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Student Bank Account details
Everyday essentials - and extras you'll want to use
New to RBS? You can apply with your unconditional UCAS offer.
Existing customers over the age of 18 can upgrade now.
The interest-free overdraft and mobile phone banking are just part of the story. But as a first year undergraduate you'll get even more from your student bank account.
The Student Royalties account must be your main bank account receiving regular deposits. To be eligible for the Interest free overdraft you must use your Student Royalties Account as your main current account by depositing at least £750 every 6 months and making at least 3 debit transactions every month. If at any time you stop using your account as your main current account then the interest rate you pay on your arranged overdraft will revert to the standard rate which applies to the Select Account. For details of our rates of interest see our leaflet Personal & Private Current Account Fees & Interest Rates (PDF, 635KB).
- Interest-free overdraft - up to £1,000 in your first year
Nobody said student finances were simple. To help you budget in your first year, we normally offer a limit of £500 in your first term, £750 in your second term, £1000 in your third term.
You can then apply for an overdraft of up to £1,250 in your second year, £1,500 in your third, £1,750 in your fourth and £2,000 in your fifth.
You must use your Student Royalties Account as your main current account by depositing at least £750 every 6 months and making at least 3 debit transactions every month. If at any time you stop using your account as your main current account then the interest rate you pay on your arranged overdraft will revert to the standard rate which applies to the Select Account. For details of our rates of interest see our leaflet Personal & Private Current Account Fees & Interest Rates (PDF, 635KB).
The interest-free overdraft facility is only available after your Higher or A-level results, provided you are over 18. Just visit your local branch with confirmation of your university place.
Overdraft repayable on demand.
- Student Credit Card - a credit limit up to £500
Get up to 56 days' interest-free credit on purchases if you pay your balance in full and on time, and have paid the previous month’s balance in full and on time. Plus pick up discounts on gadgets, CDs, sports gear, short breaks and travel guides. Representative 18.9% APR (variable).
- Shop the easy way - with your debit card
Your debit card is the handy way to pay in shops or on the internet.
- Top up your wallet - use almost every UK cash machine
Get your money when it suits you. Because cash is sometimes still king.
- Chequebook available - when cash or cards aren't convenient
Sure, cards might be popular, but cheques can still be really useful. You can have a chequebook if you need one, subject to eligibility.
- Overseas cash - going somewhere nice?
Pop your card into a cash machine and withdraw your money in the local currency, wherever you see the logo shown on your card. You can even use your debit card in shops.
- We're on campus
Chances are there's an RBS branch on your campus, or very close-by. Handy if you need to pay in that birthday cheque from Gran.
- Mobile phone banking - your account in the palm of your hand
With our Student Current Account, you get free text alerts sent straight to your phone - triggered when your account hits upper and lower limits set by you. All you have to do is register. Your network provider may charge you to receive texts while overseas.
- Online and telephone banking - 24 hours a day
With late night parties and all day revision sessions - who knows when you'll be able to get to the bank? So our online and telephone banking services let you do your banking when it suits you.
- Free day-to-day banking - the way it should be
There's no monthly subscription charge just to run your account. All you have to do is keep to your agreed overdraft limit.
- Paperless statements - banish the mess forever
Why store your bank statements in that scary pile under your bed, when you can get us to store them online instead? As well as making it easy to search through your old transactions, you'll also be doing your bit to combat identity fraud.
- Mobile phone top-ups - keep talking
Got a pay-as-you-go mobile? You can top up at any RBS or NatWest cash machine.
- Emergency cash
Get emergency cash from our ATMs if you lose your debit card. You can access up to £300 from your account if you are an online or telephone banking customer and if you aren’t, we’ll still give you up to £60 to tide you over – these amounts are providing you have the money available in your account. As a minimum you must have £25 available in your account to use this service.
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 22/09/2010
| Gross Rate % | AER % | Net rate % |
|---|---|---|
| 0.00 | 0.00 | 0.00 |
Historic Credit Interest Rates
The previous rates were effective from 03/12/01
| Previous Gross Rate % | Previous AER % | Previous Net rate % |
|---|---|---|
| 1.02 | 1.02 | 0.82 |
Interest due on arranged overdrafts
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 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 | |
In order to be eligible to apply for your interest free overdraft on your student account your Student Royalties account must be your main bank account. This means by depositing at least £750 every 6 months and making at least 3 debit transactions every month. If you stop using your account as your main current account, then the interest rate you pay on your arranged overdraft will revert to the standard rate which applies to the Select Account. For details of our rates of interest see our leaflet Personal & Private Current Account Fees & Interest Rates (PDF, 635KB).
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 01/10/09 until 31/01/11
| Type of account | Nominal monthly rate % | Nominal annual rate % | EAR % |
|---|---|---|---|
| Student Royalties | 1.38 | 16.50 | 17.81 |
Arranged Overdrafts, Unarranged Overdrafts, Returned Items and Enforcement Charges
Act Now Alerts
Our Act Now Alerts can help you stay in control and minimise or even avoid fees for 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 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.
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).
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, 662KB).
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 |
These offers are only available to customers whose accounts are held at Royal Bank of Scotland branches in England and Wales. These offers are only available to customers of The Royal Bank of Scotland who will be 1st year undergraduates commencing their first year Higher Education course in 2011 who automatically upgrade to a Student Royalties Account between 4 July and 2 October 2011.
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.
You must use your Student Royalties Account as your main current account by depositing at least £750 every 6 months and making at least 3 debit transactions every month. If at any time you stop using your account as your main current account then the interest rate you pay on your arranged overdraft will revert to the standard rate which applies to the Select Account. For details of our rates of interest see our leaflet “Personal & Private Current Account Fees & Interest Rates (PDF, 635KB)”.
Overseas students should contact their local branch for more information. Travel and Leisure benefits specified must be ordered through Royalties Membership Services.
New customers will be asked to provide proof of identity, verification of address and signature.
Credit facilities: Over 18s only. Overdrafts repayable on demand.
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.