The Royal Bank of Scotland (RBS) and its subsidiaries – NatWest and Ulster Bank -have launched a new fee-free account for consumers who are not eligible for any other current account due to their credit score.
The accounts will be charge-free even when direct debits or standing orders fail. Previously, customers could be charged as high as £35 for every failed payment, which often pushed them into overdraft.
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"Every transaction will be checked with the bank before being authorised to ensure the customer has funds available and does not risk going overdrawn," RBS said in a statement.
The new fee-free foundation account, which can be used at any ATM, in store or online, will be available to individuals aged 18 years or over.
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By GlobalData
