RBS Reward current account review

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.

Our expert says: Is an RBS Reward account worth it?

"Compared to some paid-for current accounts, the RBS Reward account charges a fairly low fee of £2 a month. This means it’ll only set you back £24 a year, making it a more affordable option. Having said that, you won’t get a huge amount in the way of perks in return for this fee.

The main benefit of the account is RBS Rewards. If you’re able to meet the necessary criteria, you could earn up to £5 a month in these Rewards. That’ll give you a ‘profit’ of £3 a month once you’ve factored in the fee.

To earn the maximum amount in Rewards, you’ll need to have at least two direct debits on your account of at least £2 each – which should be easily achievable – and log into your mobile app once a month. Once you’ve hit the £5 mark, you can redeem your rewards as cashback, trade them up as gift cards or donate them to charity. In addition, you can earn at least 1% in Rewards when you spend with your debit card at certain retailers.

The biggest hindrance of the account might be the requirement to pay in £1,250 a month, but this will depend on your income.

If you’re looking for a fairly basic reward bank account with a low monthly fee, the RBS Reward account could be right up your street. But the rewards certainly aren’t mind-blowing, so in my view, it’s worth taking a look at other paid-for accounts, such as the Santander Edge account (£3 monthly fee) before choosing this one."

Rachel Wait

Writer

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.