In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees
    • Overdraft information
  • Frequently asked questions
  • Your reviews

RBS Premier Reward current account review

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Premier Reward
Account fee
£2 per month
Interest (AER)
0% AER
Overseas card transactions
2.75%
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.

Our verdict

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.

Pros

  • Easy to earn rewards
  • Manage your account via the app
  • Overdraft available

Cons

  • Monthly fee
  • You’ll need to meet strict eligibility criteria
  • Interest is charged on overdrafts

In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees
    • Overdraft information
  • Frequently asked questions
  • Your reviews

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.

Details

Product overview

Account name Premier Reward
Incentive
tag iconEarn £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

Fees

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%

Overdraft information

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.

What is the RBS Premier Reward current account?

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.

How does it work?

The key features of the RBS Premier Reward account are outlined below:

  • Earn up to £10 a month in Rewards. Earn £9 a month in Rewards for 2 or more direct debits on the account (at least £4.50 each). Plus earn £1 a month in Rewards when you log in to the mobile app.
  • Earn Rewards on spending. Earn from 1% when you spend on your debit card with retail partners such as Caffe Nero, Europcar, Barrhead Travel, Boux Avenue and ATG Tickets.
  • Rewards exchange. Once you reach £5 in Rewards, you can redeem it as cashback, trade it up for gift cards or e-codes with RBS’s retail partners or donate it to charity.
  • Arranged overdraft. An arranged overdraft is available on the account. Interest is charged at 39.49% EAR (variable).
  • Round-the-clock support. Expert help is available on the phone or online 24/7.
  • Premier Banking Manager. To help make your financial life easier or connect you with specialist teams for more complex issues.
  • Enhanced level of insurance cover. Available if you need it with Premier Insurance.
  • Access to RBS’s will writing and executor services. A fee will apply.
  • Free receipt management tool. Store, track and capture your receipts via the mobile app.

Who is it for?

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:

  • Earn a minimum sole income of £100,000 or a joint income of £120,000 paid into your RBS account
  • Have a minimum £500,000 mortgage with RBS
  • Have a minimum of £100,000 savings or investments held with RBS.

What are the benefits?

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.

How to apply

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.

Is it safe?

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.

Pros and cons of the RBS Premier Reward current account

Pros

  • Earn Rewards that can be redeemed in several ways
  • Round-the-clock support, including a dedicated banking manager
  • Arranged overdraft available
  • FSCS protection

Cons

  • Monthly fee
  • Strict eligibility criteria
  • Interest charged on overdrafts at 39.49% EAR
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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