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Royal Bank of Scotland Business Banking

About Royal Bank of Scotland

Editorial Team

The Royal Bank of Scotland, commonly known as RBS, is a traditional bank with around 700 branches in the UK, with most in Scotland. The bank is part of the NatWest Banking Group, along with Ulster Bank (situated in Northern Ireland) and was established in 1724, 32 years after the Bank of Scotland, another Scottish bank they are commonly confused with. The Royal Bank of Scotland is one of the largest banking providers for UK businesses.

See our full Royal Bank of Scotland business bank account review of features, fees and how they compare against other online and high street bank accounts.

Royal Bank of Scotland pros & cons

Pros of RBS

  • Access to online and mobile banking
  • Overdrafts available, as well as a business credit card
  • No monthly minimum fees
  • 24 months free banking period

Cons of RBS

  • You may not qualify for fee-free transactions and so everyday banking may be expensive
  • Negative reviews
  • Extra charges add up for everyday account transactions

Royal Bank of Scotland current accounts

Royal Bank of Scotland provide standard business current accounts as well as bank accounts for startups and SMEs. These are the accounts:

  • Start-up Account - their account specifically for businesses that are less than a year old and have an annual turnover less than £1 million. The first 24 months are fee-free.
  • Business Account - this account is for all other businesses that have been trading for longer than a year.

New businesses that open a startup bank account receive their first two years of banking fee-free, paying noting for transactions.

All other businesses, and after the two years, are subject to the Royal Bank of Scotland's standard tariff.

These are the standard tariff fees:

Account nameStart-up Account (first 24 months)Start-up Account (after 24 months)RBS Business Account
Application feeFreeFreeFree
Monthly feeFreeFreeFree
Bank transfersFree35p35p
Card purchasesFree35p35p
ATM withdrawalsFree35p35p
Cash depositsFree70p per £10070p per £100
Cheque depositsFree70p70p
Interest (AER)0%0%0%


To be eligible for a Royal Bank of Scotland account you must:

  • Be a sole trader, partner or director
  • Have the right to live in the UK
  • Provide proof of address
  • Be at least 18 years old

There is more specific eligibility criteria that is dependant on which account you choose - based on annual turnover and business age.

During your application you will also need the following:

  • Personal details for each business owner (including address, date of birth and contact details)
  • Business details (including business address and contact details)
  • Your Companies House registration number (if your business is a Limited Company)

Opening an account

Here's how to open a Royal Bank of Scotland business account:

  1. To open online download RBS' app from the App Store or Google Play, or sign up from their website
  2. To open in store find your nearest RBS and head on in
  3. Complete their application - RBS will confirm your eligibility
  4. Verify your ID - with photo ID such as a passport or photocard driving licence
  5. Approvals can usually take up to 10 days if new or within 24 hours for existing customers


Royal Bank of Scotland offer business overdrafts from £500 up to £25,000, available to businesses that turnover less than £2 million, for 12 months.

Interest fees vary from 11.73% to 11.62% and arrangement fees start from £50 up to £375.

Businesses can borrow more than £25,000 - up to £50,000 - if their turnover exceeds £2 million or they have access to a Relationship Manager, amongst other things.

Savings accounts

These are the three types of savings accounts that the Royal Bank of Scotland have for offer:

  • Business Reserve - this is their instant access account which lets you withdraw your money whenever you like, with no penalties. You can open account with no deposit and the interest rate offered is 0.80% to 0.85% AER.
  • Liquidity Manager - you'll need to wait 35 or 95 days to withdraw any savings from this notice account but if you are in a position to do so you'll receive between 1.10% and 1.50% AER on your money.
  • Treasury Reserve - this is a fixed term account meaning you choose a term of anything from one night to 12 months. The interest rate will be agreed upon applying and will vary on how long the term is, usually the longer the better.

Here's a summary of RBS' business savings accounts:

Savings nameBusiness ReserveLiquidity Manager Notice AccountTreasury Reserve
Account typeInstant accessNoticeFixed rate
Interest rate (AER)0.80% - 0.85%1.10% -1.50%Available on request
Minimum deposit£0£0£100k - £5m
Maximum BalanceNo limitNo limitNo limit

Additional business services

Royal Bank of Scotland customers have access to a range of financial products, including business loans business cards.

Charities can also apply for a specific non-profit bank account, check the Royal Bank of Scotland's website for all eligibility criteria.

Royal Bank of Scotland reviews

RBS are rated very well on their apps, scoring 4.6 on Google Play and 4.5 on the App Store, from 80,000 combined reviews.

However, they only get 1.3 stars on Trustpilot based on over 700 reviews, with 89% rating them 1 star.

Information correct as of 7th February 2023.