In this guide

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

RBS Reward current account review

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Reward
4.2
★★★★★
Finder score
Account fee
£2 per month
Interest (AER)
0% AER
Overseas card transactions
2.75%
Representative example
Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200 Subject to status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.

Our verdict

On the lookout for a new current account? Find out what the RBS Reward account has to offer.

The RBS Reward bank account could be a good option if you're looking for an everyday bank account that also lets you earn rewards, without paying a hefty monthly fee in the process. You can earn rewards for everyday banking actions you would make, like having 2 or more direct debits and logging into your mobile app. You also have a choice in how you receive your rewards, either in cashback, as gift cards or as a charity donation.

However, the rewards on offer aren't as competitive as some of the other current accounts on the market, so it's worth doing your research first. To compare your options, check out our best current accounts with cashback and rewards.

Pros

  • Easy to earn rewards
  • Rewards can be exchanged for cashback, gift cards, e-codes or charity donations
  • Overdraft available
  • FSCS protection

Cons

  • Monthly fee
  • Interest charged on overdrafts
  • Must pay in £1,250 a month to qualify

In this guide

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

Details

Product overview

Account name Reward
Incentive
tag iconEarn £4 back in Rewards per month by making at a minimum of 2 direct debit payments of at least £2 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 Representative Example: Effective Annual Rate: 39.49% EAR (variable). Representative APR: 39.49% APR (variable). Assumed credit limit: £1,200 Subject to status. How does this overdraft compare? Representative APRs help you compare the cost of different credit products.

What is the RBS Reward current account?

The RBS Reward current account enables you to earn Rewards that can then be redeemed as cash or traded up as gift cards and e-codes at selected retailers or even donated to charity. The account has a monthly fee of £2.

You can open this account on an individual or joint basis and it can be managed online, via the mobile banking app, over the phone or in branch.

How does it work?

The RBS Reward account offers the following key features:

  • Earn up to £5 a month in Rewards. Earn £4 a month in Rewards for 2 or more direct debits on the account. Plus earn an extra £1 a month with 1 mobile app login.
  • Earn Rewards on spending. Earn from 1% when you spend with retail partners such as Caffe Nero, Europcar, Barrhead Travel, Boux Avenue and ATG Tickets.
  • Rewards exchange. Once you reach £5 in Rewards, choose to 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. You can choose to have an arranged overdraft on the account. Interest applies at a rate of 39.49% EAR (variable).
  • Round Ups feature. When you spend on your debit card or contactless device, the amount will be rounded up to the nearest pound and the difference transferred to your RBS savings account. (You’ll need the app to make this work.)

Who is it for?

To be eligible for this account, you will need to be at least 18 years old and a UK resident. You must also pay £1,250 or more into an eligible Royal Bank account each month and you can only hold a maximum of 1 Reward account in your name and 1 in joint names.

You’ll also need to be prepared to pay a fee of £2 a month to hold the account.

What are the benefits?

The main benefit of the account is the rewards on offer. You’ll be able to accrue rewards simply by having direct debits on your account or logging into the mobile app as well as when you spend with certain retailers.

How to apply

You will need to apply for the RBS Reward account online. You’ll be asked for information including your name, address and date of birth as well as your job. You will also need to provide proof of ID such as a UK/EU/EEA driving licence or a UK passport plus proof of address such as a UK utility bill or a bank statement.

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 are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person or up to £170,000 for joint accounts.

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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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