Natwest/RBS Business banking offering switching to Monzo as option


(Alex Barrett) #1

Just got this through into my inbox:
http://resources.fundingcircle.com/business-banking-switch/

Does this mean that those with a NatWest/RBS account are going to be able to switch to a Monzo business account in the very near future then? Previous correspondence I’ve had with NatWest about this have said they hope to be starting to move people to the new options by about April/May this year?

I’ve actually since left NatWest because their service was so absolutely terrible, would be a bit gutted if it meant that I’d have to wait longer to switch to Monzo for my business banking than if I’d hung on (however painfully) for a few more months.

Alex


#2

This is what it says on RBS/Natwest Websites

• Arbuthnot Latham & Co Ltd, Clydesdale Bank plc, Co-operative Bank plc, Hampden & Co., Handelsbanken plc, Metro Bank plc, Santander UK plc, Starling Bank Ltd, TSB Bank plc ready for 25th February
• Monzo bank plc, Nationwide Building Society expected to join later in 2019


#3

Don’t believe Monzo are joining when it starts on 25th Feb but are expected to join later in the year


(Alex Barrett) #4

Thanks guys, I like the idea of a Monzo Business account before the year is out.


(Kieran) #5

nobody picked up on “Monzo bank plc”? :stuck_out_tongue:


(Jai Sullivan) #6

Interesting…or just an error :eyes:


(Kieran) #7

The Natwest website says plc too. :thinking:


(Jamie 🏳️‍🌈) #8

Not sure how anyone would expect Monzo to participate on launch day when there is no business account.


(Jordan) #9

Hey everyone! :slight_smile: A few months ago we wrote a blog post on business banking where we talked about applying for some funding from the Alternative Remedies Package.

We mentioned that we were applying for both the Incentivised Switching Scheme and the Capability and Innovation Fund. Since then, we were selected to participate in the Incentivised Switching Scheme (still working on our application for the Capability and Innovation Fund)! Being selected for the ISS means that once Monzo business accounts are live, eligible RBS SME customers will be able to switch to Monzo and receive a switching bonus.

Until we are live with business accounts and have passed the operational readiness components of the Incentivised Switching Scheme, users won’t be available to switch to us through the scheme. :slight_smile:

Hope that helps clarify a bit!


(Michael) #10

Do Monzo receive a bonus as well for each RBS SME account that switches to them? What’s the bonus that’s offered to account switchers & I’m assuming it’s paid by the ISS, not you.


(Jack) #11

The money comes from RBS.


(Michael) #12

What about the first part, about whether Monzo get anything too? :eyes:


(Jordan) #14

Hey Michael, Monzo wouldn’t receive any additional bonus. It’s all paid by ISS, and the size of the switching bonus depends on the business’ turnover.


(Jordan) #15

PLC is just an error :blush: we reached out to BCR to update :slight_smile: