Royal Bank of Scotland has increased the usage fee for one of its current accounts, but despite this, it has earned an 'excellent' rating for its competitive terms.
Black Account now has an account usage fee of £26 per month. It also has a generous authorised overdraft buffer of £500 and pays tiered rates of interest depending on the account balance: 0.10% AER is paid on balances of up to £9,999.99, 0.25% AER is paid on balances between £10,000 and £24,999.99 and 0.5% AER is paid on balances from £25,000.
Current account customers can also benefit from added perks such as worldwide travel insurance, a concierge service, vehicle breakdown cover and domestic emergency cover, which could offset the high fee for some users.
This account must be opened online but can then be managed online, in branch, by phone, in Post Office branches and via smartphone app. Customers must be at least 18 years old and have a minimum annual income of £100,000, a minimum outstanding mortgage of £300,000, or savings or investable assets of at least £100,000.
A rate of 14.89% EAR will be charged on authorised overdrafts (after the fee-free buffer), while unauthorised overdrafts will incur a daily charge of £6.
High net-worth clients who are looking for a competitive current account are likely to show interest in this deal, in spite of its recent usage fee increase. It comes with a generous authorised overdraft buffer, and also pays tiered rates of interest for those who keep their account in-credit. The added extras on offer are also appealing, and serve to make this deal an intriguing option for those who fit the eligibility criteria.
Moneyfacts rating: Excellent
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