RBS Premier Select current account review
- Incentive
- £500 welcome bonus when you switch to Royal Bank of Scotland Premier. T&Cs and restrictions apply. More infoFor the £500 bonus, use the Current Account Switch service to close your current account held elsewhere and switch to a Premier Select account. You must pay in at least £15,000 (this can be made up of multiple payments, such as your salary and each payment needs to stay in your account for at least 24 hours) and log in to the app within 90 days. Once all offer criteria have been met and verified after 90 days, your £500 welcome bonus will be paid within the following 30 days.
- Account fee
- £0
- Interest (AER)
- 0% AER
- Overseas card transactions
- 0%
- Representative example
- Representative Example: Effective Annual Rate 0% EAR on arranged overdrafts up to £500, 34.49% EAR (variable) above £500. Representative 20.1% APR (variable). Assumed credit limit: £1200. How does this overdraft compare? Representative APRs help you compare the cost of different credit products. The monthly cap for unarranged overdraft charges for a Premier Select account is £18.80. For more information, please visit the Royal Bank of Scotland site.
Our verdict
The RBS Premier Select current account offers a little extra with your banking.
If you're after an account that offers round-the-clock support and a dedicated banking manager to help you with your financial affairs, the RBS Premier Select account is well worth considering. The 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. If you are not eligible, or even if you are, it's worth shopping around to see what else is available. Visit RBS's website to apply or compare other RBS accounts here and premier accounts from other banks here.
Pros
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No monthly fee
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Arranged overdraft available
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No transaction fee on purchases abroad (local fees may apply and not available on ATM withdrawals)
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Round-the-clock support with Premier 24
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Access to a Premier Manager when you need it
Cons
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You'll need to meet strict eligibility criteria
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Interest charged on overdrafts
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No interest paid on in-credit balances
Details
Product overview
| Account name | Select Account |
| Incentive | £500 welcome bonus when you switch to Royal Bank of Scotland Premier. T&Cs and restrictions apply. More info For the £500 bonus, use the Current Account Switch service to close your current account held elsewhere and switch to a Premier Select account. You must pay in at least £15,000 (this can be made up of multiple payments, such as your salary and each payment needs to stay in your account for at least 24 hours) and log in to the app within 90 days. Once all offer criteria have been met and verified after 90 days, your £500 welcome bonus will be paid within the following 30 days. |
| Provider | Royal Bank of Scotland |
| Account fee | £0 |
| Interest (AER) | 0% AER |
| ATM withdrawal limit | £300 |
| Debit network | Mastercard |
| Card type | Cash / Debit |
| Minimum eligibility age | 18 |
| Minimum operating balance | £0.01 |
| Minimum opening balance | £0.01 |
| Direct debits | |
| Current account switch guarantee | |
| Cheque Book |
Fees
| Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA) | 2.75% |
| Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA) | 2.75 |
Overdraft information
| Arranged overdraft available | |
| Arranged overdraft rate | 34.49% |
| Overdraft Grace Period | 14:30 same day |
| Representative example | Representative Example: Effective Annual Rate 0% EAR on arranged overdrafts up to £500, 34.49% EAR (variable) above £500. Representative 20.1% APR (variable). Assumed credit limit: £1200. How does this overdraft compare? Representative APRs help you compare the cost of different credit products. The monthly cap for unarranged overdraft charges for a Premier Select account is £18.80. For more information, please visit the Royal Bank of Scotland site. |
Established in Edinburgh in 1727, the Royal Bank of Scotland (or RBS) is a major retail and commercial bank in Scotland. It is one of the banking subsidiaries of NatWest Group which includes NatWest and Ulster Bank.
Here, we review the RBS Premier Select current account.
What is the RBS Premier Select current account?
The RBS Premier Select current account works in a similar way to a standard bank account, but offers one-to-one expert help and support on top.
There is no monthly fee to pay for the account, but you will need to meet certain financial criteria to qualify. You can open an individual or joint account and it comes with a contactless Visa debit card.
How does it work?
The key features of the RBS Premier Select account are outlined below:
- Round-the-clock support. Access to expert help and support 24 hours a day, 7 days a week, both online and over the phone.
- Financial help. A Premier Banking Manager is available to help with more complex financial decisions or plans.
- Enhanced level of insurance cover. Available if you need it with Premier Insurance.
- Arranged overdraft. This is subject to eligibility, but you can get up to £500 interest-free.
- Fee-free transactions abroad. No fees for spending on your card in another currency.
- Access to RBS’s will writing and executor services. Helping you to plan for the future. Note that a fee will apply.
Who is it for?
To be eligible for the RBS Premier Select account, you must be at least 18 years old and a permanent UK resident. Additionally, you must meet one of the following criteria:
- Minimum sole income of £100,000 or joint income of £120,000 paid into your RBS account
- £500,000 minimum mortgage borrowing with RBS
- Minimum £100,000 savings or investments held with RBS.
What are the benefits?
Providing you meet the above eligibility criteria, the RBS Premier Select account offers 24/7 expert help, with 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 open the RBS Premier Select account online. You’ll need to provide details such as your address history, monthly income and ID. RBS estimates you should be able to complete your online application within an average lunch break.
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