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Tony Rider, Regional Director at RBS in the South East gives some tips on what to consider when switching your business bank account.


Many businesses stay with their existing bank out of convenience, but in today’s competitive market it’s worth considering other banks’ rates, charges and customer satisfaction ratings. While the prospect of switching your banking partner may seem daunting, it should actually be very straightforward. It should also be fast.


In September 2013, the Payments Council launched the Current Account Switch Service, designed to make switching even easier by allowing you to change your current account provider in just seven working days, and guaranteeing that all of your payments will be managed quickly and easily. RBS is an active participant in this scheme and so if you switch to us, we will ensure the process of moving your account will be completed within the seven working days.


Here are some things to think about when switching, and what RBS in particular can offer your business.


Assess how your business uses its bank


Although standard business current accounts may offer the same features – chequebook, debit card, company credit cards – they can vary enormously in the interest rates they offer on credit balances, overdraft charges, and quality of service.


At RBS, we offer a valuable package of benefits (subject to the conditions set out below) for new customers who switch their business current account to us, including:


• 6 months free banking


• 1% cashback on your overdraft and loan (payable after your free banking period)


• No annual fee on business credit cards for the first 12 months


Is access to a local business branch important to you? If you want to be able to discuss your banking needs face to face, having a personal contact at a local branch will be an important factor in your choice of bank. Our Relationship Management teams can help with your financial requirements and also business planning and development.


All our Relationship Managers go through a full accreditation process by The Chartered Banker Institute (the trading name of The Chartered Institute of Bankers in Scotland) to make sure they have the right skills and expertise to help you take your business forward. They also work with colleagues across the RBS Group to offer sector specialists, wealth management, asset finance, invoice finance and international and domestic cash management.


If you prefer to bank via internet and telephone, the proximity of the local branch of your chosen bank won’t be be such a consideration. At RBS our Online and Mobile Banking services are free to use, with a number of options available 24 hours a day. We also offer a free mobile Business Banking app. Our UK based Business Line, telephone banking service, enables you to speak to a member of staff regarding your account information.


Weigh up the value of customer service and added value benefits


Of course, you can’t really measure customer service until you actually sign up with your chosen bank but there are some things to consider during the selection process. Are there mobile facilities available? Will you be talking to a machine or be assigned a Relationship Manager? And what services are available as part of your business bank account?


Is it important for you to have access to business tools and guides to help your business strategy and provide support on day to day issues? At RBS we offer access to our online Business Hub which provides tools, customer offers and guidance on developing your business. Bizcrowd is another tool which can help businesses by making meaningful connections, meeting new customers, finding new suppliers and gaining advice (www.bizcrowd.com). Added to this we offer free 12 month Regus Businessworld Preferred Membership for new customers which entitles you to 15 visits to over 1,500 Regus Business Lounges worldwide.


To talk to your local RBS team just call 0800 529 8243


(Text Relay 18001 0800 529 8243) or drop in for a chat at your nearest branch.


Mon to Fri 9am - 5pm (excluding bank holidays). Calls may be recorded.


Search: RBS Switcher Tony Rider


RBS Regional Director, South East


The RBS Business Current Account offer is only available to customers who choose our Business Current Account (Standard Tariff) with an annual turnover less than £2 million, where the business has been trading for a minimum of one year. RBS reserves the right to alter, amend or foreclose this offer without prior notice. All credit applications are subject to approval. Over 18 only subject to status. The offer does not apply to any additional new business current accounts opened that have not been switched.


6 months free banking: Free banking will commence from the date your account is opened and means that the charges for the day-to-day running of your account (known as your ‘service charge’) will not apply during the


free banking period. Charges for “Unarranged Borrowing”, “Additional Charges” and “Bankline Charges” are not part of the free banking offer. At the end of this period, you will automatically revert to the Standard Published Tariff. However, you will also have the opportunity to select a different tariff, if your business banking needs have changed.


1% cashback on the amount you borrow: 1% cashback applies where a borrowing application has been made within 30 calendar days of account opening, and the Business Current Account is still open at the time the cashback is paid. Cashback will be based on:


• Loans – the highest month end loan balance during the first 6 full calendar months of account opening.


Security may be required. Product fees may apply. Over 18s only.


ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED ON IT.


The Royal Bank of Scotland plc. Registered in Scotland, No. 90312. Registered Office: 36 St. Andrew Square, Edinburgh EH2 2YB. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.


• Overdraft – the highest month end overdraft limit during the first 6 full calendar months of account opening. Overdraft arrangement fees will apply.


The minimum and maximum cumulative cashback payable per business is £150 and £2,500, respectively. There are no minimum or maximum borrowing thresholds to be eligible for this offer. Cashback will be credited into the Business Current Account before the end of the 8th full calendar month after account opening.


No annual fee on your Business Credit cards for the first 12 months: This offer applies to UK businesses when a Business Credit Card application has been made within 6 months of account opening. For business use only.


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