Royal Bank of Scotland customers have earned £15m from their bank accounts in the last year. The Reward account which celebrates its first year anniversary today (October 12 2016) pays 3% Reward on household bills such as Council Tax and utility bills.
Over £500m Direct Debit transactions passed through customer accounts in the last 12 months. Showing how important it is to select the correct bank account. Yet research carried out on behalf of Royal Bank of Scotland Reward account found people spend more time deciding which sofa to buy than they do on which current account would be best for them. The average time taken to choose a new couch is 25 days compared to just over three hours spent on deciding the best bank account. It was also found that more than a quarter of people have never changed their current account.
Switching bank accounts is simple and hassle-free with the Current Account Switch Service. Payments, such as Direct Debits, Standing Orders and Bill Payments, can be transferred to a new account within seven days.
The research also showed that women are much more likely than men to pay their mobile phone bill by Direct Debit. Around two in three (65%) women pay by Direct Debit compared to only one in two (51%) men.
The number of Direct Debits is increasing. Three in four people have more Direct Debits than they did five years ago with Glasgow having seen the highest growth in the number of people paying their bills through the payment service. Over 40% of Glaswegians have more Direct Debits than they did five years ago.
Edinburgh was found to be the most generous city with residents more likely to give to charity by Direct Debit than anywhere else in the Scotland - 16 per cent compared to the average of 11 per cent.
David Crawford, Head of the Royal Bank of Scotland Reward Account, said: “There’s a lot to celebrate about the Reward account reaching its one year anniversary especially the amount of money customers are receiving as a result of simply using the account. The research also highlights how important it is to take time to decide on the best account for you.”
More information on the Royal Bank of Scotland’s Reward current account is available here.