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Using your account
Digital Banking
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Life as a student
Student Bank Account details
Everyday essentials - and extras you'll want to use
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.
All we ask is that you use your Student Royalties account as your main bank account. You can apply for up to £2,750 at any time, but all overdraft applications are subject to status and overdraft repayable on demand
- Card Protection
What happens if your cards are lost or stolen? Register your credit and debit cards with Royalties Membership Services for free protection.
- 25% off gigs and shows
When you book through Royalties Membership Services.
- 10% off selected holidays
When you book through Royalties Membership Services.
- Interest-free overdraft - up to £2,750 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, £1,000 in your second term, £1,250 in your third term.
Moving on, you can decide to apply for up to £1400 in your second year, £1600 in your third, £1800 in your fourth and £2000 in your fifth.
However, you can apply for up to £2,750 at any time - but this will depend on your personal circumstances.
In fact, you can use your overdraft for up to five years as long as you're a student - just ask us to lower or raise the limit at any time. There are charges if you go over your agreed overdraft limit.
To maintain your overdraft, we need to see that you're using your RBS Student Current Account as your main account. This means at least one credit (money paid in) every 3 months, and three debits (money paid out) a month.
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 on or after 20 August 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. Plus pick up discounts on gadgets, CDs, sports gear, short breaks and travel guides. Typical 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. Plus it's a £100 cheque guarantee card and cash card.
- 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.
- 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
Don't let a lost or stolen card spoil your day. Just call us instead. We'll give you a unique PIN - so that you can withdraw up to £300 from your account - then just visit any of our UK cash machines.
Interest Rates
Interest we pay you
The annual rates of interest paid on credit balances are as follows:
The following rates are effective from 01/12/08
| Gross Rate % | AER % | Net rate % |
|---|---|---|
| 1.02 | 1.02 | 0.82 |
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.
Interest due on overdrawn balances
Your overdraft is available at a preferential rate. If at any time you cease to be a Student Royalties customer, for any reason, then the interest rate you pay on your overdraft will revert to the standard rate which applies to Interest Paying Current Account customers.
Student Royalties arranged overdrafts are interest free. To help you budget, we normally recommend limits as shown below. However, you can apply for £2,750 interest free at any time but the overdraft you get will depend on your personal circumstances.
| Recommended Interest Free Overdraft | ||
|---|---|---|
| Year 1 | Term 1 | £500 |
| Term 2 | £1,000 | |
| Term 3 | £1,250 | |
| Year 2 | £1,400 | |
| Year 3 | £1,600 | |
| Year 4 | £1,800 | |
| 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 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), ATM transactions, direct debits and standing orders).
Unarranged overdrafts
Any amount overdrawn without an arranged overdraft or in excess of the arranged overdraft limit will be charged at the rate shown in the table below.
The following rates are effective from 01/10/09
| Type of account | Nominal monthly rate % | Nominal annual rate % | EAR % typical variable |
|---|---|---|---|
| Student Royalties | 1.38 | 16.50 | 17.81 |
However, we will not charge interest on any part of the overdrawn balance which represents fees, charges or costs of the kind described in section 6 of our leaflets; Personal Banking - Charges and Rates of Interest 
(PDF, 155KB) or Private Banking - Charges and Rates of Interest (PDF, 120KB)
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.
p.a.
per annum (per year).
Nominal Rate
The rate charged excluding compounding of interest and other charges associated with a borrowing, e.g. arrangement and security fees.
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.
Historic Credit Interest Rates
The following rates were effective from 02/12/2001
| Previous Rate | |
|---|---|
| Annual Gross Rate % | 2.00 |
| Gross / AER % | 2.02 |
| Net Rate % | 1.60 |
Charges - Arranged Overdrafts, Unarranged Overdrafts, Unpaid Items and Enforcement Charges
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 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. | £10 |
| 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 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. | £15 for each day on which a Paid Referral occurs (subject to a maximum of £90 in any 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 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. | £15 for each transaction (subject to a maximum of £90 in any charging period). |
| 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 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. | £5 for each item (subject to a maximum of £50 in any charging period) |
| 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 |
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 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