Royal Bank of Scotland (RBS) customers may be eligible to receive a £200 payment directly into their bank account, although not all customers will qualify.
According to RBS, people can get the payment by completing three straightforward steps, with funds expected to be issued relatively quickly. Some customers could get the money in time for the summer holidays, giving them extra spending money or helping cover holiday costs.
It was announced on May 30 of last year that the UK Government “sold its remaining shares in NatWest Group (formerly Royal Bank of Scotland, RBS) – ending public ownership that began when it stepped in to protect millions of savers and businesses during the financial crisis”.
So with this in mind, how can customers get the cash? Here is what you need to know.
How to get £200 paid into your bank account
1. Open a current account and switch to RBS
- Apply for a Select or Reward account and request and complete a full switch from another bank using the Current Account Switch Service.
Talking about the full switch, it explains: “The Current Account Switch Service will move everything from your old account over to us in seven working days. This means your old current account will close and funds and Direct Debits will transfer to us.”
2. Within 60 days of switching
Who can get £200?
It confirms: “This offer is available to new and existing customers who did not hold a Royal Bank current account on May 6, 2026.”
Terms and conditions
You can read the terms and conditions here. Under the section “important information”, it notes that this offer can be changed, replaced, or withdrawn at any time.
If it is withdrawn after you have already applied to switch to a new account, you will still receive the payment provided you meet the eligibility requirements set out in these Terms.
It adds: “You won’t be eligible for this offer if you’ve ever received cash from an RBS, NatWest, or Ulster Bank switch offer before.”