Account nameReward
£175 for accounts switched using the Current Account Switch Service by 20.10.22.
ProviderRoyal Bank of Scotland
Account fee£2 per month
ATM withdrawal limit£300
Debit networkVisa
Card typeCash / Debit
Minimum eligibility age18 Years
Mininum operating balance£0.01
Minimum opening balance£0.01
Direct debits
Current account switch guarantee
Cheque Book

The Royal Bank of Scotland (RBS) is a major retail and commercial bank and was established in Edinburgh in 1727. It is one of the banking subsidiaries of NatWest Group, which includes NatWest and Ulster Bank.

This review looks at the RBS Reward current account in detail.

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 cash back, 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.

Pros and cons of the RBS Reward current account


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


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

Our verdict: Is the RBS Reward account any good?

The RBS Reward current 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.

However, there are other current accounts that offer more in the way of rewards, so you might want to compare what else is on offer first. For example, the Santander 123 current account pays cashback on household bills as well as at selected retailers and also pays interest on balances. Just be aware the fee is double at £4 a month.

Alternatively, with the Halifax Reward account, you can choose a “reward” each month, such as cinema tickets or cash, and earn cashback at selected retailers. You won’t have to pay the £3 monthly fee if you pay at least £1,500 into your account each month.

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