Royal Bank of Scotland Bank Accounts for Business Users

The Royal Bank of Scotland (RBS) offers an extensive range of business banking accounts for start-up and existing companies with completely free banking for two years for new businesses.

If you choose to do your banking over the internet or via the telephone, then all automated transactions are free. There are other accounts and here's our review of them all.

Royal Bank of Scotland Business Current Account

RBS logoThe Royal Bank of Scotland standard account operates like most other banks. You'll have a set monthly fee and a minimum charge with individual transactional charges applied for common debits and credits.

Switching your account to any of their products is undertaken on your behalf by the bank to make it easier for you. With most of the RBS business accounts, they offer the services of a business account manager who is there to help you. In reality, most small businesses may not need this service.

Here's a summary of the standard product for all businesses:

  • Monthly fee of £3.
  • Minimum monthly charge of £10.
  • Bill payment charge 37p.
  • Cheques paid 67p.
  • Standing order 45p.
  • Branch cash in 0.65%.
  • No other discounts offered on this account.

RBS Business Plus Account Tariff

Alternatively, RBS operate what they call the Business Plus Tariff that carries a small monthly fee with all automated charges included. If you only want to bank online or via the telephone, then this could be the account for your business. The only major drawback is that there's a high cost of depositing cash into your account. Therefore, if you take a lot of cash in a shop or restaurant, for example, then it's best to look for another account. Here are the details:

  • Monthly maintenance charge of £5.
  • Free automated transactions.
  • Cash deposits incur a 0.95% charge which is one of the highest around.
  • Bill payment charge Free if automated.
  • Cheques paid 84p.
  • Standing order 0p.
  • No other discounts offered on this account.

There are no particular incentives to join this account, and as the non-automated charges are so high, it's best to check out our comparison tables to see the better deals on the market.

RBS Business Banking Direct

It's odd that RBS offer their Direct tariff in addition to the Plus Tariff because they're both aimed at the same group of customers (i.e., to bank online and over the telephone). However, with the direct service all regular transactions are completely free, and there is no monthly fee. So if you want to bank with RBS and undertake your account management online or via the telephone then this is a good account to have. In summary:

  • No monthly fee.
  • Daily transactions have no charges.
  • Cash deposited in the branch for free.
  • No business account manager (but many businesses don't require this service).

These additional benefits increase the added value of the account to £800, but the monthly servicing fee increases to £13 per month.

There's much on offer from with Royal Bank of Scotland Bank business banking services, and all the core banking is completely free.

Royal Bank of Scotland Royalties Account

The RBS Royalties Account allows small businesses as many transactions as required per month for a fixed monthly fee. However, with this account you also get access to many discounts on additional products, so this is ideal if you want those services (if not, then opt for their free banking offer). The details of the Royalties account:

  • Monthly account fee £25.
  • Unlimited "free" business banking.
  • 1% discount on small business loans interest rate.
  • Fee free business credit card.
  • 25% discount on streamline fees.
  • Included vehicle breakdown cover.
  • 5% discount on life insurance.
  • £50 discount on Vodafone mobile phones.
  • Some other discounts for services most people don't use.

More about Royal Bank of Scotland

The Royal Bank of Scotland was founded in 1727 and is now partly capitalised by the UK government. They currently own many household brands including NatWest, Churchill insurance, Coutts and co., Direct Line and Ulster Bank. You can find RBS through over 2,200 high street branches and 118 business centres.

For more information about the RBS range of business products, please use this link: