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.

back to top

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 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.

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.

back to top

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). Interest is charged in addition to the Maintenance Charge. The Paid Referral Fee and/or Guaranteed Card Payment Fee may also be payable if the unarranged overdraft arises from an informal request by you for an overdraft.

back to top

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

back to top



Unarranged overdafts and unpaid items

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. The charging period normally ends on the date that we send your statement to you.

£28

(£10 for R21**, Student Royalties, and Graduate Royalties)

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).

Paid Referral Fee

A Paid Referral Fee will be payable if:

you informally request an overdraft by issuing instructions for a withdrawal or other payment on your account; and

the payment cannot be met from the funds in your account or any unused arranged overdraft facility; and

we decide in our discretion to make the payment, so that an unarranged overdraft is created or increased.

£30 for each day on which a Paid Referral occurs

(subject to a maximum of £90 in any calendar month)

When charged

On the sixth business day of the calendar month after the calendar month in which the transaction(s) took place.

Guaranteed Card Payment Fee

A Guaranteed Card Payment Fee will be payable if:

you informally request an overdraft by issuing instructions for a withdrawal or other payment on your account; and

the payment cannot be met from the funds in your account or any unused arranged overdraft facility; and

we are obliged to make the payment because you have used a cheque guarantee or debit card to guarantee payment to a third party.

£35 for each transaction

When charged

At the time the transaction is paid or taken from your account.

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.

£38 for each item

(subject to a maximum of £114 per day)

When charged

At the time we decide not to make the payment.

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. 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.

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.

£30 per notice

When charged

Within four days of the Default Notice being served.


** 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.

back to top

Switching is easy

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