Current accounts
Terms, rates and charges
We do our best to ensure everyone is aware of their account terms, rates and charges. Please take some time to review, print and/or save a copy of these.
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.
Charging period. Your charging period runs from month to month, usually from the date you opened your account. For example, if you opened your account on 15 August, your charging period will run from the 15th of each month to the 14th of the next month. You can find out your charging period by contacting us.
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 arranged overdraft interest is charged to the account. All other charges, such as arranged and unarranged overdraft usage fees, must be shown separately from the EAR.
Gross Rate. This means the interest rate you are paid without the deduction of income tax.
Nominal Rate. The rate charged excluding compounding of arranged overdraft interest and other charges associated with a borrowing e.g. security fees.
p.a. per annum (per year).
Monthly account fees
The following monthly account fees are payable if you have an account listed below:
| Type of Account | Monthly Account Fee |
|---|---|
| Reward |
£2 |
| Select Silver Account | £8 |
| Reward Silver | £10 |
| Select Platinum | £18 |
| Reward Platinum | £20 |
| Black Account | £30 |
| Reward Black | £31 |
Interest we pay you
Any applicable interest is calculated on a daily basis and paid into your account once a month.
The annual rates of interest paid on credit balances are as follows:
(a) Basic Account, Foundation, Tailored Account, Select Account, Reward, Select Silver Account, Reward Silver, Select Platinum Account, Reward Platinum, Black Account, Reward Black, Student Royalties Account and Graduate Royalties Account
These accounts do not pay interest on credit balances.
(b) Revolve Account
| Type of Account | Gross Rate % | AER % |
|---|---|---|
| Revolve Account | 0.55 | 0.55 |
Arranged overdraft interest
| Type of account | Nominal Monthly Rate % | Nominal Annual Rate % | EAR % |
|---|---|---|---|
| Black account All amounts |
2.81 | 33.75 | 39.49 |
| Reward Black account All amounts |
1.49 | 17.94 | 19.49 |
| Reward Platinum account All amounts |
2.81 | 33.75 | 39.49 |
| Select Platinum account All amounts |
2.81 | 33.75 | 39.49 |
| Reward Silver account All amounts |
2.81 | 33.75 | 39.49 |
| Select Silver account All amounts |
2.81 | 33.75 | 39.49 |
| Reward account All amounts |
2.81 | 33.75 | 39.49 |
| Select account All amounts |
2.81 | 33.75 | 39.49 |
| Tailored account All amounts |
2.81 | 33.75 | 39.49 |
If you have a Tailored account, you may have been informed that you pay arranged overdraft interest at a rate other than the rate shown above.
Student account
All Student account arranged overdrafts are interest free.
| Arranged Overdraft limit you can apply for (interest free) | |
|---|---|
| If you are in the first year of your first term of study | Up to £500 |
| If you are in any other term or year of study | Up to £2000 |
Graduate account
Graduate arranged overdrafts are interest free if the overdraft limit does not exceed the thresholds set out below. If an overdraft is arranged with a limit which exceeds those thresholds, you will pay arranged overdraft interest on the amount of the overdrawn balance that exceeds the relevant threshold at a rate of 2.81% per month, which is equivalent to 39.49% EAR.
| Interest free threshold | |
|---|---|
| Year 1 | £2000 |
| Year 2 | £1000 |
How much does my overdraft cost in pounds and pence?
Here's an example of the interest cost when you use a £500 arranged overdraft.
| Type of account | 7 days | 30 days | 60 days |
|---|---|---|---|
| Black account | £3.24 | £13.87 | £28.13 |
| Select Platinum account | £3.24 | £13.87 | £28.13 |
| Reward Platinum account | £3.24 | £13.87 | £28.13 |
| Select Silver account | £3.24 | £13.87 | £28.13 |
| Reward Silver account | £3.24 | £13.87 | £28.13 |
| Reward account | £3.24 | £13.87 | £28.13 |
| Select account | £3.24 | £13.87 | £28.13 |
| Tailored account | variable | variable | variable |
Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200
The above table is a specific illustrative example representing the interest cost of using a £500 arranged overdraft over periods of 7, 30 and 60 days.
Reward Black account
| Type of account | 7 days | 30 days | 60 days |
|---|---|---|---|
| Reward Black account | £1.72 | £7.37 | £14.85 |
Representative Example: Effective Annual Rate: 19.49% EAR (variable). Representative APR: 19.49% APR (variable). Assumed credit limit: £1,200
The above table is a specific illustrative example representing the interest cost of using a £500 arranged overdraft over periods of 7, 30 and 60 days.
If you need to understand the cost of an overdraft of more or less than £500 over different periods of time you can use our handy Overdraft Cost Calculator.
Unarranged overdraft interest and unpaid transaction fees
Unarranged Overdraft
If you go into an Unarranged Overdraft, we’ll charge you interest on the amount you go overdrawn. This interest charge can vary by type of current account. You can use our handy Overdraft Cost Calculator which can give you an idea of the cost of using an unarranged overdraft.
Monthly cap on unarranged overdraft charges
Each current account has a maximum monthly charge for going into an Unarranged Overdraft or going over your Arranged Overdraft limit, which is £20. Unpaid transaction fee is £2.75, with a maximum of 1 per charging period.
| Fee | Amount |
|---|---|
| Unpaid Transaction Fee | £2.75 |
| Maximum Monthly Charge | £20 |
We won’t charge you more than £20 in a monthly charging period for an Unarranged Overdraft or any unpaid transactions.
Unarranged Overdraft Interest Rates
| Type of account | Nominal Monthly Rate % |
Nominal Annual Rate % |
EAR % |
|---|---|---|---|
| Black account All amounts |
2.81 | 33.75 | 39.49 |
| Reward Black account All amounts |
1.49 | 17.94 | 19.49 |
| Select Platinum account All amounts |
2.81 | 33.75 | 39.49 |
| Reward Platinum account All amounts |
2.81 | 33.75 | 39.49 |
| Select Silver account All amounts |
2.81 | 33.75 | 39.49 |
| Reward Silver account All amounts |
2.81 | 33.75 | 39.49 |
| Reward account All amounts |
2.81 | 33.75 | 39.49 |
| Select account All amounts |
2.81 | 33.75 | 39.49 |
| Tailored account All amounts |
2.81 | 33.75 | 39.49 |
Debit card charges
This table does not reflect any charges which a third party might charge you (for example, commission rates or ATM fees).
| Debit Card Charges (foreign currency or Sterling) | |
|---|---|
| Transaction type | Charges |
| Sterling cash withdrawals from any UK cash machine (ATM) | No charge* |
| Sterling cash withdrawals from any Royal Bank of Scotland branch in the UK, the Channel Islands, Isle of Man or Gibraltar | |
| Sterling cash withdrawals in the UK in any bank, travel agent, bureau de change or other outlet displaying the Visa logo | |
| Purchase of foreign currency or travellers cheques in the UK** | |
| Foreign currency withdrawal from any cash machine (ATM) in the UK | We will charge a Non-Sterling Transaction Fee of 2.75% of the value of the transaction. If you elect for the transaction to be converted into Sterling at the point of sale or withdrawal, we will not charge a Non-Sterling Transaction Fee, however the transaction handler may charge you a separate fee. |
| Cash withdrawals or the purchases of currency or travellers cheques outside the UK | |
| Purchases made outside the UK (for example, purchasing goods in a shop) | Customers are charged a 2.75% Non-Sterling Transaction Fee of the value of the transaction. Customers with Black, Reward Platinum, Reward Black, Reward Silver accounts do not pay any Non-Sterling Transaction Fees. |
| Purchases made anywhere in a foreign currency (for example, purchase of goods in a shop while you are on holiday) |
| Visa Payment Scheme Exchange Rate | |
|---|---|
| Any transaction made in a foreign currency using your Debit card is converted by us into Sterling using the Visa Payment Scheme Exchange Rate. To see the up-to-date rates used for Debit cards visit www.visaeurope.com and click on the Cardholders section. | |
Where a charge in the tables above is stated as a percentage, this is a percentage of the Sterling transaction amount.
| Transaction withdrawal limit | |
|---|---|
| In most cases, you can withdraw funds up to your ATM daily withdrawal limit, provided there are sufficient funds in your account. Within Europe some cash dispenser networks have imposed a maximum value per transaction of €150 (equivalent to around £135). To withdraw more than this you will have to carry out more than one transaction. There is a daily limit for cash withdrawals using a Visa Debit card in any other bank, travel agent, bureau de change or other outlet displaying the Visa logo. Details of the limit are available on request from your branch. |
|
Additional services and travel money
Additional services
We don't believe in hidden charges. That's why we've put together this helpful guide to some of the most common additional services we provide.
| Providing a balance or interest certificate | No Charge |
| Cashing a cheque issued on us | No Charge |
| Cashing a cheque issued on other banks Applies to non-Royal Bank of Scotland customers only. |
No charge |
| Issuing a UK bank draft (Sterling) A special form of cheque that we can issue you which guarantees payment |
£20 |
| Special presentation of a cheque A cheque made payable to you can be specially presented by post to confirm quickly (generally the following day) that it will be paid. |
£15 |
| Charge for court orders/legal processes served on the Bank brought on by a 3rd party against a customer (Scotland only). For example, when a court order brought about by a third party against you, forces us to freeze your account. | £25 (minimum) |
| Same day electronic transfer We can arrange same day electronic transfer of funds (CHAPS) between bank accounts in the UK. |
£20 |
| Providing copies of paid cheques This charge also applies to providing details of paid cheques. |
No charge |
| Providing copies of statements When you require a copy of a previously issued statement. |
£3 for each request |
| Replacing lost or damaged cards | No charge |
| Return of dividend counterfoils When we are required to forward dividend counterfoils to you. |
No charge |
| Details of Visa Debit payments On your request, we can provide documentation of Visa Debit payments. |
No charge |
| Banker's reference When a third party requests our opinion on your financial status. |
£10 for each request |
| Emergency Cash Service When we allow you to withdraw cash from an ATM after reporting your card lost or stolen. |
No Charge |
| Personalised Card for Revolve Account | £5 |
Safe Custody
| Annual Holding Charges (payable annually in arrears) | |
|---|---|
| Sealed envelopes | £25 |
| Small boxes/parcels | £45 |
| Large boxes/parcels | £65 |
| Initial and subsequent re-deposit(s) | £10 |
Annual Holding Charges are applied in arrears so any withdrawal made prior to the anniversary of the deposit will incur a pro-rated amount of the annual charge. In addition, a £10 fee will be charged for initial deposits and any re deposits following item inspection or temporary release. The charges detailed above are inclusive of VAT. Please note that we do not accept new items into Safe Custody. Items already held by us in Safe Custody will continue to be held.
Travel Money
| Cashing travellers cheques in Sterling | 0% commission |
| Cashing travellers cheques in foreign currency | 0% commission |
| Buying foreign currency | 0% commission |
| Cashing foreign currency | 0% commission |
Payment of charges
All charges are payable from the time the service is provided and are subject to review.
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 at your local branch.
Your eligible deposits with Royal Bank of Scotland are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. This limit is applied to the total of any deposits you have with the following: The Royal Bank of Scotland, Direct Line, the One Account, Child & Co, Drummonds and Holt's. Any total deposits you hold above the £85,000 limit between these brands are unlikely to be covered.
Please click here for further information or visit www.fscs.org.uk.