Are you an RBS or NatWest business banking customer? If so, you might be able to switch your account to us under the Business Banking Switch scheme.
During the financial crisis in 2008/9, RBS received financial support from the government. This was given on the basis RBS reduce its market share to help increase competition in the UK banking market.
The plan was for part of RBS’ branch-based retail and small and medium sized enterprise (SME) business to become a new standalone bank - Williams & Glyn. But due to some challenges, Williams & Glyn didn’t go ahead. And instead, a new proposal called Business Banking Switch was approved by the European Commission.
Some of the finer details
What is Business Banking Switch?
The Business Banking Switch encourages certain RBS and NatWest business banking customers to switch their current account to challenger banks that are chosen to take part in the scheme.
What’s TSB’s involvement?
We have applied to take part in the Business Banking Switch scheme and have developed a range of offers that will challenge the UK banking market for small businesses.
When can customers start switching?
RBS will contact business customers that are eligible to switch and allow you to register for updates. We’ll launch our Business Banking Switch scheme offers on 25 February 2019.
Can customers from other banks switch their business accounts to TSB as part of Business Banking Switch?
Only certain RBS and NatWest customers can switch to us under this scheme. But we still have great offers available if you switch your existing business account to us.