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Student Royalties
Current account options
If you’re starting the first year of a full time undergraduate course this year, then open a Student Royalties account before 31st October and get an interest free overdraft of up to £2750 whilst you are a student, plus lots more!
The basics of our student current account are the same wherever you live in the UK.
However, we’ve tailored the benefits to each part of the country – so you can get the most from your package of extras.
Remember – it's a good idea to choose a branch near your university or college. That way, it’s easy to pop in or arrange a chat about your finances.
Where would you like your account to be based?
- Scotland
-
Find out what great benefits we offer you as part of your RBS Student Royalties account - find out more!
- England or Wales
-
We’ve got some great offers for you - find out more!
Interest free overdraft: To help you budget, we normally offer a limit of £500 in your first term, £1,000 in the second term and £1,250 in the 3rd term. However, you can apply for up to £2,750 at anytime, but the overdraft you get will depend on your personal circumstances. All we ask in return for this great offer is that you use Student Royalties as your main bank Account. This means that the account should be used for the purpose of ordinary banking transactions, with at least 1 credit transaction on your account every 3 months and at least 3 debit transactions per month during term time (which can include debit card transactions (point of sale), cashline transactions, direct debits and standing orders).
Credit facilities: Over 18s only. Overdraft repayable on demand
Useful information for students
How much does student life cost?
Money management - learn more
Government Student Loans
The Royal Bank of Scotland is not responsible for the content of external websites.
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 % |
|---|---|---|
| 1.02 | 1.02 | 0.82 |
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.
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.
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.
Historic Credit Interest Rates
| Previous Rate | Current Rate (effective from 01/12/08) | |
|---|---|---|
| Annual Gross Rate % | 2.00 | 1.02 |
| Gross / AER % | 2.02 | 1.02 |
| Net Rate % | 1.60 | 0.82 |
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 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. | £28 (£10 for R21 Account**, Student Royalties and Graduate Royalties) |
| 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 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. | £30 for each day on which a Paid Referral occurs (subject to a maximum of £90 in any monthly 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 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. | £35 for each transaction (subject to a maximum of £105 per day) |
| 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 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). |
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 |
** R21 Account is not available to new customers
Student Royalties is available only to students completing a first full time higher education course, post graduate course or training as a nurse. The course must last for a minimum of 2 years (1 year for postgraduates). You must use the Student Royalties account as your main current account and deposit regular amounts into it by way of local education/Student Awards Agency for Scotland funding, parental contribution, salary, student loan or other funding, such as sponsorship or bursary. We will only allow you to hold one student account which offers preferential terms such as interest free overdraft facilities with us (or any other financial institution). Any account not deemed to be conducted in the above manner or that breach these terms and conditions will be subject to removal of facilities and closure.
Overseas students should contact their local branch for more information. Travel and Leisure benefits specified must be ordered through Royalties Membership Services. Commission free travel money must be arranged through The Royal Bank of Scotland.
Creditor interest is paid gross or net of 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.
System updates will mean that our internet and telephone banking services are unavailable for short periods in the early hours of the morning.
Royalties Membership Services is operated by Affinion International acting as agents for the Royal Bank of Scotland plc.
Sentinel Card Protection ('SCP') is a trading name and registered trademark of Affinion International. Registered address: Charter Court, 50 Windsor Road, Slough, SL1 2EJ, United Kingdom. Registered in England No. 1008797. Affinion International is authorised and regulated by the Financial Services Authority in respect of insurance mediation activities only. Affinion International acts as an intermediary for arranging the insurance and provides the administration of the card registration and associated services.
This insurance is underwritten by Allianz Insurance plc Registered in England No. 84638. Registered Office: 57 Ladymead, Guildford, Surrey, GU1 1DB, United Kingdom. Branch Address: Allianz Schemes, 6 Vale Avenue, Tunbridge Wells, TN1 1EH, United Kingdom. Allianz Insurance plc is authorised and regulated by the Financial Services Authority (FSA). Their authorisation can be confirmed by the FSA by calling 0845 606 1234 or at www.fsa.gov.uk. Their FSA registration number is 121849.
Royalties Payment Card Protection is subject to Terms and Conditions, a copy of which is available in the back of the service guide you will receive after you convert your account.
Important Information
Full terms and conditions and details of how to access the offers are detailed in your Welcome Pack, which will be sent once the account is opened.
- Download the full terms and conditions which apply to this account.
- View the Scotland terms and conditions
- View the England and Wales terms and conditions
- Apply online for this account
- Please also read our website terms and conditions which cover your use of this website
