Thinking of moving your RBS Business Bank Account to Santander?
The Government has insisted that RBS help increase competition in UK business banking and decrease their own market share.
It’s a consequence of the bailout they received during the financial crisis. But what it could mean to you, if you are an RBS Business Banking client, is that you need to find another bank.
Moving your bank account means inconvenience and disruption to your business, but there is some good news. RBS have made some generous provisions to soften the blow.
RBS is actually paying other banks to incentivise businesses to switch their current accounts. They have been ordered to hand over a total of £775 million in grants and incentives to competitors to boost competition - which means there could be some valuable extras for you if you take your business elsewhere.
For expert help with switching your business bank account, call the Rangewell team on 0330 808 8802 or email email@example.com
What is Santander offering?
Every bank participating in the scheme will bid for the funding and will offer a different range of incentives.
However, Santander - seen as an important force in the business banking market - surprised observers by announcing they will not be applying for the funds or taking part in the scheme.
A spokesman for the bank said: “Following detailed analysis we have decided not to submit an application.” The reason was the “pace and uncoordinated nature of the regulatory environment in the UK and the current economic and political uncertainty”.
Santander added that it wanted to “retain flexibility and continue to pursue our own strategy”.
The bank is currently going through significant restructuring. It is closing 140 branches in Britain and making 800 staff redundant because its customers are turning to smartphone apps for most of their banking needs banking. It is thought that this would make it inappropriate to take part in the scheme - banks applying for the grants will have to supply detailed plans of how they would use the money, and the monitoring committee can ask for the funds to be returned if they are not being used properly.
It looks as though, if you are a business or commercial banking customer of RBS, Santander might not be the first choice for your business. While they can offer excellent services to business customers, they will not be enhanced by any incentives provided by the scheme.
Are you thinking about moving to Santander?
A switch in your banking provider now could provide you with new services and better rates from a bank that is hungry for your business. Incentives or not, as an international bank, Santander still has a lot to offer business customers.
But when it comes to the financial future of your business it is essential to make the right decisions.
At Rangewell, we know the business banking market inside out - and we have a team that includes experienced former RBS Business Bankers and Relationship Managers. Simply put - that means we can assist you in identifying the bank, new or old, that is really the most suited to your circumstances.
Then once we have helped you find the bank you need, our team will use their expertise to assist in the negotiation of any new facilities that you might need.RBS will get in touch directly with all businesses who are eligible to take part, but if you have specific questions and want to talk to independent experts you can call us on 0330 808 8802 or email firstname.lastname@example.org
We are offering this service entirely free of charge as part of our commitment to supporting UK businesses.
To discuss your present situation and the options available to you, simply call us. Whatever finance you require - and whatever the choice you make about your the bank that provides your business account - the Rangewell team is ready to provide expert help.
Why not put us to the test today?
Call 0330 808 8802 or email email@example.com to talk to us about your specific questions and issues.