Tell me moreCurrent account options
- Standard current account
- Extra benefit current accounts
- Student current account
- Graduate current account
- Bank accounts for young people
- Other accounts
Help and guides
Rates and charges
- Interest rates
- Current account charges
- Overdraft charges update
- Important Changes to Unarranged Overdraft Pricing
Useful information
Interest Paying Current Account
Our standard current account
No monthly subscription charges - and straightforward access to your money.
- Free everyday banking - no monthly subscription charges.
- No arrangement or renewal fees - on overdrafts up to £15,000. And pay no interest on agreed overdrafts of up to £100.
- Save on your mortgage - use your Interest Paying Current Account balance to save money with our Offset Service.
- Easy access to your money - your debit card gives you access to almost every cash machine in the UK. You can also pay for goods and services wherever you see the logo shown on your card.
- Online banking - manage your money 24 hours a day, 365 days a year with our telephone and internet banking services. (Except for short periods of essential maintenance.)
- Overseas money - get money in local currency at cash machines and buy goods wherever you see the logo shown on your card.
- Statements - monthly statements list all transactions and your current balance. You can also get mini-statements from any cash machine.
- Earn interest - we pay interest on your account; it's calculated daily and credited once every month.
Interest Rates
Interest we pay you
The annual rates of interest paid on credit balances are as follows:
| Gross Rate % | AER % | Net rate % |
|---|---|---|
| 0.10 | 0.10 | 0.08 |
Calculation and application of interest
Interest is calculated on a daily basis and paid into your account once a month, usually the day after we send your statement to you. The exceptions to this are our Key and Cash Accounts, where interest is paid on the first day of each month.
Gross rate
Gross rate means the rate you are paid before the deduction of tax.
Annual Equivalent Rate (AER)
This is the notional rate used for interest bearing accounts which illustrates what the gross credit interest rate (excluding any bonus interest payable) would be if paid and compounded on an annual basis. It helps you to compare the effective rates of credit interest on different accounts.
Net Rate
This means the interest rate paid after deduction of tax.
Interest due on overdrawn balances
Arranged Overdrafts
The following rates are effective from 28/04/08
| Type of account | Nominal monthly rate % | Nominal annual rate % | EAR % variable |
|---|---|---|---|
| Interest Paying Current Account All amounts | 1.48 | 17.73 | 19.24 |
| 19.24% EAR Typical (variable) | |||
Previous rates
The following rates were effective from 02/01/07
| Interest Paying Current Account | Nominal monthly rate % | Nominal annual rate % | EAR % variable |
|---|---|---|---|
| £5,000+ | 1.32 | 15.85 | 17.05 |
| £1,000-£4,999 | 1.46 | 17.56 | 19.05 |
| Below £1,000 | 1.53 | 15.85 | 19.95 |
| 19.95% EAR typical Rates from 19.05% EAR to 19.95% EAR | |||
Calculation and application of interest
Interest on arranged and unarranged overdrafts is calculated on a daily basis and charged monthly. The interest we charge in each charging period will be debited from your account 16 days after the end of that charging period (or on the next business day if this is a Saturday, Sunday or Bank Holiday). The charging period normally ends on the date that we issue your statement to you.
If we are going to debit interest from your account, we will give you not less than 14 days’ notice of how much we are going to debit and when.
Gross rate
Gross rate means the rate you are paid before the deduction of tax.
Annual Equivalent Rate (AER)
This is the notional rate used for interest bearing accounts which illustrates what the gross credit interest rate (excluding any bonus interest payable) would be if paid and compounded on an annual basis. It helps you to compare the effective rates of credit interest on different accounts.
Net Rate
This means the interest rate paid after deduction of tax.
Nominal Rate
The rate charged excluding compounding of interest and other charges associated with a borrowing, e.g. arrangement and security fees
Effective Annual Rate of Interest (EAR)
This is the real annual cost of an overdraft, stated as annual rate, which takes into account how often interest is charged to the account. All other charges, for example arrangement fees, are shown separately from the EAR.
p.a.
per annum (per year).
Unarranged Overdrafts
Any amount overdrawn without an arranged overdraft or in excess of the arranged overdraft limit will be charged at the rate shown in the following table
The following rates are effective from 01/10/09
| Type of account | Nominal monthly rate % | Nominal annual rate % | EAR % variable |
|---|---|---|---|
| Interest Paying Current Account All amounts | 1.48 | 17.73 | 19.24 |
| 19.24% EAR Typical (variable) | |||
However, we will not charge interest on any part of the overdrawn balance which represents fees, charges or costs of the kind described in section 6 of our leaflets; Personal Banking- Charges and Rates of Interest 
(PDF, 155KB).
Historic Credit Interest Rates
The previous rates were effective from 11/11/98
| Previous Rate | |
|---|---|
| Annual Gross Rate % | 0.20 |
| Gross / AER % | 0.20 |
| Net Rate % | 0.16 |
Charges – Arranged Overdrafts, Unarranged Overdrafts, Unpaid Items and Enforcement Charges
If we are going to debit any of the fees and charges set out in the table below from your account, we will give you not less than 14 days’ notice of how much we are going to debit and when.
| Fee type | When charged | Fee amount |
|---|---|---|
| Maintenance Charge | ||
| If your account becomes overdrawn without prior arrangement or any arranged overdraft limit is exceeded, you will be liable for a monthly Maintenance Charge.
The Maintenance Charge will be applied if you have an unarranged overdraft at any time during a monthly charging period. | 16 days after the end of the charging period (or the next business day if this is a Saturday, Sunday, or Bank Holiday). The charging period normally ends on the date that we issue your statement to you. | £20 |
| Paid Referral Fee | ||
A Paid Referral Fee will be payable if:
| 16 days after the end of the charging period in which the transaction was paid or taken from your account (or the next business day if this is a Saturday, Sunday, or Bank Holiday). The charging period normally ends on the date that we issue your statement to you. | £15 for each day on which a Paid Referral occurs (subject to a maximum of £90 in any charging period). |
| Guaranteed Card Payment Fee | ||
A Guaranteed Card Payment Fee will be payable if:
| 16 days after the end of the charging period in which the transaction was paid or taken from your account (or the next business day if this is a Saturday, Sunday, or Bank Holiday). The charging period normally ends on the date that we issue your statement to you. | £15 for each transaction (subject to a maximum of £90 in any charging period). |
| Unpaid Item Fee | ||
An Unpaid Item Fee will be payable if:
| 16 days after the end of the charging period in which we decide not to make the payment (or the next business day if this is a Saturday, Sunday, or Bank Holiday). The charging period normally ends on the date that we issue your statement to you. | £5 for each item (subject to a maximum of £50 in any charging period) |
| Making an informal request for an overdraft means you will have to pay a Paid Referral Fee, a Guaranteed Card
Payment Fee or an Unpaid Item Fee. If an unarranged overdraft arises, you will also have to pay the Maintenance
Charge and interest on the amount overdrawn (except so far as it represents fees, charges or costs of the kind
described in section 6 of our leaflet Personal Banking Charges and Rates of Interest (PDF, 155KB) under the heading Sums which do not
bear interest). For examples showing how our charges work, please see the section headed Unarranged
Overdrafts and Unpaid Items in our leaflet How to make the most of your account (PDF, 696KB). | ||
| Enforcement | ||
| A Default Notice Fee will be payable if we need to serve a default notice on you (for example, if you fail to repay your overdraft on demand or we wish to enforce any security we hold). This is in addition to any other charges that may apply. | Within four days of the Default Notice being served. | £30 per notice |
Interest is paid gross or net of the lower rate of Income Tax depending on your tax position.
New customers will be asked to provide proof of identity, verification of address and signature.
Credit facilities: over 18s only.
Calls may be recorded.
System updates will mean that our internet and telephone banking services are unavailable for short periods in the early hours of the morning.
Important Information
New customers will be asked to provide proof of identity, verification of address and signature.
System updates will mean that our Internet and telephone banking services are unavailable for short periods in the early hours of the morning.
Credit facilities
Over 18s only.
The Royal Bank of Scotland plc.
Registered Office: 36 St. Andrew Square, Edinburgh EH2 2YB
Registered in Scotland No. 90312.
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