Royal Bank of Scotland

Who is RBS?

The Royal Bank of Scotland (RBS) is one of the UK’s oldest banks, founded in 1727 in Edinburgh. It is part of NatWest Group, which also owns NatWest and Ulster Bank.

RBS provides a range of financial services, including current accounts, savings, mortgages, loans, credit cards, and business banking. While RBS has a strong presence in Scotland, it also serves customers across the UK through branches, online, and mobile banking.

Known for its Reward Accounts, which offer cashback on household bills, RBS combines tradition with modern banking convenience.

What types of current accounts does RBS offer?

Royal Bank of Scotland (RBS) offers a variety of current accounts tailored to different needs:

• Select (Everyday) Bank Account: A straightforward, fee-free account offering quick setup, mobile banking, and contactless payments. Applicants must be UK residents aged 18 or over

• Reward Account: For a £2 monthly fee, earn £4 in Rewards monthly by paying two Direct Debits of at least £2 each. Additional Rewards are available for spending at partner retailers. Eligibility requires a £1,250 monthly deposit

• Reward Silver: At £10 per month, this account includes European travel insurance, mobile phone insurance, fee-free foreign card purchases, and all Reward Account benefits. Applicants must be existing RBS customers

• Reward Platinum: For £22 monthly, enjoy worldwide family travel insurance, UK car breakdown cover, mobile phone insurance, fee-free foreign transactions, and all Reward Silver benefits. Existing RBS customers can apply

• Premier Account: Offers exclusive perks like a dedicated Premier Banking Manager and 24/7 support. Eligibility criteria apply, such as having a minimum £100k sole income or £120k joint income paid into your account

• Premier Reward: For £2 monthly, receive £9 in Rewards for two Direct Debits and £1 for mobile app login. Additional Rewards are available for spending at partner retailers

• Premier Reward Black: At £36 per month, benefits include worldwide travel insurance, airport lounge access, 24/7 concierge service, cinema discounts, UK and European car breakdown cover

• Joint Bank Account: Allows two people to manage shared finances, featuring the same benefits as individual accounts

• Foundation Account: A basic account without overdraft facilities, suitable for those with limited credit history. Applicants cannot apply directly; it is offered when other accounts aren't suitable

• Ukrainian Bank Account: Designed to support Ukrainian refugees resettling in the UK, with a simplified account opening process and language support

• Student Account (Young Adults): No monthly fee, with benefits like a four-year tastecard offering dining and entertainment discounts, and an interest-free overdraft up to £2,000 from the first year, subject to terms.

• Children Rooster Money: A pocket money app and card for children aged 6+, helping build good money habits. Free for RBS customers, otherwise, £1.99/month or £19.99/year

• Revolve Account (Teens): For ages 11-17, this account offers contactless payments, Apple Pay, Google Pay, no fees or overdrafts, and interest on balances

What rewards can I get with RBS?

• With an RBS Reward Account, you can earn up to £5 a month back in rewards simply by managing your money. Pay at least two Direct Debits (£2 minimum each) and get £4 back each month, plus an extra £1 for logging into mobile banking

• You’ll also earn 1% in rewards when you spend with your Royal Bank debit card at partner retailers, which you can redeem as cashback, eGift cards, or donate to charity

• For extra perks, Reward Silver (£10/month) includes European travel insurance, mobile phone insurance, and fee-free foreign card purchases. Reward Platinum (£22/month) adds worldwide travel insurance and UK car breakdown cover

• Premier customers can upgrade to Reward Black (£36/month) for worldwide travel insurance, airport lounge access, 24/7 Black Concierge Service, and cinema discounts at over 250 UK cinemas

• Student account holders receive a free 4-year Tastecard (worth £79.99 per year), offering 2-for-1 meals, 50% off food, or 25% off food and drinks at thousands of restaurants and pizza takeaways across the UK

• Students also enjoy exclusive discounts on cinema tickets, UK attractions, and other perks

Can I switch to an RBS account?

Yes, you can switch to an RBS current account using the Current Account Switch Service (CASS). The process is free, takes seven working days, and transfers your balance, direct debits, and standing orders automatically.

The Current Account Switch Guarantee means you’ll be compensated should any issues arise during the switch.

Your old account will be closed, and any payments made to it will be redirected. Some RBS accounts may offer cash incentives for switching, subject to eligibility.

What overdraft do I get with an RBS current account?

With RBS, you can apply for an arranged overdraft, subject to eligibility and approval. Premier account holders benefit from a £500 interest-free buffer on overdrafts.

Students can get an interest-free overdraft of up to £2,000 from year one (limited to £500 in term one). From year three onwards, students can apply for up to £3,250 interest-free.

Overdrafts are repayable on demand, so it’s important to borrow responsibly and check the terms before applying.

What fees and charges come with RBS accounts?

• Royal Bank of Scotland (RBS) offers a variety of current accounts, each with its own fee structure

• The Reward Account and Premier Reward Account charge a £2 monthly fee, you can earn up to £5 in Rewards each month by setting up Direct Debits and using the mobile app

• The Reward Silver Account charges £10 per month and the Reward Platinum Account costs £22 per month. The Premier Reward Black Account is the most expensive at £36 per month but also comes with the most features and rewards

• Additional fees apply for specific services, such as issuing bank drafts or same-day electronic transfers, as well as interest charges on arranged overdrafts and using your debit card to withdraw cash at ATMs while overseas

Is RBS regulated?

RBS is fully regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), ensuring it meets strict UK banking standards.

Customers’ eligible deposits are safeguarded up to £120,000 per person under the Financial Services Compensation Scheme (FSCS), offering financial protection if the bank encounters difficulties.

How do I open an account with RBS?

Opening or switching to an RBS current account is a straightforward process designed to be both quick and convenient. Here's how you can get started:

1. Choose the right account for you: RBS offers a variety of current accounts tailored to different needs. Explore options such as the Select Account, Reward Account, and Premier Account to find the one that best suits your requirements.

2. Gather necessary information: Before beginning your application, ensure you have the following details ready:

• Personal information. Full name, date of birth, and residential address

• Employment details. Current occupation and employer information

• Financial information. Income details and regular expenses

3. Apply online: RBS provides an online application platform for your convenience. You should check you meet the eligibility criteria, such as minimum age, being a UK resident, and in some cases having sufficient income or savings deposits.

4. Switching from another bank: If you're moving from a different UK bank, RBS participates in the Current Account Switch Service, ensuring a seamless transition. During your application, select the option to switch your existing account to RBS.

5. Confirmation and account set-up: Once your application is approved and, if applicable, the switch is complete, you’ll receive account details, a debit card and can set up your online and mobile banking services.

Why you should compare current accounts with MoneySuperMarket

MoneySuperMarket makes comparing current accounts simple, allowing you to weigh up overdrafts, interest rates, rewards, and any monthly fees, in one place.

Whether you're after cashback, fee-free banking, or a high-interest account, we help you find the best option. Plus, you’ll get access to exclusive deals and switching incentives, so you won’t miss out on extra perks.

Once you’ve chosen, switching is hassle-free with the Current Account Switch Service, ensuring your payments and direct debits move over smoothly.