Icon expand 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).
Icon expand Monthly account fees
The following monthly account fees are payable if you have an account listed below:
|Type of Account||Monthly Account Fee|
|Select Silver Account||£10|
Icon expand 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 %|
Icon expand Arranged overdraft interest
Tailored Account, Select Account, Reward, Select Silver Account, Reward Silver, Select Platinum Account, Reward Platinum, Black Account and Reward Black account.
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 arranged overdraft interest. If the amount you overdraw under an arranged overdraft facility exceeds these thresholds, you will pay arranged overdraft interest at the rates shown in the table below on the overdrawn balance – please note that, in these circumstances, arranged overdraft interest will be charged on your entire balance, including the amount below the interest free threshold.
|Type of account||Interest free threshold|
|Black Account, Reward Black||£500|
|Select Platinum Account, Reward Platinum||£250|
|Select Account, Reward, Select Silver Account, Reward Silver||£10|
Please note: if the overdraft facility you have agreed with us is less than or equal to the thresholds shown above and you exceed your arranged overdraft facility, you will pay arranged overdraft interest at the rates shown below on the entire arranged overdraft facility.
|Type of account||Nominal Monthly rate %||Nominal Annual rate %||EAR %|
|Select Platinum Account
|Select Silver Account
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 Royalties Account
All Student Royalties 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 Royalties Account
Graduate Royalties 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 0.79% per month, which is equivalent to 9.9% EAR.
|Interest free threshold|
Icon expand Arranged overdraft, unarranged overdraft and unpaid transaction fees
|Arranged Overdraft Usage Fee||£6 when you use your arranged overdraft by more than your interest free threshold||One fee per charging period (£6)|
|Unarranged Overdraft Usage Fee||£6 per day for unarranged overdrafts of more than £10;
£6 per day for unarranged overdrafts of more than £25 if you have registered for Overdraft Control.
|15 fees per charging period (£90)|
|Unpaid Transaction Fee||£6 for each unpaid transaction||10 fees per charging period (£60)|
|Arranged Overdraft Usage Fee||Unarranged Overdraft Usage Fee||Unpaid Transaction Fee|
|Student Royalties Account||✓|
|Graduate Royalties Account||✓||✓|
|Select Silver Account||✓||✓||✓|
|Select Platinum Account||✓||✓|
Icon expand 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)|
|Sterling cash withdrawals from any UK cash machine (ATM)||No charge*|
|Sterling cash withdrawals from any Royal Financial 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 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 purchases of currency or travellers cheques outside the UK|
|Purchases made outside the UK (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)|
|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.
Icon expand Additional services and travel money
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 Financial of Scotland customers only.
|Issuing a UK bank draft (Sterling)
A special form of cheque that we can issue you which guarantees payment
|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.
|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.
|Providing copies of paid cheques
This charge also applies to providing details of paid cheques.
|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.
|Details of Visa Debit payments
On your request, we can provide documentation of Visa Debit payments.
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.
|Personalised Card for Revolve Account||£5|
|Annual Holding Charges (payable annually in arrears)|
|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.
|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.
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.
Icon expand Charging Scenarios – developed with the Office of Fair Trading
Overdraft and bank charges
If you use the current accounts listed in the table below to make payments when:
- you do not have enough money in your account and have not agreed a formal overdraft limit with us; or
- the payment takes you over your arranged overdraft limit.
You may have to pay charges as a result.
The table below gives some examples of our charges for making payments from your account when you haven't enough money.
We developed these examples with the Office of Fair Trading and leading consumer groups to help you to think about how changing the way you use your account can affect the amount we may charge you.
These examples are meant to show how different actions can result in different charges. They are only examples so you shouldn't see them as actions you might take and charges you might have to pay.
We may not allow you to use your account in the ways shown below. You should avoid going overdrawn wherever possible and you should contact us if you need help to manage your account.
We could add other charges and interest to your account if you try to make payments when you do not have enough money. For details of all the charges and interest rates for these accounts, please refer to our leaflet: Personal and Private Current Account Fees & Interest Rate
Choose an example below which shows how you might manage your current account. If you have recent bank statements, use these to help you choose. Once you have worked out reasons why you might be charged, it could help you to avoid charges in future.
|Reasons that you might be charged||Black Account, Select Platinum Account, Select Silver Account, Tailored Account, Graduate Royalties, Select Account, Reward, Reward Silver, Reward Platinum, Reward Black||Student Royalties||Basic, Foundation|
|1||We refuse a payment from your account because there is not enough money in your account.||£6.00||£6.00||£0|
|2||The payment takes you over over your arranged overdraft limit, you may have to pay charges as a result.||£0||£0||£0|
|3||A payment from your account takes you into an unarranged overdraft and you make another payment from the account while you are overdrawn. You are overdrawn for two days in a row during the month.||£12.00||£0||£0|
|4||A payment from your account takes you into an unarranged overdraft, and you make nine more payments from the account while you are overdrawn. You are overdrawn for 10 days in a row during the month.||£60.00||£0||£0|
|5||A payment from your account takes you into an unarranged overdraft. You are overdrawn for one day. However, on three more occasions during the month, a payment takes you into an unarranged overdraft. On each of these occasions you are overdrawn for three days in a row.||£60.00||£0||£0|
|6||A payment from your account takes you into an unarranged overdraft. You are overdrawn for 21 days in a row during the month and you make 12 more payments from the account while you are overdrawn.||£90.00||£0||£0|
For further information about the underlying transactions used to calculate these scenarios, please visit:www.consumerdirect.gov.uk.
Please save and/or print a copy of these documents.
Your eligible deposits with Royal Financial 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 Financial 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.