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RBS Offer but no interest

Hi Guys
Just had an offer off RBS for ppi dating back to the early 1990s,but they are offering the sum of premiums paid in ,but no interest will be added.I have spoken with them but the lady I spoke to said I was not entitled to interest?
Therefore should I accept their offer or go to the FOS and hope interest may be added,but if unsuccessful RBS have said I must accept their offer within a stipulated timeline or end up with nothing.
I have calculated the interest to come to the equivalent of one and a quarter times their offer so it is a fair amount of money invoved.
Any advice or views would be a help

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