More than £500 million Direct Debit transactions have passed through RBS customer accounts in the last year
Royal Bank of Scotland (RBS) Reward account customers should be rubbing their hands together because they have earned a collective total of £15 million from their bank accounts over the last year.
The Reward account, which celebrates its first anniversary today (Wednesday, 12 October), pays a 3% reward on household bills such as Council Tax and other utilities.
According to RBS, more than £500 million Direct Debit transactions have passed through customer accounts in the last 12 months.
It says this demonstrates how important it is to select the correct bank account, yet recent research carried out on behalf of RBS Reward account found people spend more time deciding which sofa to buy than on which current account would suit them best.
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.
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.
But, according to RBS, 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% compared to the average of 11%.
David Crawford, head of the RBS 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.”