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Useful information
Private Bank Account
Superior service made simple
A straightforward bank account with credit interest, Private Banking overdraft rate, a distinctive chequebook and debit card.
From Private Banking rates on overdrafts to distinctive cheque books and debit cards, our Private Bank Account offers more than other standard current accounts.
- Debit card - a distinctive card with a wide range of features, including guaranteeing cheques. You can withdraw up to £300 a day, and use cash machines abroad with the Cirrus or Maestro logo
- No arrangement fees - on overdrafts of up to £15,000
- No interest charges - on arranged overdrafts of up to £500
- Free automatic transfers - to and from RBS accounts at the same branch
- Direct debits and standing orders
- Telephone and internet banking
Important information
This page shows the existing current account interest rates. Historical interest rates are shown also.
Please note, the interest rates we charge on arranged overdrafts for Private Bank Account are changing to a single tier from 28 April 2008.
Please click here for details of the new rates and the previous rates
We're committed to helping you get the most out of your account - which includes making you aware of the charges and rates of interest that apply. It's important that you read this information.
All charges and rates shown are correct as at 28/04/08 and are subject to variation.
Interest we pay you
The annual rates of interest paid on credit balances of £1+ are as follows:
| Gross Rate % | AER % | Net Rate % |
|---|---|---|
| 0.10 | 0.10 | 0.08 |
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.
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 is the interest rate you are paid after the 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.
Tax allowance
In most instances, interest is paid after the deduction of 20% tax - unless you are a non-taxpayer or overseas resident, in which case you can have interest paid without the deduction of income tax. Simply complete the necessary forms. Ask your relationship manager for further information.
Interest due on overdrawn balances
Arranged overdrafts
If you have arranged an overdraft with us in advance and you use this facility within the thresholds shown below, you will not pay any interest. If the amount you overdrawn under an arranged overdraft facility exceeds these thresholds, you will pay interest on the full overdrawn balance – even the part of the balance which is within any interest free threshold that applies to your account – at the rates shown in the table below.
Interest free thresholds
Private Bank Account £500
Current Rates
The following rates are effective from 28 April 2008:
| Amount | Monthly % | EAR % |
|---|---|---|
| All amounts | 1.42 | 18.49 |
| 18.49% EAR typical | ||
| Unarranged overdrafts | ||
| - interest | 2.2% per month 29.84% EAR | |
Previous Rates
| Monthly % | EAR % | |
|---|---|---|
| £5,000+ | 1.23 | 15.80 |
| £1,000-£4,999 | 1.37 | 17.80 |
| Below £1,000 | 1.44 | 18.70 |
| 18.70% EAR typical Rates from 17.80% EAR to 18.70% EAR | ||
| Unarranged overdrafts | ||
| - interest | 2.2% per month 29.84% EAR | |
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.
How and when interest is charged
Interest on arranged and unarranged overdrafts is calculated daily and charged, 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 corresponds with the date we send your statement to you.
Effective Annual Rate of Interest (EAR)
The EAR 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 - arrangement fees, for example - are shown separately from the EAR below.
| Arranged overdrafts | |
|---|---|
| Arranged overdrafts less than £15,000 - arrangement or renewal fee | FREE |
| Arranged overdrafts in excess of £15,000 - arrangement fee - annual renewal fee | |
| Unarranged overdrafts and unpaid items - charges | 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 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. | |
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 your Relationship Manager.
We're committed to helping you get the most out of your account - which includes making you aware of the charges and rates of interest that apply. It's important that you read this information.
All charges and rates shown are correct as at 01/12/07, and are subject to variation.
Interest we pay you
The annual rates of interest paid on credit balances of £1+ are as follows:
| Gross Rate % | AER % | Net Rate % |
|---|---|---|
| 0.10 | 0.10 | 0.08 |
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.
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 the deduction of tax.
Tax allowance
In most instances, interest is paid after the deduction of 20% tax - unless you are a non-taxpayer or overseas resident, in which case you can have interest paid without the deduction of income tax. Simply complete the necessary forms. Ask your relationship manager for further information.
back to topInterest due on overdrawn balances
Arranged overdrafts
If you have arranged an overdraft with us in advance and you use this facility within the thresholds shown below, you will not pay any interest. If the amount you overdrawn under an arranged overdraft facility exceeds these thresholds, you will pay interest on the full overdrawn balance – even the part of the balance which is within any interest free threshold that applies to your account – at the rates shown in the table below.
Interest free thresholds
Private Bank Account £500
| Monthly % | EAR % | |
|---|---|---|
| £5,000+ | 1.23 | 15.80 |
| £1,000-£4,999 | 1.37 | 17.80 |
| Below £1,000 | 1.44 | 18.70 |
| 18.70% EAR typical Rates from 17.80% EAR to 18.70% EAR | ||
| Unarranged overdrafts | ||
| - interest | 2.2% per month 29.84% EAR | |
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.
How and when interest is charged
Interest is calculated daily and charged monthly, 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 corresponds with the date we send your statement to you.
Effective Annual Rate of Interest (EAR)
The EAR 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 - arrangement fees, for example - are shown separately from the EAR below.
For more details on our current interest rates:
- phone our helpline - 0800 121 129 (Minicom 0800 404 6160)
- look on our website - www.rbs.co.uk/privatebanking
- look out for the notices in-branch
- ask your Relationship Manager
Charges
| Unarranged overdrafts and unpaid items - charges | 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 | £28 |
| 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. | (£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.
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 your Relationship Manager.
- Please read legal information - terms and conditions covering your use of this website