The RBS Premier Reward current account offers a little extra with your banking. Find out more here.
If you're looking for a bank account that offers rewards as well as benefits such as round-the-clock expert support and a dedicated banking manager, the RBS Premier Reward account is a pretty competitive offering. The major downside is that you'll need to earn a high salary and have substantial savings and investments to qualify – and these must be held with RBS. You'll also need to pay a monthly fee.
If you don't qualify for this account, you could look at the standard RBS Reward account. This enables you to earn similar rewards but doesn't offer the "premier" banking experience, which means you don't need to meet such strict qualifying criteria. Alternatively, you can compare all RBS current accounts here.
Royal Bank of Scotland (RBS) was established in Edinburgh in 1727. It is one of the banking subsidiaries of NatWest Group, which includes NatWest and Ulster Bank.
RBS offers a wide range of financial products including current accounts. This review looks at its Premier Reward current account in detail.
| Account name | Premier Reward |
| Incentive | Earn £9 back in Rewards per month by making at a minimum of 2 direct debit payments of at least £4.50 each. |
| Provider | Royal Bank of Scotland |
| Account fee | £2 per month |
| ATM withdrawal limit | £300 |
| Debit network | Mastercard |
| Card type | Cash / Debit |
| Minimum eligibility age | 18 Years |
| Minimum operating balance | £0.01 |
| Minimum opening balance | £0.01 |
| Direct debits | |
| Current account switch guarantee | |
| Cheque Book |
| Foreign cash currency fee in Europe | 2.75% |
| Foreign cash currency fee in rest of world | 2.75% |
| Foreign cash transaction fee in Europe | 0% |
| Foreign cash transaction fee in rest of world | 0% |
| Arranged overdraft available | |
| Arranged overdraft rate | 39.49% |
| Overdraft Grace Period | 14:30 same day |
| Representative example | If you use an arranged overdraft of £1,200, you'll be charged interest at 39.49% EAR variable. Account fee of £2 per month. |
The RBS Premier Reward current account is a premium current account that enables you to earn rewards as well as benefit from a Premier Banking service. In return, account holders must meet certain eligibility criteria and pay a £2 monthly fee.
The account can be managed online, via the mobile banking app, over the phone or in branch and you can open it as a joint or sole account.
The key features of the RBS Premier Reward account are outlined below:
To be eligible for the Premier Reward account, you will need to be at least 18 years old and a permanent UK resident. You will also need to pay at least £1,250 into an eligible RBS bank account each month, not hold more than 2 Reward accounts and be happy to pay a £2 monthly fee.
In addition, you will need to meet one of the following criteria:
The main benefits of the account are that you’ll be able to earn rewards and get 24/7 expert help and one-to-one financial support whenever you need it. It also gives you access to tailored and exclusive products such as insurance.
You can apply for the RBS Premier Reward account online. You’ll need to provide some personal details such as your address history and monthly income, and you’ll need to provide proof of ID such as a UK passport, UK or EU/EEA driving licence or an EU/EEA National ID card. You may also be asked for proof of address. RBS estimates you should be able to complete your online application within an average lunch break.
Yes, RBS is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Eligible deposits will be protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person or up to £170,000 for joint accounts.
