RBS Student Royalties

Megalomaniac

When did the student royalties account end the offer of receiving £55/£100 when opening an account?

Also, when do they noramlly pay you this. I have been messed around by RBS but got my account open, but now I don't have this extra incentive to open it with them. Anyone else open an account and have their money now? If so, how long did it take to get it?

colin79666

They never gave me my £55 despite following all the terms. I gave up trying to get the money out of them.

Megalomaniac

It's annoying because the site now says offer over, but doesnt lin kto the terms and conditions. Think I have adhered to the terms... I thought if you open up the account, you get your money...

Megalomaniac

Aha!

1. This offer is only available at a selection of Royal Bank of Scotland branches in Scotland where the promotion is on display and online when the relevant code is quoted on the RBS Student Royalties online application form.

2. Only available to new customers to The Royal Bank of Scotland, who are 1st year undergraduates commencing their first Higher Education course, who open a Student Royalties account between 1 May and 31 October 2006 and who use it as their main Student account.

3. Main Student account means the account should be used for the purpose of ordinary banking transactions including credits (your main student funding credited), debits, cashline transactions, Direct Debits and Standing Orders.

4. Not available to existing Royal Bank of Scotland current account holders.

5. Only one offer per customer.

6. We will pay £100 into your new account a minimum of 2 months after you have begun your studies and no later than 31 January 2007. The account must be actively used from the date of account opening before the £100 will be authorised.

7. All account openings are subject to acceptance.

8. You will lose the right to benefit from the offer if we deem that your account has not been opened or used in accordance with the terms and conditions above.

9. The offer is subject to change and may be withdrawn at any time.

10. The offer is not open to employees of The Royal Bank of Scotland Group of companies

Grrr reading them means I don't get the £55 in England because of points 2,3 and 4! Oh well... least I have the overdraft which will pay for my laptop.

icklepeach

Hi

Please please be careful when opening a student account with RBS! They have the highest account charges per item in the industry and there is no daily/monthly limit on charges. They are the embodiment of evil. It looks so good, but we're about to do the court thing over the reclaiming bank charges, because I think there has been a total of around £6000 in charges on my student account.

They are not worth it ever.

The_doomed

perhaps stick to the terms of your agreement and you wouldnt have circa 6k of charges.
-oh, but blame the bank...

icklepeach

why thanks, that didn't occur to me.

The point being, that RBS have the highest charges and are the only ones with no limit. Bearing in mind that many things have to be paid monthly and some students only get income 3 times per academic year this can make a huge difference.

The difficulty with bank charges is that they are prone to snowballing, when one charge occurs it leaves you without money for the next outgoing.

I'm not going to go into the particulars of my finances. Those are personal, but I truly hope you never face those difficulties.

edit: incidentally Megalomanic did suggest that they were going to use the overdraft to buy a laptop. As RBS will revoke the overdraft if it's not the main student account, taking a big chunk out of the OD on your main account, and therefore close to the limit makes it much harder to stay squeeky clean...

icklepeach

I've been looking through my old statements in preparation for presenting my case to RBS over charges and I just thought I'd let you know.

I was charged a total of £350 in 2 days, which left my account the day before my loan payment cleared one year. All but 3 of the transactions were under £20, which was the minimum charge per transaction. If I had had a HBoS account, those same charges would have totalled £60 max, because of their limits.

The per transaction charge is worth looking into when considering student accounts because no-one can predict what's going to happen over the course of their degree.

Meatballs

Read:

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1141050760,24632,

On how to reclaim unfair bank charges.

icklepeach

Hi Meatballs,

I've started proceedings against them, they're going to hate me, but I am well and truly beyond caring. I really hope no other student gets in this position though. they are the embodiment of evil

*sigh*

matt4504

I have a RBS student account from 2004 and i've been charged so much its awful. Honestly, pick someone different like Smile etc