims of the ISS. Commercial customers of Royal Bank of Scotland (RBS) may have received a letter from the bank introducing a banking switching scheme whereby they are to be incentivised to move their business elsewhere. ROYAL Bank of Scotland (RBS) will pay you £175 to switch bank accounts to it - and existing customers can the perk too. When RBS was partly taken over by the tax payer, part of the agreement was for the banks to introduce more competition in current accounts. If you've already got a Your Offers (UK) account your details and shopping history will have been transferred automatically. Your Offers has changed name to RBSelect Offers and moved to a new site powered by Perks at Work, For Republic of Ireland employees, please. Apparently this is all being over seen by Banking Competition Remedies Ltd. As a result, there is no material change anticipated to the current financial outlook for RBS. Multi-currency accounts. The move was announced today by Banking Competition Remedies Limited as it became clear the state-owned Royal Bank was struggling to shift the targeted 120,000 clients from its books by 25 August. RBS – which is still 62pc-owned by taxpayers after a £46bn bailout during the financial crisis 11 years ago – also suffered a £193m loss at its investment banking arm Natwest Markets. Criteria for ISS will also be broadened to make it available to an extra 200,000 more RBS and NatWest business banking customers with turnover of up to £1 million from 25 August 2020. Why has Business Banking … Our account for start-ups and SMEs. To qualify for the RBS Business Banking Switch scheme, you must: ✅ Be a Royal Bank of Scotland or NatWest SME business customer ✅ Have a turnover of £25 million or … 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. Business Banking Switch is a unique scheme for eligible business customers of RBS. Launched in February 2019, it’s been set up to reward eligible NatWest customers who switch their business current accounts to one of the participating banks.. And we’re focused on becoming a more responsible company. Some specific offers are available only for current RBS employees. Once launched, RBS’s Business Banking Switch website will be updated with offers from the participating banks. Apparently "the scheme is designed to provide you with offers that are better than those normally available on the market". As part of the disinvestment of NatWest and RBS business customers (following the Government buyout of RBS 10 years ago), incentives are being offered to business customers to stwitch banks away from RBS/NatWest - in the case of small businesses £1000 and larger businesses £25k. Whether you’re self-employed or side-hustling. The slow progress of the switching scheme is only the latest problem to have beset the 10-year effort to increase competition in the business banking market, where RBS remains the largest provider. Our brands and our people do business in a safe, simple, smart and sustainable way. Sometimes they’ll include recommendations for other related newsletters or services we offer. Commercial & Technology/IP ; Corporate; Dispute Resolution & Litigation; Employment; Immigration; Notarial; Private … RBS is offering £100 to new and existing customers who switch to its Select, Reward or Premier current accounts – the second big bank switching bribe to launch in recent weeks. It provides these customers with the opportunity to choose from a range of exclusive offers to switch their business current account to one of 10 banks participating in the scheme. Remember, these offers are designed to be better than those normally available on the market, and could include cash, free business banking and more. Private Banking is part of the RBS Group’s Wealth Division, or Coutts – a private bank and wealth manager that first opened its doors for business in London in 1692. You need unrestricted internet access to make full use of the Your Offers site. US dollar and euro bank accounts currently available for UK businesses. Offer is valid for the first 6 months from the date of sign-up. Royal Bank of Scotland (RBS) Business Banking The Royal Bank of Scotland is part of The Royal Bank of Scotland Group plc, not to be confused with the Bank of Scotland, which is a subsidiary of Lloyds Banking Group. Many accounts also have a monthly or annual fee – although some business account providers offer free business banking for an introductory period of say six or 12 months. Royal Bank of Scotland has taken the first step towards attempting to move off the bottom spot of current account customer satisfaction: offering £150 to entice people to switch to it. Accounts. Features new. The Local Deal is a way for businesses to share deals and promotions. Step 1: Find out if you’re eligible for the Business Bank Switch by putting your details into the NatWest Business Banking Switch website or RBS Business Banking Switch website. Businesses. RBS follows Halifax, which launched its own £100 switching offer last month. Existing customers can switch to Reward Silver, Reward Platinum or Reward Black. Royal Bank of Scotland (RBS) customers have been put at risk of cyber-attack after being recommended flawed security software. Straightforward - you can keep track of the amount of cashback you've earned by visiting the Everyday Offers' hub. You can unsubscribe at any time. Welcome to the Your Offers online discount shopping website exclusively available to employees and pensioners of RBS. Welcome to Royal Bank of Scotland. explains more about how we use your data, and your rights. Click through on Starling Bank’s offer and give consent for us to contact you. The Business Banking Switch Scheme was set up by the government following the financial crisis, as part of the bailout of The Royal Bank of Scotland (RBS). Did you know you can access RBSelect Offers from home? Author John Barker +44 (0)118 951 6296 Download vcard. Quick and Convenient - select to activate your offers using our mobile banking app or Internet Banking. You would be forgiven for thinking it sounds a bit odd — RBS is going to pay its competitors to take its customers away. To check if you’re eligible and what incentive you could receive go to the RBS Business Banking Switch page. Save on thousands of products and services through valuable everyday discounts and stay informed of exclusive sales, retailing events, local and national promotions. Business banking. To qualify, firms must have been an RBS customer before 5 November 2018, with a turnover of less than £25 million and must not be in financial trouble. See how Royal Bank of Scotland could help your business, from business bank accounts, business lending and other everyday banking services. The scheme under which SMEs can be paid up to £50,000 to move is part of the Alternative Remedies Package which aims to stimulate competition in the banking sector. Our Business Bank Account is for businesses with an annual turnover or balance sheet below £2 million. Business banking fees: You may have to pay a transaction fee for cash, electronic and cheque payments that are paid both in and out of your business account. Under the scheme, customers can switch to Arbuthnot Latham & Co; Clydesdale Bank; Co-operative Bank plc; Hampden & Co; Handelsbanken; Metro Bank; Santander UK; Starling Bank; TSB Bank Monzo; Nationwide Building Society. Certain RBS business customers can claim windfall as incentive to switch banks, When you subscribe we will use the information you provide to send you these newsletters. RBS’s Select account has no monthly fee and offers GetCash which enables customers to withdraw money from a cash machine without their bank card using a passcode sent to their mobile phone. Got a letter from RBS this morning actually, the "Business Banking Switch" (away from RBS) is to launch in Feb next year. Pauline Rigby Partner at Forbes . The scheme has been designed to provide offers that are better than those normally available on the market, such as free banking and cash incentives. Strategic Report 2019 Forbes Offers Free Consultations Over National RBS Business Banking Switch. “RBC Business Clients” are RBC clients who have an RBC business bank account or an RBC business credit card (excluding RBC commercial credit cards). Friends & Family - Having trouble logging in. 1 London Street, Reading, RG1 4PN +44 (0)118 951 6200. enquiry@fsp-law.com. They will have until the end of June 2021 to complete the switch. RBS has actively begun promoting the nine banks on its own website and its business clients will be able to explore their offers. Business Toolkit. Our. To me it's a better the devil you know scenario. Criteria for ISS will also be broadened to make it available to an extra 200,000 more RBS and NatWest business banking customers with turnover of up to £1 million from 25 August 2020. As a result, RBS agreed to reduce its market share in the UK business banking sector, in order to increase competition. The Business Banking Switch is a package of around £275million. Offers from nine banks were made available from 25th February; the remaining two banks will have offers available late 2019. Bringing forward these changes now, which might otherwise have been implemented at a later date. You can't apply directly for this account. Through the scheme, RBS will pay other banks to offer incentives to businesses for switching from Williams & Glyn to their services. For limited companies and other registered businesses. We’re taking big steps to build a more sustainable bank. British banking heavyweights HSBC and RBS are launching new digital banking platforms, as competition for digitally savvy customers steps up in the face of a wave of online startups. Give your business the best possible start 24 months transaction fee free banking, then pay as you go Only pay for unarranged borrowing and some additional services Standard tariff will apply when free banking period ends We may offer it to you if we think it's more suitable during an application for one of our other accounts. ", It added: "These amendments to the ISS do not change the total number of customers targeted to switch under the scheme. Switch your Business Banking AWAY from either NatWest or RBS to another approved bank, Starling in my case, and be paid by NatWest/RBS for doing it. As many as eleven banks are confirmed as participating. Visit today to see how we can serve you. Merchant offers and cashback amounts vary. Contact our team. recover from Covid', New report calls on the government to invest in the infrastructure, technology and skills required to close Scotland's 'data gap', Lockdown takes the fizz out of AG Barr's revenue results, Lack of hospitality sector sales in the current lockdown has weighed on theCumbernauld-based company. Business Banking Switch is an incentivised switching scheme. Customers who are new to RBS can switch to a Select or Reward account. If you've encountered difficulties with money, you may not be eligible for a number of our bank accounts and might be offered the Foundation account instead. The existing requirement on RBS to make a potential further contribution to the ISS, should customer switching be insufficient under the Deed, remains capped at £50 million.". RBS has obviously been in a bit of a pickle recently; first there was going to be a transfer to Williams and Glynn, then they back tracked, then they were going to introduce charges on free business banking accounts, then they back tracked on that, so it's possible RBS could yet introduce charges. ISS scheme extended to 200,000 extra SMEs after bank struggles to meet target. The deadline for customers to apply has now been extended from 25 August 2020 until the end of February 2021. The offer funds within Business Banking Switch are limited and if they run out the offers will end sooner. Manage your Everyday Offers using our Mobile Banking app or Internet Banking. Business account. Our extensive personal banking products include bank accounts, mortgages, credit cards, loans and more. The switching incentive is open to customers who make RBS… Your Offers is available to RBS employees and pensioners in UK, Jersey, Guernsey and Isle of Man Only. 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