New RBS customers can apply to switch to a Select or Reward account as can existing customers who can also apply to switch to Reward Silver, Reward Platinum or Reward Black.

The Reward account gives customers £4 per month for two Direct Debits and an additional £1 for logging onto online banking. With a monthly fee of £2, this equates to an additional £36 per year for customers. Customers can also benefit from regular retailer cashback offers.

RBS’s Select account has no monthly fee and has the benefit of GetCash which enables customers to withdraw money from a cash machine without their bank card using a passcode sent to their mobile phone. The Select account received five stars, the highest rating possible from Defaqto.

Allan Hardie, RBS, said: “We are welcoming new customers with our latest switcher offer which really encourages taking advantage of the account and also discovering further benefits such as our award-winning mobile app and our Digital Regular Saver account paying 3% interest.”