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RBS Royalties Gold Account

The Royalties Gold current account from RBS is a fee paying account that offers benefits to complement your lifestyle while saving you money and hassle.

The account provides tailored rates on savings, credit cards, mortgages, loans and much more. As with most PBAs mobile phone cover is included but for two phones instead of just one, plus worldwide annual family travel insurance that has a Defaqto rating of five stars. In addition there are discounts off selected flights and holidays, Green Flag breakdown cover, ID theft protection among other benefits.

This account is however, no longer available to new customers.

What were the benefits of RBS Royalties Gold Account?

The following are some of the benefits included in this account:

  • Mobile phone insurance - Mobile phones and smartphones are covered with this policy. This includes cover against loss, theft, accidental or malicious damage and if the phone stops working.
  • UK and worldwide travel insurance - Multiple trips of up to 31 days are covered under this policy. Account holders who are 70 years of age and over are required to pay an additional annual premium of £50.
  • UK car breakdown cover - Callout service and roadside assistance anywhere in the UK is included, along with transportation to a local repairer.
  • Extended warranty service - Two years of cover is added to the original manufacturers warranty for most electrical goods.

What was the cost of the RBS Royalties Gold Account?

The account had a monthly fee of £12.95.

How was the RBS Royalties Gold PBA mis-sold?

Like payment protection insurance (PPI), PBAs were often mis-sold by banks because the suitability of the product wasn't adequately assessed against the consumers’ needs and what the account offered was not properly explained to them.

When RBS sold customers a Packaged Bank Account, it was their responsibility to outline all the benefits to the customer to ensure that the decision to take out a PBA was right for them.

What ways could RBS have mis-sold you your packaged bank account?

Before considering a packaged bank account, consumers should be made aware of alternative, free accounts that could also work for them.

Many consumers found that there were too many limitations on the policy that they would not have had if they had taken the insurance as a standalone policy. Additionally, consumers may have tried to make a claim on the policy only to find out that they were not covered.

Many consumers did not fully understand how much a packaged bank account was going to cost them per month.

If you are unlikely to use certain packaged bank account benefits, you could lose out. For example, if you don’t drive then breakdown insurance will not be suitable or applicable to your needs.

Please Note: RBS no longer sell the Royalties Gold Account.

PBA Fee calculator and Claim Form

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