Considering moving your RBS business bank account to Arbuthnot Latham?Published on 20th February 2019 2019-02-20T13:46:11+00:00 - Last update on 20th March 2020 2020-03-20T23:06:01+00:00
Many thousands of business owners currently banking with RBS have been surprised to find that their bank does not want their business anymore.
Actually, this is not strictly true. RBS has been ordered by the Government to reduce the number of business customers it has to increase competition in UK business banking.
This order comes as a consequence of the banking crisis ten years ago. Then RBS had to be rescued by the taxpayer. Now the Government believes that it is time for the taxpayer to get some return on its investment - by helping create a more competitive banking system with more choice and more players.
The original plan was for RBS to transfer customers of The Royal Bank of Scotland in England and Wales and NatWest in Scotland into a relaunched Williams and Glyn Bank, which would then be sold off - creating a major new name in UK banking. However, finding a buyer for this new bank proved impossible.
Instead, the Alternative Remedies Package or, more commonly, the RBS Business Banking Switch scheme was developed. This would, again, divest RBS of several thousands of its customers, but by assisting their transferal to other banks.
So, if you are an RBS Business Banking client, you will probably need to find another bank. It will mean disruption to your business, but RBS has been forced to make some generous provisions to soften the blow. The Incentivised Switching Scheme will see RBS provide £275m of funding to its market challengers to pay for their offers to small business customers. There will also be another £75m from RBS to customers to cover switching costs.
At least 11 of the Challenger Banks will be funded under the scheme and as many as 3% of all SME businesses in the UK may be able to benefit from offers currently being described as ‘better’ than those normally available for businesses moving banks.
RBS will be in touch directly if you are one of their clients, but if you've got questions you need answered by independent experts you can call 0330 808 8802 or email [email protected] to talk to us.
Should you move to Arbuthnot Latham?
Arbuthnot Latham is one of the banks taking part in this innovative scheme.
Based in the City of London, Arbuthnot Latham & Co Ltd was established in 1833 and, with more than 184 years of delivering bespoke services to high net worth individuals and their families, they now have a busy commercial team.
Although the core focus of the bank has historically been high net worth individuals, today Arbuthnot and Latham offers solutions for the banking needs of owner-managed and independent businesses, with experienced sector specialists as well as dedicated Commercial Bankers who will work with each client, and a global service.
Would a move to Arbuthnot and Latham be the right step for you and your business?
Switching your bank now can be an important step for your business, and could open the way to valuable new services and products which could help take you to the next level. But when it comes to the financial future of your business, you must be confident that the decisions you make are the right ones.
You may feel that you want to call on some expert views. At Rangewell we can help provide them - just call 0330 808 8802 or email [email protected]
We work with banks and other lenders in the UK, from big names like RBS to private banks like Arbuthnot and Latham. We know what each of them offer.
Not only do we have unbiased and up-to-the-minute knowledge of the financial sector and the players in it, our team is made up of experienced banking professionals, including ex- RBS Branch Managers and Relationship Managers.
That means we are uniquely positioned to help if you are looking for the bank that is right for the future of your business, and we would like to help.
So we can discuss your plans for the future, and see what kind of bank would be right to answer them. Then, once we have helped you find the bank that’s right for you, we can use our expertise to help you agree any new facilities that you might want from them.
We have a unique place in the business market, being completely independent. It lets us take an objective view of all the banks and what they offer. You can call on our expertise completely free of charge. It’s part of our absolute commitment to supporting UK businesses with expertise as well as the funding they need.
We want to use our expertise to support your business and help you make the right decision - because we want you to become a client of ours in the future.
To discuss the best way to react to the RBS move and the options available to you, please call us on 0330 808 8802 or email [email protected] to talk to us about your specific questions and issues.
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