Private Bank Account

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 wherever you see the logo shown on your card
• 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

• Show me the rates & charges of the RBS Private Bank Account

• Click here to download a full copy of our fees and rates leaflets

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 we pay you

The annual rates of interest paid on credit balances are as follows:

The following rates are effective 22/09/10

Historic Credit Interest Rates

The previous rates were effective from 02/10/06

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 this includes the part of the balance which is within any interest free threshold that applies to your account.

Interest free thresholds

Private Bank Account £500

Current Rates

The following rates are effective from 02/08/10:

Previous Rates

The following previous rates were effective from 28/04/08

However, we will not charge interest on any part of the overdrawn balance which is an unarranged overdraft or represents fees, charges or costs of the kind described below under the heading Sums which do not bear interest.

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 02/08/10 until 31/01/11

Calculation and application of interest

Interest on arranged 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.

Sums which do not bear interest

We do not charge interest on unarranged overdrafts. Nor do we charge interest on any part of an arranged overdraft 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 Returned Item Fee or Unarranged Overdraft Fee (see section 7 of 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, 630KB)

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. Find out more about Act Now Alerts.

If we are going to charge you an Unarranged Overdraft Fee and/or 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.

Unarranged Overdraft Fee

An Unarranged Overdraft Fee will be charged for each day on which there is an unarranged overdraft of greater than £6 on your account at close of business on that day.

Please note: we will only charge an Unarranged Overdraft Fee for a non-business day (i.e. a Saturday, Sunday or Bank Holiday) if there is an unarranged overdraft of greater than £6 owing on your account at close of business on the first following business day.

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). The charging period normally ends on the date that we issue your statement to you.

Fee Amount

£6 for each day for which an Unarranged Overdraft Fee is payable

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).

Making an informal request for an unarranged overdraft means you will normally have to pay a Returned Item Fee and/or an Unarranged Overdraft Fee. Please note that it is possible to incur both a Returned Item Fee and an Unarranged Overdraft Fee on your account on the same day or as a result of a single transaction (for example, where we take a Returned Item Fee from your account and this creates an unarranged overdraft of greater than £6 on your account). 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, 656KB).

Enforcement Charges

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 Private Banking Manager.

• Show me legal information for RBS Private Bank Account

New customers will be asked to provide proof of identity, verification of address and signature.

Credit facilities: over 18s only.

Calls may be recorded.

System updates will mean that our internet and telephone banking services are unavailable for short periods in the early hours of the morning.

• Please read legal information - terms and conditions covering your use of this website