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Current Account

Current Account


All new accounts are now opened in the NatWest brand. We are certain you will find NatWest ideally placed to look after your banking needs but would like to apologise for the inconvenience caused.

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Everything you need in a current account - with the service you expect from RBS International.



  • Our straight forward no monthly fee current account
  • Easy access - guarantee cheques for up to £100 and withdraw up to £300 daily from cash machines and by debit card.
  • Interest-free overdraft - no fees on an overdraft of up to £100 if you decide to apply (subject to status).
  • No charges - why pay more than you have to? There are no extra fees as long as you're in credit and within your agreed overdraft limit. (For overdrafts over £100, we charge interest on your outstanding balance).
  • Statements and mini statements - stay up-to-date, and get mini statements from any Royal Bank of Scotland machine in the UK, Channel Islands and Isle of Man.

We’re committed to helping you get the most out of your account – which includes making you aware of the charges and rates of interest that apply to your account.

All charges and rates shown are correct as at 2nd December 2013 and may change. The interest rates shown have been rounded to two decimal places.

Full copies of the fees and terms and conditions that apply to our personal accounts can be downloaded from our website terms and conditions.

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.

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).

Services you can receive without separate charge

As long as you stay in credit, you can receive the following services without any separate charge being made:

  • payments by debit card in the UK, cheque, Direct Debit or standing order;
  • sterling transactions using your debit card or ATM card in any RBS International, NatWest, Isle of Man Bank or Royal Bank of Scotland cash machines, or almost all other UK cash machines. There are some cash machines in the UK and abroad where the owner of the machine may charge a fee. You will be advised on the screen about any charges before you withdraw cash. You can then stop the transaction if you do not want to be charged;
  • account statements (but a charge is made for copies);
  • cheque books, paying-in books and statement holders;
  • telephone and online banking – apart from the cost of the phone call and any charges your Internet Service Provider may charge you for accessing the service;
  • use of our counter services. There may be additional fees if we have to make special arrangements or provide specialist services.

Royalties Banking account fees

The following monthly account fees are payable by Royalties customers. Membership includes access to all the benefits listed in the appropriate webpages, brochures and user guides. These also contain details of other fees and services.



Type of accountAccount fee
Royalties Cheque£15.00 per month will be payable from your Royalties Cheque account


Application of monthly account fees

The account fee for each monthly 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 fee will appear on your statement as ‘CHG’. 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.

Changes to interest rates

From time to time we may alter the interest rates we charge on arranged overdrafts.

When we do this we will notify you personally not less than 30 days before the change comes into effect, unless your arranged overdraft interest rate is linked to an internal reference rate (for example, set at a margin over our base rate).

Interest we pay you

The annual rates of interest paid on credit balances;



Type of accountAmount heldGross Rate %AER%
Royalties Cheque
£5,000 +0.250.25
£0 - £4,9990.150.15
Current account
£0 +0.000.00
R21 (Available to ages 16-21 years old)
£0 +0.80.80


Calculation and application of interest

Interest is calculated on a daily basis and paid into the account once a month.

Updated: 15 October 2012



Type of accountAmount heldGross Rate %AER%
Route 15 (Available to ages 11-15 years old)
£0 +0.400.40


Calculation and application of interest

Interest is calculated on a daily basis and paid into the account quarterly.

Updated: 22 September 2011

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. 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.

If you have arranged an overdraft facility with us in advance under which you pay interest at a rate other than the rates shown in the tables below, the interest free thresholds shown below will not apply to your account.

Interest free thresholds



Type of accountInterest free threshold
Royalties Cheque£100
Current Account & R21£10


Royalties Cheque

Presently on accounts with an arranged overdraft, the interest is set at a margin of 7% above our base rate. The rate you pay will change automatically as our base rate changes in line with interest rates generally.

Gold Cheque

Presently on accounts with an arranged overdraft, the interest is set at a margin of 6% above our base rate. The rate you pay will change automatically as our base rate changes in line with interest rates generally.



Type of accountNominal monthly rate %Nominal annual rate %EAR % variable
Current account
All amounts1.52%18.28%19.89%
19.89% EAR Typical (variable)
R211.25%14.93%16.00%
16.00% EAR Typical (variable)
Premium Cheque1.50%18.00%18.00%
18.00% EAR Typical (variable)


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.

Premium Cheque

Interest on arranged overdrafts is calculated on a daily basis and charged yearly.

The interest we charge in each charging period will be debited from your account 14 days after the end of that charging period (or on the next business day if this is a Saturday, Sunday or Bank Holiday).

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 Returned Item Fee or Unarranged Overdraft Fee

Changes to Interest Rates

From time to time we may alter the interest rates we charge on arranged overdrafts set out in this leaflet. When we do this we will notify you personally not less than 30 days before the change comes into effect, unless your arranged overdraft interest rate is linked to an internal reference rate (for example, set at a margin over our base rate).

Arranged overdraft, unarranged overdraft and unpaid transaction fees

Royalties Cheque, Current Account, Personal Current Account & Gold Cheque

The charges shown in this section do not normally apply to the other accounts we offer to Personal Banking customers. However, we sometimes allow other accounts (including savings accounts*) to be operated in a way which enables the customer to give instructions for a withdrawal or other payment which cannot be met from the funds in the account.

If this happens, the charges listed below under the heading “Unarranged overdraft usage fee” will apply. Holders of savings accounts will only pay the unpaid transaction fee.

Arranged Overdraft Usage Fee



DescriptionWhen chargedFee amount
Arranged Overdraft Usage Fee
An Arranged Overdraft Usage Fee will be charged where arranged overdrafts are used by more than £10. 16 days after the end of the charging period (or the next business day if this is a Saturday, Sunday or Bank Holiday).
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.
£6 per charging period where arranged overdrafts are used by more than £10.


Unarranged overdraft usage fee



DescriptionWhen chargedFee amount
Unarranged Overdraft Fee
An Unarranged Overdraft Usage 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 Usage 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 next business day.
16 days after the end of the charging period (or the next business day if this is a Saturday, Sunday or Bank Holiday).
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.
£6 for each day for which an Unarranged Overdraft Fee is payable.
Unpaid Transaction Fee
An Unpaid Transaction 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.
16 days after the end of the charging period (or the next business day if this is a Saturday, Sunday or Bank Holiday).
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.
£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 an Unpaid Transaction Fee or an Unarranged Overdraft Usage Fee.

Changes to charges

From time to time we may alter the charges set out on this page. If we increase a charge, we will notify you personally not less than 60 days before the change comes into effect.



Premium Cheque withdrawal charges

The first 10 withdrawals per quarter are free (including all deposits). All withdrawals thereafter are charged at 50p. This charge is taken quarterly when we send your statements.

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Debit card and ATM card charges

The section below sets out our charges for the transaction types listed below. It does not reflect any charges which a third party might charge you (for example, commission rates or ATM fees).



Debit card charges
Transaction TypeCharges
Sterling cash withdrawals from any UK, Channel Islands, Isle of Man or Gibraltar cash machine (ATM) No charge
Sterling cash withdrawals from any RBS International branch in the Channel Islands or Isle of Man.
Sterling cash withdrawals in the UK, Channel Islands, Isle of Man or Gibraltar 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, Channel Islands, Isle of Man or Gibraltar
Foreign currency withdrawal from any cash machine (ATM) in the UK, Channel Islands, Isle of Man or GibraltarWe will charge a Foreign Cash Fee of 2% of the value of the transaction (minimum £2, maximum £5). We will also 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 purchase of currency or travellers cheques outside the UK, Channel Islands, Isle of Man or Gibraltar
Purchases made outside the UK, Channel Islands, Isle of Man or Gibraltar (for example, purchasing goods in a shop) We will charge a Foreign Purchase Fee of 2.75% of the value of the transaction (minimum £1).
Purchases made anywhere in a foreign currency (for example, online/telephone purchases made in or outside the UK, Channel Islands, Isle of Man or Gibraltar)




ATM card charges
Transaction typeCharges
Sterling cash withdrawals from any UK, Channel Islands, Isle of Man or Gibraltar cash machine (ATM)No charge
Sterling cash withdrawals from any RBS International branch in the Channel Islands or Isle of Man.
Foreign currency withdrawal from any cash machine (ATM) in the UK, Channel Islands, Isle of Man or GibraltarWe will charge a Foreign Cash Fee of 2% of the value of the transaction (minimum £2, maximum £5). We will also 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 withdrawal we will not charge a Non-Sterling Transaction Fee, however the transaction handler may charge you a separate fee.
Cash withdrawals from any cash machine (ATM) outside the UK, Channel Islands, Isle of Man or Gibraltar


Where a charge in the tables above is stated as a percentage, this is a percentage of the Sterling transaction amount.



Visa Payment Scheme Exchange Rate
Any transaction made in a foreign currency using your debit card or ATM 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 and ATM cards visit www.visaeurope.com and click on the Cardholders section.


Additional services, payments and travel money

Additional Services



Obtaining copies of statements£3 per request
Certificate of debit interest No Fee
Certificate of credit interest £10
Tailored loan arrangement fee 2% of amount borrowed (minimum fee £100)
Stopping a cheque (unless it has been lost or stolen)£10


Payments



Domestic payments
Obtaining a sundry payment cheque£12
Obtaining a special cheque clearance£15 (£25 in Gibraltar)
CHAPS payments £23




International Payments
Including currency transfers in the UK currency inward collections0.3% (minimum fee £23, maximum fee £40) plus £10 agents charge where applicable




Ibanking plus payments
CHAPS reduced tariff£15 per payment
International payments£5,000 or less £15
Over £5,000 0.3%(max £40)




Inward payments from overseas
Depending on payment instructions these charges may be for the beneficiary or remitterUp to £100 – no charge
Over £100 – £7.50 plus agents
charges where applicable




Outward/Inward payment investigations
Within 6 months of payment releaseUp to £25 per investigation
6 - 12 months from payment releaseUp to £50 per investigation
Over 12 months from payment releaseUp to £100 per investigation




Foreign Cheques
Cheques drawn at foreign banks in local currency are usually negotiatedNegotiation 0.25% (minimum fee £7, maximum fee £45)
The Bank reserves the right to obtain proceeds on a collection basis where appropriateCollection 0.25% (minimum fee £20, maximum fee £70)
Foreign draft£40


Currency notes and travellers cheques



To buy currency notes and travellers cheques
Currency notes0% commission
Currency travellers cheques0% commission
Sterling travellers cheques1% of value (2% in Gibraltar)
(min £3.00, max £50.00)




To cash in currency notes and travellers cheques
Currency notes0% commission
Currency travellers cheques0% commission
Sterling travellers cheques0% commission




Currency notes paid into or withdrawn from a currency account
CountryCommission rate Commission rateCommission rate
USAUS $25,000
and under 1% (min $10)
US $25,001 to US $100,000 0.5%Over US $100,000 ask for details
Euro€25,000 and under 1% (min €10)€25,001 to €100,000 0.5%Over €100,000 ask for details
All other currencies£25,000 and under 1% (min £5)£25,001 to £100,000 0.5%Over £100,000 ask for details


Safe Custody



Boxes and parcels annual holding charges*
Large box£55**
Small box£40**
Sealed envelope£20**
Inspection fee£10**


* Please note that we no longer accept new items into Safe Custody

** Plus VAT where applicable

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