Can Clydesdale replace your RBS Business Bank Account?
RBS is asking its business customers to take their accounts elsewhere.
Of course, it is not that RBS don’t want highly profitable customers who are, together, worth £billions. The bank has been ordered by the Government to reduce the number of business customers it serves.
This order comes as the final consequence of the crisis that shook the financial world ten years ago.
Back then, RBS found itself in problems so acute that it had to be saved by the taxpayer with a £45bn injection to stop the entire banking and financial system risking collapse. Now, of course, RBS has returned to profitability and the Government believes that it is time for the bank to live up to its side of the bargain - and help support competition in the banking system.
The RBS Business Banking Switch scheme is a scheme that will help RBS shed thousands of customers - by paying other banks to attract them away.
It means that, if you are an RBS Business Banking client, you will probably already be looking for another bank. But RBS has been forced to soften the blow. The Incentivised Switching Scheme will see £275m of funding from RBS given to market challengers to help fund their offers to their business customers. What's more, there will be a further £75m from RBS to customers to cover switching.
It means you will be able to pick and choose offers from the Challenger banks who are eager for your business. RBS will be in touch, but if you've got questions you need answered now, you can talk to our independent experts on 0330 808 8802 or email [email protected]
Clydesdale is one of the eleven banks taking part in the scheme and will shortly be announcing the offers it intends to make.
Is Clydesdale the right bank for you?
Like RBS itself, Clydesdale Bank plc has its roots in Scotland. Formed in Glasgow in 1838, it was the smallest of the three Scottish banks and became part of the Midland bank in 1920. Since then, it has gained international support with its holding company CYBG plc, which trades on the London and Sydney stock exchanges and which, last year, bought Virgin Money.
It was announced that together with Yorkshire Bank (also owned by CYBG plc) the Clydesdale Bank brand would be phased out - putting all bank operations under the Virgin name.
It looks as though, in the future, Clydesdale will be providing a contemporary service based on the iconoclastic stance of the Virgin brand.
Can we help you make the right decision?
With a total of 11 banks now in the shortlist for support from RBS, and choosing the right one for your business is crucial.
Plus, there are many factors to consider. You may need a local presence. You may prefer a more personal service and the security of business managers who know you and your business. The traditional approach in fact.
Alternatively, you may want online services above all.
Whatever style of business you prefer, you will also want value for money, keeping costs down and helping you make the most of your money. Switching your bank can be an important decision, meaning you may want to call on some expert insights.
At Rangewell we can help provide those insights and you can call us on 0330 808 8802 or email [email protected] for the help you need. We have a unique place in the business funding market as we are completely independent and unbiased. It lets us take a clear view of all the banks and what they are offering.
Our insights are provided by a team made up of seasoned banking professionals - including former RBS Business Bankers and Relationship Managers. That means we are uniquely positioned to help you decide on the bank that is right for the future of your business.
We start by discussing your business and your plans for the future to see what kind of bank would be right to answer them. Then we can help you get the deal you want from them.
And to call on our expertise is completely free. It’s part of our absolute commitment to supporting UK businesses with expert knowledge as well as the funding they need.
We want to use our expertise objectively to support your business - because whatever bank you choose now we hope you will come to us again when you are ready for funding.
To discuss how the RBS move will affect you and what the options are now, simply call us. You don’t want to make the wrong switch so call 0330 808 8802 or email [email protected] to discuss your specific needs.