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.
Go deeper with GlobalData
"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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
