Key Account


Everything you need to manage your day-to-day money


Free everyday banking - and you don't need to make a minimum payment to your account each month.


  • Free everyday banking - there's no monthly subscription charge.
  • No credit facilities or overdrafts - stay completely in control of your money.
  • Accept wages and other payments - your employer, pension company or the Benefits Agency can make payments direct to your bank account. This costs you absolutely nothing.
  • Earn interest - we pay interest on your account; it's calculated daily and credited once every month.
  • Easy access to your money - Point of Sale facilities available to pay for goods in shops, online or over telephone where you see the SOLO logo (only available if you have money in your account to cover the transaction). Access to almost every cash machine in the UK and you can withdraw up to £300 every day. You can also withdraw money from cash machines around the world which display the Cirrus logo.
  • Get your money over the counter - simply pop into any Royal Bank of Scotland branch or any UK post office. (You can also get a balance enquiry at any UK post office).
  • Online banking - manage your money 24 hours a day, 365 days a year with our telephone and internet banking services.
  • Direct Debits and Standing Orders - make payments from your account at no extra charge.
  • Top-up your mobile - got a pre-pay mobile phone on one of the major networks? Then you can add credit at any one of our cash machines.
  • Statements - monthly statements list all transactions and your current balance. You can also get mini-statements from any cash machine.

For an account that cannot incur fees and does not offer Standing Orders or Direct Debits please contact your local branch about a Cash Account.

Important information

There is no authorised overdraft or any other credit facility with the Key Account. So it is important to remember that if you do not have enough money in your account, you will not be able to make a withdrawal.

Also, if you do not have enough money in your account, we may not be able to make Standing Order or Direct Debit payments, and you may be charged a fee for each item we cannot pay. This may take you overdrawn.

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Interest Rates


Interest we pay you

The annual rates of interest paid on credit balances are as follows:

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 %AER %Net rate %
0.100.100.08
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.

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.

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Unarranged overdrafts


Any amount overdrawn without an arranged overdraft or in excess of the arranged overdraft limit will be charged at a rate of 2.2% per month, which is equivalent to 29.84% EAR Typical (variable). However, we will not charge interest on any part of the overdrawn balance which represents a Default Notice Fee or other sum (apart from interest) you must pay us in connection with a breach of your obligations under your agreement with us; or a Maintenance Charge, Paid Referral Fee, Guaranteed Card Payment Fee or Unpaid Item Fee.

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Historic Credit Interest Rates

Previous RateCurrent Rate
(effective from 26/07/99)
Annual Gross Rate %NaN0.10
Gross / AER %NaN0.10
Net Rate %NaN0.08

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If we are going to debit an Unpaid Item fee from your account, we will give you not less than 14 days’ notice of how much we are going to debit and when.


Fee typeWhen charged on current accounts*Fee amount
Unpaid Item Fee
An Unpaid Item Fee will be payable if:
  • you informally request an 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.
16 days after the end of the charging period in which we decide not to make the payment (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 £38 for each item (subject to a maximum of £114 per day).
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) (PDF, 696KB).

** R21 Account is not available to new customers

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.

System updates will mean that our internet and telephone banking services are unavailable for short periods in the early hours of the morning.

Calls may be recorded.

The Royal Bank of Scotland plc is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. In respect of deposits with a UK office, payments under the Scheme are limited to 100% of the first £2,000 of a depositor's total deposits with the bank and 90% of the next £33,000, resulting in a maximum payment of £31,700. Most depositors, including individuals and small firms, are covered. Deposits denominated in all currencies are treated alike. Further details of the Scheme are available on request.

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Switching is easy

Let us do the work. We'll even transfer your direct debits and regular payments.