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Business Banking Switch - RBS or Monzo?

Published on 20th February 2019 - Last update on 17th March 2020

If yours is one of the businesses affected by the changes at RBS, it could be time to look - not just at a new bank - but at a new style of banking.

When the financial crisis struck around 10 years ago, RBS was one of the hardest hit of all UK banks.

It had got itself into such severe problems that it had to be bailed out by the Government with an emergency investment of £45bn to shore up the entire financial system.  

Of course, the Government now wants some return on its investment and has instructed RBS to help it support the growth of a more competitive kind of banking system. The plan is to introduce not just new banks, but new types of banks, to stimulate competition.

It means that RBS will not only need to transfer thousands of small business customers to other banks - it will be forced to pay for the move too. The RBS Business Banking Switch scheme will assist the transfer of thousands of customers to other banks - with £275m given to market challengers to support their offers to small business customers.

There will be another £75m provided by RBS directly to its customers to cover the costs of switching.

It means that, if you are an RBS customer, you should be able to take your pick of at least 11 challenger banks who will be financed under the scheme. RBS will get in touch directly with all businesses involved, but if you want to talk to independent experts and get answers to your specific questions you can call us on 0330 808 8802 or email [email protected]

It could be a chance to take your business forward and discover a new kind of banking that works harder for your business if you look at Monzo.

Monzo Bank plc - a new kind of banking

Banks participating in the scheme include many of the familiar - although smaller - high street names. However, as part of the initiative, the Government was keen to open the doors to newcomers who are offering new technologies, as well as a new approach, to the traditional world of banking.  

Monzo is definitely providing a new approach to banking, with a bank that lives on your smartphone.

Reducing banking to an app is a bold move, but it may make a great deal of sense for many businesses - and especially those who are highly mobile and perhaps working in the tech sector themselves.

Based in East London, Monzo has more than a million customers around the world, and believe that they are providing the future of banking. If the idea of having your bank in your pocket appeals to you, they might be the future for your business.

Do you need our help?

Your business depends on your bank. Choosing the right account is not simply a matter of finding the provider with the lowest rates, or even one that offers products you like. Call us on 0330 808 8802 or email swi[email protected] to talk about the questions you need to be asking

You need to make a considered choice. Monzo may have a lot to offer if your business is online, but they may not have the same experience as more established banks when it comes to providing the right business product at the right time.

The problem is that, like most people with a business to run, you don’t have time to look at all the banks taking part in the scheme or look at and compare what they have to offer.

There is no single right answer. One business might want international support. Another might prefer the convenience of personal service, along with a dedicated business manager. Another might value an entrepreneurial approach and a willingness to innovate.

Another might have the lowest possible costs as their main priority.  

Whatever your particular focus, making the right decision might be easier if you can call on some independent experts.

At Rangewell, we work with all of the leading banks and other lenders in the UK.  We have a team that includes experienced former RBS Business Bankers and Relationship Managers who know the business banking market. It helps us take an objective view of how each one works and exactly what they offer.

We have a truly multidisciplinary team.  This team - which helps businesses find the funding they need -  is made up of experienced banking professionals, including ex-RBS branch managers and business advisors. They work with lenders from high street banks to challengers and private concerns every day. It means we can discuss your business and your plans for the future, and use our up-to-the-minute knowledge to help you see what bank would best be able to answer them.

We can even use our expertise to help negotiate the deal you want from them.

Its a service that could save you money for years to come, but we offer it to you completely free, and unbiased too.

We are independent and we intend to stay independent, because we know it is the best way to help UK businesses find the financial products and services that are right for them. And after all, whatever bank you choose now, we want you to become a client of ours one day, and help you get the business funding you need.

But to discuss how moving from RBS will affect you and the choices available to you now, simply call us. We are always keen to talk to businesses about making the most of their money.

You don’t want to make the wrong choice so call 0330 808 8802 or email [email protected] to talk to us about the questions you need to ask and the issues that will affect you.

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