Banking Competition Remedies (BCR) has announced the results of the second Incentivised Switching Scheme application process, with only Habib Bank Zurich applying and meeting the eligibility criteria.
Its offer will go live in mid-August 2019, while existing eligible applicant Nationwide Building Society has met all eligibility criteria, but is yet to launch a business current account offering. It has plans to do so in early 2020.
They both now need to complete all the formalities necessary for joining the scheme, including signing The Incentivised Switching Agreement and confirming operational readiness.
The purpose of the scheme is to provide funding of up to a maximum total of £275 million to small and medium-sized enterprise (SME) customers of the business previously described as Williams & Glyn, to switch their business current accounts and loans to ‘challenger’ institutions.
A further maximum sum of £75 million has been set aside within the Royal Bank of Scotland to cover certain customers’ switching costs.
The offers from the first application window went live to customers in February and a second application window was created to ensure the widest range of competitive offers are made available to customers.
As part of the second application process, those already in the scheme were simultaneously given an opportunity to refresh their offers. The Co-operative Bank, Clydesdale Bank and TSB Bank put forward revised offers, which BCR has accepted, and which will feature on the dedicated Business Banking Switch websites from mid-August 2019.
As at 30 June 2019, a total of 12,110 SMEs have switched banks under the scheme since it began on 25 February 2019.
Godfrey Cromwell, BCR’s chairman, said: “The two new offers and the revised offers from three existing participants are welcome, and increases the diversity of organisations and offers right across the SME client-base.”
The full list of organisations accepted onto the scheme is as follows: Arbuthnot Latham & Co, Clydesdale Bank, Co-operative Bank, Hampden & Co, Habib Bank Zurich, Metro Bank, Monzo, Santander UK, Starling Bank, Svenska Handelsbanken, TSB Bank and Nationwide Building Society.
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