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Useful information
Graduate Royalties
Benefits and savings for three years after graduation
Your Graduate Royalties account is available for 3 years and comes with an interest-free overdraft up to £2000 - and a graduate loan where you can borrow up to £15,000 at a tailored rate.
Banking and insurance - interest-free overdraft up to £2000, or an interest-free overdraft repayment loan. Plus a tailored loan of up to £15,000.
Travel - save 10% on flights and holidays booked through Royalties Membership Services.
Concert tickets - 25% off tickets for gigs (and more) in mainland UK through Royalties Membership Services.- Apply online for this account
- Show me all the Graduate Royalties current account benefits
Banking benefits
- Interest-free overdraft - you can apply for an interest-free overdraft of up to £2000. It could be just the cushion you need.
- Interest-free overdraft repayment loan - tired of having an overdraft? Why not apply for a loan to pay it off - interest-free - over three years?
- Graduate loan - borrow up to £15,000 at a tailored rate (compared to our standard loan rates). It's also possible to defer payment for up to 12 months - you'll be charged interest during the deferment period.
Entertainment benefits
- Gigs for less - 25% off concerts, plays and more when you book through Royalties Membership Services.
Travel benefits
- Holidays with 10% off - selected holidays and flights come with a big discount when you book through Royalties Membership Services. Plus get access to special last minute deals.
- Travel money - Complimentary next-day delivery on commission-free travel money - when you order through Royalties Membership Services.
Home benefits
- Car insurance - 10% lifetime discount on our standard car insurance rates, with features like audio equipment cover up to £1000.
- Home insurance - 15% off in the first year.
Interest Rates
Interest we pay you
The annual rates of interest paid on credit balances are as follows:
Calculation and application of interest
Interest is calculated on a daily basis and paid into your account once a month, usually the day after we send your statement to you. The exceptions to this are our Key and Cash Accounts, where interest is paid on the first day of each month.
| Gross Rate % | AER % | Net rate % |
|---|---|---|
| 1.02 | 1.02 | 0.82 |
Calculation and application of interest
Interest is calculated on a daily basis and paid into your account once a month, usually the day after we send your statement to you. The exceptions to this are our Key and Cash Accounts, where interest is paid on the first day of each month.
Gross rate
Gross rate means the rate you are paid before the deduction of tax.
Annual Equivalent Rate (AER)
This is the notional rate used for interest bearing accounts which illustrates what the gross credit interest rate (excluding any bonus interest payable) would be if paid and compounded on an annual basis. It helps you to compare the effective rates of credit interest on different accounts.
Net Rate
This means the interest rate paid after deduction of tax.
Effective Annual Rate of Interest (EAR)
This is the real annual cost of an overdraft stated as annual rate which takes into account how often interest is charged to the account. All other charges, for example arrangement fees, are shown separately from the EAR.
Unarranged overdrafts
Any amount overdrawn without an arranged overdraft or in excess of the arranged overdraft limit will be charged at a rate of 2.2% per month, which is equivalent to 29.84% EAR Typical (variable). However, we will not charge interest on any part of the overdrawn balance which represents a Default Notice Fee or other sum (apart from interest) you must pay us in connection with a breach of your obligations under your agreement with us; or a Maintenance Charge, Paid Referral Fee, Guaranteed Card Payment Fee or Unpaid Item Fee.
Historic Credit Interest Rates
| Previous Rate | Current Rate (effective from 01/12/08) | |
|---|---|---|
| Annual Gross Rate % | 2.00 | 1.02 |
| Gross / AER % | 2.02 | 1.02 |
| Net Rate % | 1.60 | 0.82 |
| Unarranged overdrafts and unpaid items - charges | Fee amount |
|---|---|
| Maintenance Charge | |
| If your account becomes overdrawn without prior arrangement or any arranged overdraft limit is exceeded, you will be liable for a monthly Maintenance Charge. The Maintenance Charge will be applied if you have an unarranged overdraft at any time during a monthly charging period. The charging period normally ends on the date that we send your statement to you. | £28 (£10 for R21**, Student Royalties, and Graduate Royalties) |
| When charged 16 days after the end of the charging period (or the next business day if this is a Saturday, Sunday or Bank Holiday). | |
| Paid Referral Fee | |
| A Paid Referral Fee will be payable if: you informally request an overdraft by issuing instructions for a withdrawal or other payment on your account; and the payment cannot be met from the funds in your account or any unused arranged overdraft facility; and an unarranged overdraft is created or increased because we decide we are willing to accept your request. | £30 for each day on which a Paid Referral occurs (subject to a maximum of £90 in any calendar month) |
| When charged On the sixth business day of the calendar month after the calendar month in which the transaction(s) took place. | |
| Guaranteed Card Payment Fee | |
| A Guaranteed Card Payment Fee will be payable if: you informally request an overdraft by issuing instructions for a withdrawal or other payment on your account; and the payment cannot be met from the funds in your account or any unused arranged overdraft facility; and we decide we are not willing to accept your request but nonetheless accept it because we find that you have guaranteed payment by the use of a cheque guarantee card or debit card. | £35 for each transaction |
| When charged At the time the transaction is paid or taken from your account. | |
| Unpaid Item Fee | |
| An Unpaid Item Fee will be payable if: you informally request an overdraft by issuing instructions for a withdrawal or other payment; and the payment cannot be met from the funds in your account or any unused arranged overdraft facility; and we decide in our discretion not to make the payment. | £38 for each item (subject to a maximum of £114 per day) |
| When charged At the time we decide not to make the payment. | |
| Making an informal request for an overdraft means you will have to pay a Paid Referral Fee, a Guaranteed Card
Payment Fee or an Unpaid Item Fee. If an unarranged overdraft arises, you will also have to pay the Maintenance
Charge and interest on the amount overdrawn (except so far as it represents fees, charges or costs of the kind
described in section 6 of our leaflet Personal Banking Charges and Rates of Interest | |
| Enforcement | |
| A Default Notice Fee will be payable if we need to serve a default notice on you (for example, if you fail to repay your overdraft on demand or we wish to enforce any security we hold). This is in addition to any other charges that may apply. | £30 per notice |
| When charged Within four days of the Default Notice being served. | |
(PDF, 473KB)** R21 Account is not available to new customers
Graduate Royalties is available to graduates who have held a student account with The Royal Bank of Scotland, or who have graduated from a full-time higher education course lasting for three years or more, or completed a post graduate course or training as a nurse within past 3 years.
Overseas students should contact their local branch for more information. Travel and Leisure benefits specified must be ordered through Royalties Membership Services. Commission free travel money must be arranged through The Royal Bank of Scotland.
Graduate Loan Examples
Typical Example: A Graduate Loan of £5,000 without repayment protection and without a payment holiday, you'll need to make 59 repayments of £94.87 and one final payment of £95.06. Total Amount Payable £5,692.39.
5.4% APR typical (variable).
The table below shows what your payments would be on a Graduate Loan without repayment protection.
| 5.4% APR typical (Variable) | ||||
|---|---|---|---|---|
| Loan amount | Loan term | Monthly repayment | Final payment | Total amount payable |
| £3,000 | 1 year | £257.13 | £257.15 | £3,085.58 |
| £10,000 | 2 years | £439.72 | £439.79 | £10,553.35 |
| £15,000 | 3 years | £451.08 | £451.19 | £16,238.99 |
The interest free loan has been developed to give graduates the opportunity to repay their overdraft, interest free over a 3 year period. The following table shows what your repayments would be on an interest free loan with repayments commencing one month following drawdown.
| 0% typical APR | |||
|---|---|---|---|
| Repayment period | Amount of loan | Monthly payment | Total amount payable |
| 12 months | £1,000 | 11 × £83.33 1 × £83.37 | £1,000 |
| £2,000 | 11 × £166.66 1 × £166.74 | £2,000 | |
| 24 months | £1,000 | 23 × £41.66 1 × £41.82 | £1,000 |
| £2,000 | 23 x £83.33 1 x £83.41 | £2,000 | |
| 36 months | £1,000 | 35 x £27.29 1 x £27.35 | £1,000 |
| £2,000 | 35 x £55.60 1 x £54.60 | £2,000 | |
New customers will be asked to provide proof of identity, verification of address and signature.
Credit facilities: Over 18s only.
System updates will mean that our internet and telephone banking services are unavailable for short periods in the early hours of the morning.
Calls may be recorded.
With effect from 5th July 2005, Graduate customers are offered interest-free overdrafts, by prior arrangement, of:
- up to £2,000 in year 1 after graduation
- up to £1,500 in year 2 after graduation
- up to £1,000 in year 3 after graduation
Graduation is always taken as the end of June in your final year of study.
Royalties Membership Services is operated by Affinion International acting as agents for The Royal Bank of Scotland plc. Affinion International is registered in England and Wales: Number 1008797.
Sentinel Card Protection ('SCP') is a trading name and registered trademark of Affinion International. Registered address: Charter court, 50 Windsor Road, Slough, SL1 2EJ, United Kingdom. Registered in England No. 1008797. Affinion International is authorised and regulated by the Financial Services Authority in respect of insurance mediation activities only. Affinion International acts as an intermediary for arranging the insurance and provides the administration of the card registration and associated services.
This insurance is underwritten by Allianz Insurance plc Registered in England No. 84638. Registered Office: 57 Ladymead, Guildford, Surrey, GU1 1DB, United Kingdom. Branch Address: Allianz Schemes, 6 Vale Avenue, Tunbridge Wells, TN1 1EH, United Kingdom. Allianz Insurance plc is authorised and regulated by the Financial Services Authority (FSA). Their authorisation can be confirmed by the FSA by calling 0845 606 1234 or at www.fsa.gov.uk. Their FSA registration number is 121849.
Royalties Payment Card Protection is subject to Terms and Conditions, a copy of which is available in the back of the service guide you will receive after you convert your account.
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