Should you move your RBS Business Bank Account to Metro Bank?
If you are one of the many thousands of business owners currently banking with RBS, you may have been surprised to find that RBS want you to take your business elsewhere.
It’s nothing personal. The Government has demanded that RBS increase competition in UK business banking - by decreasing their own market share.
RBS ran into problems in the lead up to the financial crisis ten years ago. They had to be bailed out by the taxpayer to the tune of £45bn.
In return for the support, it was originally agreed with the European Commission that RBS would transfer customers of The Royal Bank of Scotland in England and Wales and NatWest in Scotland into a relaunched Williams and Glyn Bank. But finding a buyer for this new bank proved harder than anticipated. An alternative scheme was established to boost competition in business banking by giving financial assistance to Challenger Banks, funded by RBS. This is known as the Alternative Remedies Package or, more commonly, the Business Banking Switch.
So, if you are an RBS Business Banking client, you will need to find another bank. It probably means disruption to your business, but RBS will not only be picking up the tab for your inconvenience, but they will also be paying your new bank to be generous to you.
It means you should be able to take your pick from offers that are much better than those normally available for businesses moving their accounts. They may range from free banking to cash incentives.
RBS will get in touch directly with all businesses who are eligible to take part, but if you want to talk to independent experts about your specific questions you can call us on 0330 808 8802 or email [email protected] to talk to us.
Should you move to Metro Bank?
RBS will be handing over a total of £775 million in grants and incentives to competitor banks. Each bank participating in the scheme will need to bid for the funding, and each one will be offering a different range of incentives.
Metro Bank is one of the banks shortlisted.
Metro Bank is a Challenger Bank. It is a relative newcomer to UK high street banking and is working hard - and mainly succeeding - to build its reputation.
Customer service is a major focus. The bank has set out to provide a friendlier, more personal and caring service. Customers can call their branch and speak to the same person each time, rather than have calls directed to an anonymous call centre. There are also some innovative approaches to online services coming along this year.
But is Metro Bank right for you and your business?
You need to get some expert help before you decide where to take your business. Call us on 0330 808 8802 or email [email protected] to talk to our experts.
Switching your banking provider now can be a positive move. It could mean new services and products which could support your business plans. But when it comes to the financial future of your business, you need to move carefully. It is essential to make the right decisions, and it can help to get some expert opinions before making your decision.
At Rangewell, we work with all the banks and other lenders in the UK, and our financial team includes experienced former RBS bank managers and Relationship Managers. They know the business banking market - and the features which really count if you are considering a move.
Our expertise means that we can we can assist you in identifying the banks that are right for your particular sector, your plans - and your business.
We don’t stop there. Once we have helped you find the bank that’s right for you, our team will use their expertise to assist in the negotiation of any new facilities that you might want from them.
What’s more, our service is free. It’s part of our commitment to supporting UK businesses. We want to use our expert knowledge to support your business - because it will help introduce our own financial services, which are designed to help you cut the cost of business funding.
To discuss your present needs, how the RBS move will affect you and the options available to you, simply call us. Whatever the choice you make about your the bank that provides your business account - the Rangewell team is always ready to provide help in any way we can.
Why not see how we can help you with your banking switch today? Call 0330 808 8802 or email [email protected] to talk to us about your specific questions and issues.