The Royal Bank of Scotland is part of The Royal Bank of Scotland Group plc, not to be confused with the Bank of Scotland, which is a subsidiary of Lloyds Banking Group. The Royal Bank of Scotland offers current accounts, borrowing, and saving products to small businesses throughout the UK.
Royal Bank of Scotland Business Banking Services
Current Accounts
There are three business bank accounts available from the Royal Bank of Scotland – the Startup account (for businesses trading for under 12 months), Business account for more established businesses, and Community account for non-profits. Customers can bank anywhere using the website or app. Accounts cost £5 per account per month, and there are some extra charges for other account services, including cash payments and Direct Debits.
Savings account
Instant access, notice, and fixed term savings accounts are available. You don’t need a minimum deposit to open an instant access or notice account, but the fixed account requires a minimum opening balance of £25,000. With the notice account, you can access cash within 35 or 95 days.
Overdrafts
Business customers pay 5.88-6.66% Representative EAR (variable) on arranged overdrafts up to £25,000. The arrangement fee varies depending on the overdraft limit, charged at a minimum of £50.
Business finance and loans
Borrow from £1,000 to £50,000, and repay over 1-10 years. Interest rates are fixed and there are no penalties for early repayment.
Royal Bank of Scotland Reviews and Ratings
Trustpilot reviewers are mainly critical of the Royal Bank of Scotland, commenting on poor customer service, lack of helpfulness, and out of date processes.
Reviews.co.uk only has three reviews, but they’re mainly complimentary. Smart Money People is a mixed bag – some have never had any problems with account management and find RBS easy to deal with, while others think RBS has lost the personal touch and advisors are more difficult to deal with.
On Which?, RBS scores 3/5 for online banking, telephone banking, and communication. They also score 2/5 for transparency of charges and complaint handling.
RBS ranked 13th in a list of the 14 largest business current account providers for overall service quality in an independent survey.
In the same list of 14 business current account providers, RBS also ranked 6th for online and mobile banking services, 11th for overdraft and loan services, 13th for relationship and account management, and 13th for service in-branch.
Trustpilot – 1.4/5 (based on 310 reviews)
Reviews.co.uk – 3.67/5 (based on 3 reviews)
Smart Money People – 3.38/5 (based on 24 reviews)
Which? – 60% Which? Customer Score
Pros
- 24 months’ free banking for new businesses.
- Range of products with different perks and features.
- Current account scored well for quality of mobile banking in an independent survey.
Cons
- Extra charges for many everyday account transactions.
- You’ll need to deposit at least £25,000 to take advantage of the fixed term savings rates.
- Poor ratings across various review sites.
Website: Bank of Scotland Business Banking