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Current account options
- Select Account
- Select Silver Account
- Select Platinum Account
- Black Account
- Student current account
- Graduate current account
- Bank accounts for young people
- Bank accounts for international students
- Basic Account
- Other accounts
- Compare our range
Existing customers
- Welcome to RBS
- Overdrafts
- Access your benefits
- Royalties Gold
- Upgrade your account
- Upgrade to a Student Account
- Text alerts
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Help and guides
Rates and charges
Useful information
Current Account
Current account options
This account is no longer available to new customers. It has been replaced by the Select Account.
- Free everyday banking - no monthly subscription charge.
- Overdraft – pay no interest on agreed overdrafts of up to £100 and there is no arrangement or renewal fees on overdrafts up to £15,000.
- Visa debit card – worldwide acceptance with added online security protection.
- Standing orders and direct debits – to help you manage your money.
- Branch network makes it easy to stay close to your finances.
- Online banking ensures you can manage your money 24 hours a day, 365 days a year.
- Telephone banking with UK call centres, open for you 24 hours a day.
- Free mobile phone banking - Stay in touch with your finances, anytime, anywhere. Check balances, mini statements and manage limit alerts, which could help you avoid going overdrawn. Network charges may apply. More on mobile phone banking.
- Statements - monthly statements list all transactions and your current balance. You can also get mini-statements from any cash machine.
- Withdraw cash - get your money from almost any UK cash machine. You can even withdraw local currency at cash machines abroad.
- Worldwide acceptance - you can use your Visa debit card at 29 million retailers around the world, wherever you see the Visa logo.
- Cheque book for added payment flexibility
- Mobile phone top-ups at RBS cash machines
Switching your banking to RBS is easy and free of charge. Our dedicated switching team will make the majority of arrangements for you and will be on hand to answer any questions you may have. With our switching guarantee you can be assured your transfer is in the best hands.
Common definitions
Throughout this page, you'll see various terms being used. Here's what they mean:
- Annual Equivalent Rate (AER) - this is a 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.
- Effective Annual Rate of Interest (EAR) - this is the real annual cost of an overdraft, stated as an annual rate, which takes into account how often interest is charged to the account. All other charges, such as arrangement fees, must be shown separately from the EAR.
- Gross Rate - this means the interest rate you are paid before the deduction of income tax.
- Net Rate - this means the interest rate you are paid after the deduction of income tax.
- Nominal Rate - the rate charged excluding compounding of interest and other charges associated with a borrowing, e.g. arrangement and security fees.
- p.a. - per annum (per year).
Interest Rates
Interest we pay you
The annual rates of interest paid on credit balances are as follows:
The following rates are effective from 22/09/10
| Gross Rate % | AER % | Net rate % |
|---|---|---|
| 0.00 | 0.00 | 0.00 |
Historic Credit Interest Rates
The previous rates were effective from 02/08/99
| Previous Gross Rate % | Previous AER % | Previous 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.
Interest due on Arranged Overdrafts
Arranged Overdrafts
If you have arranged an overdraft facility with us in advance and you use this facility within the thresholds shown below, you will not pay any interest. If the amount you overdraw under an arranged overdraft facility exceeds these thresholds, you will pay interest at the rates shown in the tables below on the overdrawn balance – please note that this includes the part of the balance which is within any interest free threshold that applies to your account.
Interest free thresholds
Current Account £100
The following rates are effective from 02/08/10
| Type of account | Nominal monthly rate % | Nominal annual rate % | EAR % |
|---|---|---|---|
| Current Account All amounts | 1.52 | 18.28 | 19.89 |
Previous rates
The following previous rates were effective from 28/04/08
| Type of account | Previous Nominal monthly rate % | Previous Nominal annual rate % | Previous EAR % |
|---|---|---|---|
| Current Account All Amounts | 1.48 | 17.73 | 19.24 |
However, we will not charge interest on any part of the overdrawn balance which is an unarranged overdraft or represents fees, charges or costs of the kind described below under the heading Sums which do not bear interest.
Unarranged Overdrafts
With effect from 01 February 2011, we no longer charge debit interest on unarranged overdrafts
Previous rates
The following previous rates were effective from 02/08/10 until 31/01/11
| Type of account | Previous Nominal monthly rate % | Previous Nominal annual rate % | Previous EAR % |
|---|---|---|---|
| Current Account All Amounts | 1.52 | 18.28 | 19.89 |
Calculation and application of interest
Interest on arranged 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.
Sums which do not bear interest
We do not charge interest on unarranged overdrafts. Nor do we charge interest on any part of an arranged overdraft which represents a Returned Item Fee or Unarranged Overdraft Fee (see our leaflet RBS Personal & Private Current Account Terms; Personal & Private Current Account Fees & Interest Rates; Helping you get the most from your Personal & Private RBS Current Account (PDF) for details of these charges).
Arranged Overdrafts, Unarranged Overdrafts, Returned Items and Enforcement Charges
| Arranged Overdrafts | |
|---|---|
| Arranged overdrafts less than £15,000 - arrangement or renewal fee | FREE |
| Arranged overdrafts of £15,000 or more - arrangement fee - annual renewal fee | 2% of amount 1% of amount |
Act Now Alerts
Our Act Now Alerts can help you stay in control and minimise or even avoid fees for unarranged overdrafts and returned items. They specify the time by which you should credit your account with cleared funds to cover all payments and/or to bring your account back into credit. Find out more about Act Now Alerts.
If we are going to charge you an Unarranged Overdraft Fee and/or a Returned Item Fee, we will give you not less than 14 days’ notice of how much we are going to charge you and when.
Unarranged Overdraft Fee
An Unarranged Overdraft Fee will be charged for each day on which there is an unarranged overdraft of greater than £6 on your account at close of business on that day.
Please note: we will only charge an Unarranged Overdraft Fee for a non-business day (i.e. a Saturday, Sunday or Bank Holiday) if there is an unarranged overdraft of greater than £6 owing on your account at close of business on the first following business day.
When charged
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.
Fee Amount
£6 for each day for which an Unarranged Overdraft Fee is payable
Returned Item Fee
A Returned Item Fee will be charged if:
- you informally request an unarranged overdraft by issuing instructions for a withdrawal or other payment; and
- the payment cannot be met from the funds in your account or any unused arranged overdraft facility; and
- we decide in our discretion not to make the payment.
When charged
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.
Fee amount
£6 for each returned item (subject to a maximum of £60 in any charging period).
Making an informal request for an unarranged overdraft means you will normally have to pay a Returned Item Fee and/or an Unarranged Overdraft Fee. Please note that it is possible to incur both a Returned Item Fee and an Unarranged Overdraft Fee on your account on the same day or as a result of a single transaction (for example, where we take a Returned Item Fee from your account and this creates an unarranged overdraft of greater than £6 on your account). For examples showing how our charges work, please see the section headed Unarranged Overdrafts and returned items in our leaflet How to make the most of your account 
(PDF, 656KB).
Enforcement Charges
| 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 |
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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