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Rates and charges
Current accounts - summary of rates and charges
For customers with current accounts opened on or after 4th July 2011 plus customers with current accounts opened before 4th July who have been notified of a change to their account and the applicable Terms:
This page provides a summary of the rates and charges that apply to RBS current accounts.
Full copies of the fees and charges and the terms that apply to our current accounts can be downloaded from our terms and conditions page.
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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).
Account Fees
The following monthly account fees are payable if you are a Select Silver Account, Royalties Gold Account, Royalties Premier Account or Black Account customer. Account includes access to all the benefits listed in the appropriate brochures and user guides. These also contain details of other fees and services.
| Type of Account | Monthly Account Fee |
|---|---|
| Select Silver Account | £8 |
| Royalties Gold Account | £12.95 |
| Royalties Premier Account (not available to new customers) | £15 |
| Black Account | £24 |
Interest we pay you
Any applicable interest is calculated on a daily basis and paid into your account once a month.
The annual rates of interest paid on credit balances are as follows:
(a) Basic Account, Select Account, Select Silver Account, Royalties Gold Account, Royalties Premier Account, Student Royalties Account and Graduate Royalties Account
These accounts do not pay interest on credit balances.
(b) R21 Account and Revolve Account
| Type of Account | Gross Rate % | AER % | Net Rate % |
|---|---|---|---|
| R21 Account (not available to new customers) | 0.80 | 0.80 | 0.64 |
| Revolve Account | 0.55 | 0.55 | 0.44 |
(c) Black Account
| Amount held in account | Gross Rate % | AER % | Net Rate % |
|---|---|---|---|
| £25,000+ | 0.5 | 0.5 | 0.4 |
| £10,000 - £24,999 | 0.25 | 0.25 | 0.2 |
| £1 - £9,999 | 0.1 | 0.1 | 0.08 |
Interest due on arranged overdrafts
R21 Account, Select Account, Select Silver Account, Royalties Gold Account, Royalties Premier Account and Black Account.
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, in these circumstances, interest will be charged on your entire balance, including the amount below the interest free threshold.
| Type of account | Interest free thresholds |
|---|---|
| Black Account | £500 |
| Royalties Premier Account | £500 |
| Royalties Gold Account | £250 |
| R21 Account, Select Account, Select Silver Account | £100 |
| Type of account | Nominal Monthly rate % | Nominal Annual rate % | EAR % |
|---|---|---|---|
| Black Account All amounts | 1.16 | 13.96 | 14.89 |
| Royalties Premier Account All amounts | 1.16 | 13.96 | 14.89 |
| Royalties Gold Account All amounts | 1.48 | 17.73 | 19.24 |
| Select Silver Account All amounts | 1.52 | 18.28 | 19.89 |
| Select Account All amounts | 1.52 | 18.28 | 19.89 |
| R21 Account All amounts | 1.25 | 14.93 | 16.00 |
Account switching service – interest free overdraft
If your account is a Select Account, Select Silver Account, Royalties Gold Account or Black Account and you intend to take advantage of, or have taken advantage of, our switching service, then there will be an interest free period on the overdraft. This means that, during the interest free period, you will not pay any interest on any amounts overdrawn on the account. The interest free period will start once we process your transfer of account instructions and will end six months after your account is opened.
The overdraft confirmation information we will issue to you after we have agreed to provide the overdraft will contain a Total Cost of Credit amount. Under the Consumer Credit Act we are required to provide you with details of the cost of credit covering a period of three months based on the whole overdraft facility being drawn in full over that period. When we calculate the Total Cost of Credit, we will use the interest rate that applies to the overdraft at the time the facility is agreed.
Please note that where we have not yet processed your transfer of account instructions when the overdraft is agreed, the rate used in the calculation will be the rate that will apply when the interest free period ends. The Total Cost of Credit amount is illustrative only and the actual cost will depend on your use of the overdraft, which will include the interest free period you may enjoy.
Student Royalties Account
All Student Royalties customers entering their third, fourth or fifth year of university will have the following thresholds applied:
| Recommended interest free overdraft | |
|---|---|
| Year 3 | £1,600 |
| Year 4 | £1,800 |
| Year 5 | £2,000 |
From 2010 all Student Royalties customers starting their first or second year of university will have the following thresholds applied:
| Recommended Interest Free Overdraft | ||
|---|---|---|
| Year 1 | Term 1 | £500 |
| Term 2 | £750 | |
| Term 3 | £1,000 | |
| Year 2 | £1,250 | |
| Year 3 | £1,500 | |
| Year 4 | £1,750 | |
| Year 5 | £2,000 | |
Graduate Royalties
Graduate Royalties arranged overdrafts are interest free if the overdraft limit does not exceed the thresholds set out below. If an overdraft is arranged with a limit which exceeds those thresholds, you will pay interest on the amount of the overdrawn balance that exceeds the relevant threshold at a rate of 0.79% per month, which is equivalent to 9.9% EAR. However, we will not charge interest on any part of the overdrawn balance which represents fees, charges or costs of the kind described below under the heading Sums which do not bear interest.
If you graduate before 2013 the following thresholds will apply:
| Interest free thresholds | |
|---|---|
| Year 1 | £2,000 |
| Year 2 | £1,500 |
| Year 3 | £1,000 |
If you graduate from 1 January 2013 onwards, the following thresholds will apply:
| Interest free thresholds | |
|---|---|
| Year 1 | £2,000 |
| Year 2 | £1,000 |
Arranged overdrafts, unarranged overdrafts, returned items and enforcement charges
R21 Account, Student Royalties Account*, Graduate Royalties Account*, Basic Account*, Select Account, Select Silver Account, Royalties Gold Account, Royalties Premier Account, Black Account
The charges shown in this section do not normally apply to the other accounts we offer to our current account customers. However, we sometimes allow other accounts to be operated in a way which enables the customer to give instructions for a withdrawal or other payment which cannot be met from the funds in the account. If this happens, the charges listed below under the heading Unarranged overdrafts and returned items – charges will apply.
*Holders of these accounts will only pay the Returned Item Fee.
Arranged overdrafts – arrangement and renewal fees
| Arranged overdrafts of £15,000 or less - arrangement and renewal fee | Fee |
|---|---|
|
Arranged overdrafts of more than £15,000 - arrangement fee - annual renewal fee | 2% of amount 1% of amount |
Unarranged overdrafts and returned items – charges
| Fee | Amount |
|---|---|
| Unarranged Overdraft Fee | £6 per day for unarranged overdrafts greater than £6 |
| Returned Item Fee | £6 for each returned item (subject to a maximum of £60 in any charging period) |
| Default Notice Fee | £30 per notice |
Foreign transactions and debit card charges
| Debit Card Charges (foreign currency or Sterling) | |
|---|---|
| Transaction type | Charges |
| Transactions in the UK | |
Cash withdrawals in Sterling:
| No charge (We will not charge you for using your card at an ATM in the UK but other companies may charge a fee. You will be advised on screen about any charges before you withdraw cash.) No charge 1.5% (minimum £2, maximum £4.50) 1.5% (minimum £2, maximum £4.50) |
Purchase of foreign currency or travellers cheques using a Visa Debit card:
| No charge 1.5% (minimum £2, maximum £4.50) |
| Foreign currency withdrawal from cash machines | 2% (minimum £2, maximum £5) |
| Transactions abroad | |
|
Cash withdrawals Purchase of currency or travellers cheques using a Visa Debit card Point of sale transactions |
2% (minimum £2, maximum £5) 2% (minimum £2, maximum £5) £1.25 per transaction |
| Exchange Rate Transaction Fee |
|---|
| Any transaction in a foreign currency is converted into Sterling at our prevailing exchange rate and a transaction fee of 2.75% is subsequently applied for debit card transactions. This fee is known as the Exchange Rate Transaction Fee (ERTF). |
Where a charge in the tables above is stated as a percentage, this is a percentage of the Sterling transaction amount.
| Transaction withdrawal limit |
|---|
|
In most cases, you can withdraw funds up to your ATM daily withdrawal limit, provided there are sufficient funds in your account. Within Europe some cash dispenser networks have imposed a maximum value per transaction of €150 (equivalent to around £135). To withdraw more than this you will have to carry out more than one transaction. There is a daily limit for cash withdrawals using a Visa Debit card in any other bank, travel agent, bureau de change or other outlet displaying the Visa logo. Details of the limit are available on request from your branch. |
Additional services and travel money
We don’t believe in hidden charges. That’s why we’ve put together this helpful guide to some of the most common additional services we provide.
Additional Services
| Providing a balance or interest certificate | No Charge |
| Cashing a cheque issued on us | No Charge |
| Cashing a cheque issued on other banks Applies to non-Royal Bank of Scotland customers only. | £5 (some exceptions apply) |
| Issuing a UK bank draft (Sterling) A special form of cheque that we can issue you which guarantees payment | £10 |
| Stopping a cheque When you wish to cancel a cheque that you have issued. (We will not charge you for cancelling lost or stolen cheques). | £10 |
| Special presentation of a cheque A cheque made payable to you can be specially presented by post to confirm quickly (generally the following day) that it will be paid. | £15 |
| Charge for court orders/legal processes served on the Bank brought on by a 3rd party against a customer (Scotland only). For example, when a court order brought about by a third party against you, forces us to freeze your account. | £25 (minimum) |
| Same day electronic transfer We can arrange same day electronic transfer of funds (CHAPS) between bank accounts in the UK. | £20 |
| Providing copies of paid cheques This charge also applies to providing details of paid cheques. | £5 for each cheque (maximum of £150) |
| Providing copies of statements When you require a copy of a previously issued statement. | £5 for each request |
| Replacing lost or damaged cards | £5 |
| Return of dividend counterfoils When we are required to forward dividend counterfoils to you. | £2 for each mailing |
| Details of Visa Debit payments On your request, we can provide documentation of Visa Debit payments. | £5 for each item |
| Banker’s reference When a third party requests our opinion on your financial status. | £10 for each request |
| Emergency Cash Service When we allow you to withdraw cash from an ATM after reporting your card lost or stolen. | No Charge |
| Personalised Card for Revolve Account | £5 |
Safe Custody
| Annual Holding Charges (payable annually in arrears) | |
|---|---|
| Sealed envelopes | £25 |
| Small boxes/parcels | £45 |
| Large boxes/parcels | £65 |
| Initial and subsequent re-deposit(s) | £10 |
Annual Holding Charges are applied in arrears so any withdrawal made prior to the anniversary of the deposit will incur a pro-rated amount of the annual charge. In addition, a £10 fee will be charged for initial deposits and any re deposits following item inspection or temporary release. The charges detailed above are inclusive of VAT. Please note that we only accept new items into Safe Custody from our private customers. Items already held by us in Safe Custody will continue to be held.
Travel Money
| Buying travellers cheques in Sterling | 1% of value (minimum £3, maximum £50) |
| Buying travellers cheques in foreign currency | 0% commission |
| Cashing travellers cheques in Sterling | 0% commission |
| Cashing travellers cheques in foreign currency | 0% commission |
| Buying foreign currency | 0% commission |
| Cashing foreign currency | 0% commission |
Payment of charges
All charges are payable from the time the service is provided and are subject to review.
Other services
We also provide a number of other useful services, including stock exchange transactions and international services. For more details of these and any related charges, please ask at your local branch.
Interest on credit balances – taxation
In most instances, interest is paid after the deduction of 20% income tax. If you are a non-taxpayer or overseas resident you can have interest paid without deduction of income tax provided you complete HM Revenue & Customs form R85 available at any of our branches. This also applies on a 50/50 basis where one party to a two party account is a non-taxpayer.
Where the tax deducted exceeds an investor’s tax liability (if any), a claim may be made to HM Revenue & Customs for repayment of tax. Individuals who pay only basic rate tax will have no more tax to pay on the interest from which tax has been deducted. Individuals who are liable at the higher rate of income tax of 40% will have to pay additional tax on the interest to cover the difference between the tax deducted and the higher rate tax due. Ask at your local branch for further information
Charging Scenarios – Developed with the Office of Fair Trading
Overdrafts and bank charges
If you use the current accounts listed in the table below to make payments when:
- you do not have enough money in your account and have not agreed a formal overdraft limit with us; or
- the payment takes you over your arranged overdraft limit. You may have to pay charges as a result.
The table below gives some examples of our charges for making payments from your account when you haven’t enough money.
We developed these examples with the Office of Fair Trading and leading consumer groups to help you to think about how changing the way you use your account can affect the amount we may charge you.
These examples are meant to show how different actions can result in different charges. They are only examples so you shouldn’t see them as actions you might take and charges you might have to pay.
We may not allow you to use your account in the ways shown below. You should avoid going overdrawn wherever possible and you should contact us if you need help to manage your account.
We could add other charges and interest to your account if you try to make payments when you do not have enough money. For details of all the charges and interest rates for these accounts, please refer to 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)'.
Choose an example below which shows how you might manage your current account. If you have recent bank statements, use these to help you choose. Once you have worked out reasons why you might be charged, it could help you to avoid charges in future.
| Reasons that you might be charged |
Select Account Select Silver Account Royalties Gold Account Black Account R21* Account Royalties Premier * | Student Royalties Graduate Royalties Basic Account | |
|---|---|---|---|
| Charge | Charge | ||
| 1 | We refuse a payment from your account because there is not enough money in your account. | £6.00 | £6.00 |
| 2 | A payment from your account takes you into an unarranged overdraft by less than £10. You are overdrawn for one day during the month. | £6.00 | £0 |
| 3 | A payment from your account takes you into an unarranged overdraft and you make another payment from the account while you are overdrawn. You are overdrawn for two days in a row during the month. | £12.00 | £0 |
| 4 | A payment from your account takes you into an unarranged overdraft, and you make nine more payments from the account while you are overdrawn. You are overdrawn for 10 days in a row during the month. | £60.00 | £0 |
| 5 | A payment from your account takes you into an unarranged overdraft. You are overdrawn for one day. However, on three more occasions during the month, a payment takes you into an unarranged overdraft. On each of these occasions you are overdrawn for three days in a row. | £60.00 | £0 |
| 6 | A payment from your account takes you into an unarranged overdraft. You are overdrawn for 21 days in a row during the month and you make 12 more payments from the account while you are overdrawn. | £126.00 | £0 |
*These accounts are not available to new customers.
For further information about the underlying transactions used to calculate these scenarios, please visit: www.consumerdirect.gov.uk.
back to topAct 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 or within any arranged overdraft.
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