Current account options
Useful information
Royalties Private
Current account options
This account is no longer available to new customers. It has been replaced by the Black Account.
As a member, you will have benefits in these key areas:
Banking
- for personalised banking, tailored rates, and discounts
Protection
- protection for your home, your family, even your iPod
Travel
- exclusive travel and leisure discounts
Entertainment
- 25% cash-back on selected concerts, events, shows and more
Move to Private Banking and you will also receive a distinctive cheque book and debit card.
Our Royalties Guarantee
With our Royalties Guarantee in the unlikely event that you are not satisfied with the benefits in the first 60 days of account opening you will be entitled to a refund of all subscription fees that you have paid.
| Account feature | Potential savings |
|---|---|
| Banking Benefits | |
| Preferential Overdraft rate | £106 |
| Exclusive Royalties Private Saver | £130 |
| 20% off Tax Service | £88 |
| Will Writing Discount | £30 |
| Share Dealing Discount | £12 |
| Protection Benefits | |
| Identity Theft Protection | £64 |
| DataPatrol | £45 |
| Mobile Phone Insurance | £239 |
| RBS Home Insurance | £67 |
| Tech Protector Cover | £180 |
| Extended Warranty | £150 |
| Accidental Death Insurance | £60 |
| Home Emergency Service | £78 |
| Payment Card Protection | £20 |
| Car Insurance | £28 |
| Travel and Leisure Benefits | |
| Travel Insurance | £160 |
| Travel Service | £173 |
| Worldwide Airport Lounges | £69 |
| UK Executive Airport Lounges | £36 |
| Discounted Hotel Booking Service | £55 |
| Complimentary Car Upgrade | £62 |
| 25% cash-back on Concert and Shows | £45 |
| Travel Money | £23 |
| Total value | £1,920 |
| Annual fee | £216 |
| Overall savings | £1,704 |
Important Information
Terms and Conditions apply - please read Personal and Private Banking - Terms and Conditions and Private Banking - Charges and Rates of Interest.
The subscription for the Royalties Private Account is £18 per month. Royalties Private is a packaged service of which the core element is a current account without which the remainder of Royalties Private benefits are unavailable. Over 18s only. Calls may be recorded. You have the right to cancel Royalties Private during the first 14 days after taking out the service. Full details of all benefits and how to access them will be available in your Royalties Private Service Guide or at rbs.co.uk/private. For further details on our insurance products, please refer to your Insurance Policy Summary Information (L621). We reserve the right to amend and withdraw benefits on 30 days notice. In exceptional circumstances we may need to do this immediately and inform you as soon as possible afterwards.
Savings Examples
The savings examples below are for illustration purposes only and are not based on actual RBS customers. The savings shown are representative of those that can be achieved by opening a Royalties Private Account.
Preferential Overdrafts
Saving based on one year interest on an arranged overdraft balance of £2,125 at an effective rate of 14.89% p.a. (nominal rate 13.96% p.a.) on Royalties Private compared to 19.89% p.a. (18.28% p.a.) on Standard Current Account (Jan 2011)
Royalties Private Representative Example
Overdraft Limit: £1,200
Interest rate: 14.89% p.a. (variable)
Account Monthly Fee: £18
Royalties Private Saver
Saving based on earning up to 0.75% Gross / AER including conditional bonuses (0.25% Gross / AER excluding bonus) compared to 0.10% Gross / AER on an Instant Access Savings Account with a balance of £20,000
Identity Theft Protection
Saving based on £10,000 worth of insurance cover, Sentinel Identity Theft Protection worth £30, Credit Report worth £9.95, CIFAS registration worth £11.95 and Card Patrol worth £12. Plus access to advice, support and fraud resolution service (June 10).
DataPatrol
Saving based on current charge of £45 per year (June 10).
20% off Personal Tax Service
Saving based on a 20% discount off the Personal Tax Service which includes the completion of personal tax returns, normally £440 (June 10).
20% off Will Writing
Saving based on a 20% discount on drafting a professionally drawn up will for a married couple, normally £150 (June 10).
25% cash-back on Concert and Shows
Savings based on 25% cash-back on two tickets for a West End show (ticket price £35 per ticket) and 25% on four tickets for a family show (ticket price £27.50 per ticket) when booked online through Royalties Ticket Booking service or the Ticket Concierge Service (May 09).
Mobile Phone Insurance
Saving based on 2 handsets on the Phones 4u premier plan at £9.99 per month (June 10)
Card Protection
Saving based on the price of 1 year Sentinel® Card Protection Policy (May 09).
Accidental Death Insurance
Saving based on Norwich Union’s cover of £20,000 for £1.99 a month (June 10).
Home Insurance
Saving based on a 49 year old with buildings and contents insurance for a 4 bedroom semi-detached house built 1920 - 1945 in G77 6JT (May 09).
Car Insurance
Saving based on 10% off first year's premium for fully comprehensive cover on a Renault Megane Scenic Dynamique for a 35 year old male driver with a licence for over 3 years, 5 years No Claims Discount, £250 voluntary excess and mileage of 8,000 living in G77 6JT.
Home Emergency Service
Saving based on home emergency service providing £500 cover (including VAT) worth up to £78 (May 09).
Discounted Car Hire Upgrade
Saving based on a request for a Group B car for one week in Spain, Malaga Airport on 5 June 2010 and receiving a Group C car. Price to purchase a Group C car directly with Avis is £245.78, price Royalties Private member is charged is £184.10 (June 10)
Extended Warranty
Saving based on Domestic and General Insurance company two year extended warranty on a Samsung LCD television, with a value up to £1,249, for £12.49 per month or £149.88 per annum (May 09).
Travel Service
Saving based on a holiday for 2 adults departing Glasgow on 18 July 2010, flying to Majorca (Palma) for 14 nights staying in a twin room at the Picafort Park Hotel, Ca'N Picafort on a Half Board basis. Included are transfers and 20kgs luggage (June 10)
UK Executive Airport Lounges
Saving based on two people departing from Manchester Terminal 2 based on Holiday Extra standard retail price (June 10).
Worldwide Airport Lounges
Saving based on Priority Pass Standard Membership Plan for £69 a year (May 09).
Tech Protector Cover
Saving based upon 2 handsets on the Premier Plan from Phones 4u - £9.99 per month (June 2010)
Discounted Hotel Booking Service
Savings based on a twin/double room for 3 nights at the 4* hotel, Hotel Concorde Montparnasse, Paris staying between the 06 July 2010 to 09 July 2010 at £309. The same hotel with expedia.co.uk at £364. (June 10).
Travel Insurance
Saving based on annual multi trip worldwide family RBS Travel Insurance with winter sports cover worth up to £160 (May 09).
Travel Money
Based on preferential exchange rates, 0% commission and complimentary home delivery for: 2 short breaks with £300 currency (worth £10+5); and one holiday with £800 of currency and £300 of commission free travellers’ cheques (worth £8)
Protection benefits
- Technology-related protection - cover your iPod, laptop and other gadgets. Register more than one item - to a combined value of £1,000 including VAT.
- Mobile phone insurance - covers up to four phones (including iPhones) for each Royalties Private account up to original value of £1,250 (including VAT) per phone and protect against loss, theft, accidental damage, breakdown or unauthorised phone calls. (Cover commences 7 days after registration).
- Identity theft protection - up to £10,000 cover for expenses incurred by you in defending and restoring your credit status after fraudulent activity plus a complimentary credit report, online card monitoring and CIFAS registration
- DataPatrol - Defend yourself online and protect your identity with online monitoring of your sensitive and personal information on the Internet.
- 24/7 home emergency cover - up to £500 of cover (including VAT) to pay for a registered trades person
- Extended warranty - an extra two years' warranty on domestic electrical goods
- Payment card protection - could cover your registered cards - even the non-RBS ones - against loss and theft. Up to £6,000 worth of cover per incident for losses that happen before we are notified. Cancel all your cards with a single call 24 hours a day.
- Accidental death insurance - £50,000 worth of automatic cover. Cover split equally for joint account holders. If you are over 70 the cover is reduced by 50%
- Home insurance - an additional 10% off our home insurance in the first year, with 4 Star Defaqto rating. Excludes offers where we Guarantee to Beat your existing or renewal premium from another provider.
- Car Insurance - You now receive a 10% discount on your RBS car insurance premiums for the first year. Subject to minimum premium criteria.
Travel Benefits
- 5 Star Defaqto rated UK & worldwide travel insurance - automatic cover for you and any immediate family with our Defaqto rated 5 Star UK & worldwide multi-trip travel insurance. Terms and conditions apply
- Commission-free travel money - preferential rates and free next day delivery when booked through Royalties Membership Services
- Personal Travel Advisers - to arrange and book your itinerary, offer advice and provide information. They will also save you 10% on selected flights, city breaks and other holidays
- Worldwide airport lounges - a complimentary Priority Pass will give your party access to 600 airport lounges worldwide for a small fee
- UK executive airport lounges - - book your flight through our Personal Travel Advisers and access 17 luxury lounges in major UK airports free of charge
- Complimentary car upgrade - guaranteed upgrade plus a 10% discount on rental price when you book through Personal Travel Advisers
- Hotel discounts - up to 60% discount at thousands of hotels around the world when you book through Royalties Member Services
Entertainment benefits
- 25% cash-back top concerts and live shows - up to 6 tickets per event for concert, theatre tickets and sporting events* throughout the UK & Ireland.
- Concierge service - a Lifestyle Manager to make restaurant reservations, book music and sports events, devise itineraries, provide gift ideas and generally make life easier
- Sporting event cash back is available when booked online only
Banking benefits
- Preferential Overdraft Rates - plus interest-free overdraft of up to £500
- Tailored Loan rates - available through Private Banking Managers or Private Banking Direct
- Royalties Private Saver - an exclusive savings account for Royalties Private Customers. This account provides a tailored rate and instant access for customers with a minimum deposit of £10,000.
- Tax free savings - specialist help to manage your tax affairs
- Mortgage offer - Look out for our Royalties Private offer
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).
Membership fees
Monthly membership fees are payable on the following accounts. Membership includes access to all the benefits listed in the appropriate brochures and user guides.
| Type of current account | Membership fee |
|---|---|
| Royalties Private | £18.00 per month. Payable from your Royalties Private account. |
Application of membership fees
The monthly membership fees will be applied 16 days after the end of the charging period (or on the next business day if this is a Saturday, Sunday or Bank Holiday) and will appear on your account statement as “CHG”. The charging period normally ends on the date that we send your statement to you.
Interest rates
Interest we pay you
The annual rates of interest paid on credit balances are as follows:
| Gross Rate % | AER % | Net Rate % | |
|---|---|---|---|
| £10,000+ | 0.60 | 0.60 | 0.48 |
| £5,000 - £9,999 | 0.40 | 0.40 | 0.32 |
| £2,500 - £4,999 | 0.25 | 0.25 | 0.20 |
| £1 - £2,499 | 0.25 | 0.25 | 0.20 |
Interest due on Arranged overdrafts
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
Royalties Private £500
Current Rates
The following rates are effective from 02/08/10:
| Type of account | Nominal monthly rate % | Nominal annual rate % | EAR % |
|---|---|---|---|
| Royalties Private All Amounts | 1.16 | 13.96 | 14.89 |
Previous Rates
The following previous rates were effective from 28/04/08:
| Type of account | Previous Nominal monthly rate % | Previous Nominal annual rate % | Previous EAR % |
|---|---|---|---|
| Royalties Private All Amounts | 0.97 | 11.61 | 12.25 |
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
| Type of account | Previous Nominal monthly rate % | Previous Nominal annual rate % | Previous EAR % |
|---|---|---|---|
| Royalties Private All Amounts | 1.16 | 13.96 | 14.89 |
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)
Arranged Overdrafts, Unarranged Overdrafts, Returned Items and Enforcement Charges
| Arranged overdrafts – arrangement and renewal fees | |
|---|---|
| Arranged overdrafts less than £15,000 - arrangement or renewal fee | FREE |
| Arranged overdrafts of £15,000 or more - arrangement fee - annual renewal fee | 2% of amount 1% of amount |
Act 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. 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, 490KB).
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. | When charged Within four days of the Default Notice being served. | £30 per notice |
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.
A monthly fee of £18 for Royalties Private is payable. The monthly membership fee will be applied 16 days after the end of the charging period (or on the next business day if this is a Saturday, Sunday or Bank Holiday) and will appear on your account statement as “CHG”. The charging period normally ends on the date that we send your statement to you.
Conditions apply to benefits. Full details of all the Royalties Private account are contained in the Service Guide you will receive after you convert your account.
Interest is paid gross or net of the lower rate of Income 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.
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.
Important Information – Royalties Guarantee
If you open your Royalties Account on or after 20 April 2009, you will be eligible to benefit from our Royalties Guarantee.
If you use any of the Royalties Account benefits within 60 days of your account being opened and are not satisfied within that 60 day period, we will refund all subscription fees you have paid for your Royalties Account in the first 60 days of account opening.
We reserve the right to change or withdraw the Royalties Guarantee at any time without giving you prior notice.
To claim a refund please call our freephone helpline 0800 408 0338 (minicom number 0845 600 0512).
Lines are open 8am to 8pm Monday to Friday and 9am to 6pm Saturdays. Calls may be recorded.
