RBS Current Accounts

Who is RBS?

The Royal Bank of Scotland is one of the major subsidiaries of the RBS Group, along with National Westminster Bank.

The group’s headquarters are based in Edinburgh; however they operate across the UK, Europe, Asia, the Americas and the Middle East, serving over 30 million customers worldwide.

In 2010, RBS set a goal to become Britain’s most helpful bank. Central to this is its customer charter, which sets out a number of commitments and can be found on its website.

What current accounts do they offer?

RBS offers a number of different current accounts to customers. They include basic accounts, accounts with benefits and accounts for private banking customers. It also offers current accounts for students and young people. We take a look…

Basic current accounts from RBS

For an account just offering the fundamentals of banking, RBS has its basic account. You will be issued with a visa debit card and will be able to access bill payment facilities and make cash withdrawals. You can opt to bank digitally, through mobile banking apps or by visiting on of its branches. However, you can only access your money from RBS, NatWest and Ulster Bank cash machines, and if you want an overdraft or cheque book, then this account won’t be for you.

However, the Select account offers all of the above, but also comes with an overdraft facility (subject to eligibility) and a cheque book. Customers can also use standing order and direct debit facilities as well as gain access to emergency money if they lose their debit card. As long as you have at least £25 available, you’ll be given an emergency code to withdraw up to £300 of your money if you’re a telephone banking customer and up to £60 if you’re not.

If you are a customer whose preference is online banking, you can be confident as RBS was awarded Best Online Banking Provider 2011 from Your Money Direct.

Current accounts for young people

If your son/daughter needs a current account, then they could consider the RBS Revolve, specifically designed for 11-18 year olds. This enables young people to earn interest on their money and they’ll get a debit card to use in shops and online. They can even design the look of their debit card with their own artwork or photo. They will have access to top tips on how to manage their money as well as the opportunity to earn money by sharing their ideas.

Students looking for a current account could consider the Student Royalties Account. This comes with that all important interest free overdraft, however, to be eligible, your RBS account must be your main bank receiving regular deposits. You must also make at least three debit transactions each month. RBS also offers a current account for overseas students.

Graduates choosing to open a current account with RBS can enjoy a number of benefits. They include 25% off gigs and shows, travel discounts, payment card protection, and access to an arranged overdraft and graduate loan (subject to eligibility.)

Current accounts with benefits

If you are looking for a current account that offers you benefits, then you may want to consider the silver account, which comes with a fee of £8 per month. Being a silver account holder will mean you are eligible for annual European travel insurance, mobile phone insurance, five music downloads every month from HMV digital and three DVD rentals every month from LOVEFILM.

For £12.95 per month, you could opt for the RBS royalties gold account which offers benefits worth £933. You will be entitled to annual worldwide travel insurance and mobile phone insurance, green flag breakdown cover and discounts on holidays, flights and hotels. There are further benefits such as entertainment benefits and discounts on home and car insurance. Benefits are worth £933.

Private banking

RBS also offers private banking. The black account is available to anyone with an income of over £100,000 or joint income of £150,000 (paid into your RBS account), or savings of over £50,000 held with them.

The account comes for a charge of £24 a month and has a wide range of benefits such as travel, leisure, protection and banking. Extras include things such as worldwide airport lounge access and 24/7 concierge service.

RBS also offers a specialised personal bank account for people in the armed forces.

Choosing the right account

There are a variety of current accounts out there, so when deciding which one to go for, take some time to decide exactly what it is that you need. 

Using MoneySupermarket’s current account channel will allow you to compare a number of accounts and filter your search to concentrate on exactly what it is that you need. This may be an overdraft, benefits, high interest, to name just a few, but comparing will allow you to see what you can expect from each and choose the best current account for you.