Your RBS International Transfer Guide. Personal and Business Banking

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1 Your RBS International Transfer Guide Personal and Business Banking

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3 Contents Introduction pg 1 What will change when I move? pg 2 What will stay the same when I move? pg 3 What happens next? pg 4 What do I need to do? pg 5 Current Account Information pg 6 - Select Account - Tailored Account - Cashline Account - Gold Cheque Account - Route 21 - Student Current Account - Route 15 Savings Account Information pg 9-30 Day Savings - Instant Access Savings Account - Gold Deposit Account - 60 Day Savings - Instant Savings Tracker - Rainbow Savings Information for Loans customers pg 12 Information for Mortgage customers pg 13 Information for Business Banking customers pg 14 - Business Current Account - Business High Interest Account - Business Term Loan Account Frequently Asked Questions pg 17

4 We re moving your accounts to NatWest International Due to recent ring-fencing legislation introduced in the UK, we re required to make changes to our business that mean we re moving your RBS International accounts to NatWest International. This guide further explains the changes we re making, outlines what to expect as we move your accounts and answers our most Frequently Asked Questions that further explain what this move means for you and your accounts. What does this mean? As you re a Personal and Business Banking customer, your RBS International accounts will move to NatWest International and you ll receive new account numbers and sort codes. Your RBS International accounts will be closed and any balances will be transferred to your NatWest International accounts. While it s not possible to keep your existing RBS International account details, we ll ensure there is minimal disruption to your current banking activities and that all payments are transferred to your new accounts. You ll still deal with the same teams and continue to receive the same level of service as you do today. As RBS International and NatWest International are both trading names of the same underlying legal entity, The Royal Bank of Scotland International Limited, your existing contractual relationship isn t changing. If you also have a Corporate relationship with RBS International, you ll be contacted separately if these accounts are impacted by our ring-fencing plans. Why is this happening? UK ring-fencing legislation requires the larger UK banks to separate their essential banking services from investment banking services by 1 January This legislation was brought in by the UK Government to strengthen the financial system following the financial crisis that began in Ring-fencing reduces the possibility that essential banking services are put at risk by a failure in another part of the business such as investment banking. To comply with this legislation, the RBS Group must also separate its European Economic Area (EEA) business from its non-eea businesses such as those in the Channel Islands and the Isle of Man. This includes separating the use of certain parts of our banking infrastructure that are currently shared with the future ring-fenced bank. In line with the changes we re making, RBS International will provide products and services for Corporate customers. All Personal and Business Banking products and services will be offered by NatWest International. Further information about ring-fencing legislation and the changes we re making are available on the RBS Group website: What do I need to know? Your personal Transfer Plan confirms what accounts are affected, when we plan to move them and what type of accounts you ll have in NatWest International. We ve reviewed your RBS International accounts and mapped them to the most similar products in NatWest International. You can find further product information on pages 6-15 of this guide. If we can t provide a direct match for your accounts, this is highlighted in your Transfer Plan alongside an explanation of any actions you now need to take. 1

5 What changes when I move? New brand RBS International will still be a visible brand but for corporate and commercial customers only. As a personal or business banking customer your banking needs will now be taken care of by NatWest International. New account details You ll receive new sort codes and account numbers for your NatWest International accounts. New debit card and PIN If you have a debit card associated with your RBS International account, you ll be issued with a replacement NatWest International debit card and PIN before your account is moved. Your existing RBS International debit card will be cancelled when your account is closed. Replacement cheque books and paying in books will be automatically ordered for those customers who are actively using these today. All other customers can request these if required but they won t be automatically issued. New digital and mobile banking experience As a NatWest International customer you ll have access to an improved online banking service and a great mobile app to manage your day to day banking activity. You can register for these services via the NatWest International website. 2

6 What will be staying the same when I move? Payments and Credit Outgoing payments including direct debits, standing orders and bill payments will be automatically set up on your new accounts. All incoming payments sent to your RBS International accounts after closure will be redirected to your NatWest International accounts. There is no time restriction on this service all payments will be redirected to your new accounts indefinitely. If you have agreed overdraft and credit facilities currently in place on your RBS International accounts, these will also be transferred automatically. Terms & Conditions To keep things simple and clear, Terms & Conditions have been standardised across RBS International and NatWest International. This means that for the majority of our customers, Terms & Conditions will stay the same following the move to NatWest International. If your Terms & Conditions do change, we ll need you to complete paperwork confirming you re comfortable with the changes before we can move your accounts. Please note only a small number of customers will need to do this and, if you do, instructions will be clearly highlighted in your Transfer Plan and any necessary paperwork will be included. As RBS International and NatWest International are both trading names of the same underlying legal entity The Royal Bank of Scotland International Limited your existing contractual relationship isn t changing. Branch network All of our branches can be used by customers from both brands so you can continue to visit the same branch as you do now. Points of Contact If you have a dedicated point of contact or Relationship Manager who looks after your existing RBS International accounts, this relationship will continue when you move to NatWest International. 3

7 What happens next? Transfer Plan and official notice of account transfer Alongside this guide you should have received a letter confirming our plans to move your accounts to NatWest International. You ll also have your personal Transfer Plan explaining what accounts are affected and when we plan to move them. 30 day reminder, new account details and transfer date We ll write to you at least 30 days before your accounts are moved to confirm your new NatWest International account details and your transfer date. Your transfer date is the day your NatWest International accounts become fully activated, any remaining balances are transferred to your new accounts and when your RBS International account is closed. New debit card and PIN If you have an active debit card associated with your RBS International accounts you ll receive new NatWest International debit cards and PINs before your accounts are moved. Text updates If you re based in the UK or Channel Islands and we have your address or mobile number, we ll send you a reminder 7 days before your accounts are moved and another on your transfer date to confirm they re fully activated. Transfer complete confirmation You ll receive confirmation that your move from RBS International to NatWest International is complete once your accounts are fully operational. You ll also receive the closing statement for your RBS International accounts. Request cheque books, paying in books, telephone and digital banking services Request all of the above online, in any branch or through our Customer Support Team. If you re using online banking services today we ll automatically register you but you ll receive new log in details to protect your security settings and personal data. If we ve identified that you re using cheque books and paying in books regularly we ll issue replacements automatically. If you don t use these today but require them in the future you can request them. 4

8 What do I need to do? Familiarise yourself with the information in this guide outlining the features of your new accounts and answers to some of our most frequently asked questions. Unless you ve been advised otherwise in your Transfer Plan, you don t need to do anything for us to move your accounts. However, please read through the following section to make sure you re aware of some actions you may want to complete: Before you start using your new accounts You may want to: Register for telephone and digital banking services please refer to question 9-12 in the frequently asked questions section for further information Download the free, secure and easy to use NatWest International mobile banking app Destroy your old RBS International debit card once your new accounts are activated Please remember: All existing outgoing payments such as direct debits and standing orders will be automatically transferred to your new NatWest International accounts Any incoming payments sent to your RBS International accounts after they re closed will be instantly redirected to your new accounts. There is no time limit on this service all payments will be redirected indefinitely What if I don t want to move to NatWest International? If you don t want to move your accounts, please contact the Customer Support Team as soon as possible and a member of the team will discuss your concerns and any alternative options available. Please remember, this is a compulsory transfer and it s not possible to keep your RBS International accounts. Contact information for our dedicated Customer Support Team is detailed on the back of this guide. 5

9 Current Account Information Visit the Current Account tab on the Personal Banking pages of for further information about the benefits, features, services and Terms & Conditions of all NatWest International Current Account products. Select Account RBS International Account Name NatWest International Account Name Interest Paying Current Account Tailored Account Cashline Account Select Account Gold Cheque Account Route 21 The key benefits of the Select Account are: Free day-to-day banking Emergency cash get cash without your card. If you lose your card, you can withdraw cash (limits apply) at a NatWest International cash machine. They ll give you an emergency code to withdraw the funds you need Fraud and activity alerts Online and telephone banking service Mobile banking download the free, secure and easy to use NatWest International mobile banking apps Other services: Android Pay tap and pay with Android Pay Pay securely using Apple Pay Pay friends using their mobile number Pay Your Contacts Make payments without a card reader Interest rates and charges Your Transfer Plan will highlight and explain any changes to the interest rates that apply to your new account. The enclosed NatWest International Account Fees booklet provides further information about interest, fees and charges for your Select Account. Please note the fees and charges that may be applied to your account are the same today in RBS International as they will be when you move to NatWest International. Any credit interest due to you will be paid into your RBS International account before its closure on your transfer date. Likewise, before your account is closed, any debit interest, agreed fees and service charges will be deducted. Please note these debits will be deducted from your account on your transfer date. Depending on your current arrangements, this means your interest and/or charges may be applied earlier than usual. 6

10 Student Current Account RBS International Account Name Student Current Account NatWest International Account Name Student Current Account The NatWest International Student Account features all you need for everyday banking as an undergraduate. Key benefits: Interest free overdraft of up to 2000 (subject to eligibility) Telephone, online banking and mobile banking allow you to manage your account 24/7 Emergency cash - get cash without your card. If you lose your card, you can withdraw cash (limits apply) at a NatWest International cash machine. They ll give you an emergency code to withdraw the funds you need Text alerts Interest rates and charges Fees and charges that may be applied to your Student Account are the same in NatWest International as they are now on your RBS International account. Further information about arranged overdrafts, unarranged overdrafts and unpaid transaction fees for your Student Account can be found in the enclosed NatWest International Account Fees booklet. 7

11 Card Plus RBS International Account Name Route 15 NatWest International Account Name Card Plus Card Plus is an account for year olds which gives you the freedom to make the most of your money, even if this is your first account. The key benefits of Card Plus: Telephone, online banking and mobile banking allow you to manage your account 24/7 You can withdraw cash at any ATM in the UK, Channel Islands, Isle of Man, Gibraltar and abroad that displays the Visa logo (charges apply for overseas transactions) Use your debit card to pay for goods or services in stores or online When money is in your account, it s earning you interest Interest we pay you The annual rates of interest paid on credit balances; Amount held in account Gross Rate % AER% (variable) All charges and rates shown are correct as at 3 January 2017 and may change. Interest is calculated on a daily basis and paid into the account once a month. 8

12 Savings Account Information Visit the Savings & Investments tab on the Personal Banking pages of com for further information about the benefits, features, services and Terms & Conditions of all NatWest International Savings Account products. Common Definitions Annual Equivalent Rate (AER) This is a notional rate used for interest bearing accounts, which illustrates what the gross credit interest rate (excluding any bonus interest payable) would be if paid and compounded on an annual basis. It helps you to compare the effective rates of credit interest on different accounts. Effective Annual Rate of Interest (EAR) This is the real annual cost of an overdraft, stated as an annual rate, which takes into account how often interest is charged to the account. All other charges, such as arrangement fees, must be shown separately from the EAR. Gross Rate This means the interest rate you are paid before the deduction of income tax. Nominal Rate The rate charged excluding compounding of interest and other charges associated with a borrowing, e.g. arrangement and security fees. p.a. Per annum (per year) 9

13 Instant Saver RBS International Account Name NatWest International Account Name 30 Day Savings (Monthly or Annual) Instant Access Savings Account Gold Deposit Account Gold Deposit Account (Annual) Instant Saver 60 Day Savings (Annual) Instant Savings Tracker The Instant Saver lets you; Access your money instantly - there are no withdrawal penalties, so you can take money out whenever you want Watch your savings grow - interest is calculated daily and paid monthly directly into your account Manage your account your way - online, in branch or by phone Easy to manage - with online and mobile banking services What you should know; The interest rate is variable, so it can go up as well as down The account is for customers aged 16 and over Debit card available Direct debit and standing order payments are not permitted on your account Arranged overdrafts are not available on your account Cheque books are not available on your account Interest Rates Balance AER Gross Rate % % 0.25% All rates shown are correct as at 31 October 2016 and are subject to change. 10

14 First Saver RBS International Account Name Rainbow Savings NatWest International Account Name First Saver The NatWest International First Saver account is available to children under 16. Accounts can be opened on behalf of a child, or if they are aged over 7, the account can be held in the child s name with the consent of their parent or guardian. There are lots of benefits to becoming a First Saver: Start saving from as little as 1 Instant access to your money A free Pigbybank to help children start saving those pounds and pennies Easy access to Pigby s savings tips & tricks What you should know; The interest rate is variable, so it can go up as well as down Direct debit and standing order payments are not permitted on your account Interest Rates Balance Gross Rate AER (variable) % 0.50% Interest is paid quarterly. All rates shown are correct as at 03 January 2017 and are subject to change. 11

15 Information for Loan Account Customers Visit the Loans tab on the Personal Banking pages of and select your location for further information about the benefits, features, services and Terms & Conditions of all NatWest International loans. RBS International Account Name NatWest International Account Name Flexible Term Loan Flexible Term Loan Capital & Interest Personal Term Loan Professional Practice Loan Your NatWest International Personal Term Loan operates in exactly the same way as your RBS International Loan account. The below will remain unchanged when you move to NatWest International: Repayment amounts Repayment dates Interest rates No fees will be charged to transfer your loan account. 12

16 Information for Mortgage Account Customers Visit the Mortgages tab on the Personal Banking pages of and select your location for further information about the benefits, features, services and Terms & Conditions of all NatWest International mortgages. Your NatWest International Mortgage account operates in exactly the same way as your RBS International Mortgage account. The below will remain unchanged when you move to NatWest International: Repayment amounts Repayment dates Interest rates No fees will be charged to transfer your mortgage account. 13

17 Information for Business Account Customers Visit the Business Banking pages of for further information about the benefits, features, services and Terms & Conditions of all NatWest International Business Banking products. Business Current Account RBS International Account Name Business Current Account NatWest International Account Name Business Current Account With a business current account you can enjoy a range of benefits, including: The support of a locally based Business Manager 24-hour online banking The ability to make and receive payments by cash, cheque and electronically Night safes at some branches Instant access to your business funds An overdraft facility (subject to eligibility) Personalised cheque and deposit books and easy-to-read statements There will be no changes to the Terms & Conditions, interest rates and account fees for your new account. No fees will be charged to transfer your account. 14

18 Business Reserve Account RBS International Account Name Business High Interest Account NatWest International Account Name Business Reserve Account The NatWest International Business Reserve account lets you earn interest and have instant access to your funds. Low minimum balance - open an account with just 1 and invest up to 2 million Instant access - no withdrawal penalties and same day transfers to and from your current account Quarterly interest - calculated daily and added to your account each quarter No fees - there are no charges on a Business Reserve Account Interest options - interest can be paid into your Reserve Account or Current Account What you should know; The interest rate is variable, so it can go up as well as down Direct debit and standing order payments are not permitted on your account Arranged overdrafts are not available on your account Cheque books are not available on your account Please note if you currently issue cheques on your Business High Interest Account and would like to continue to do so please contact us to discuss your requirements. Interest rates Balance Gross Rate % AER % All rates shown are correct as at 07 November 2016 and are subject to change. Interest is calculated daily and applied quarterly. 15

19 Business Term Loan Accounts RBS International Account Name Business Term Loan Account Business Term Loan Account (Capital & Interest) NatWest International Account Name Business Term Loan Account Business Term Loan Account (Capital & Interest) NatWest International give you the freedom to create a loan the way you want it - for any amount of borrowing and for virtually any purpose. A Business Term Loan can be tailored to fit your business requirements: Interest rates - variable or fixed options Repayments - Delay them at the start to improve your cashflow Overpayments - make overpayments to reduce your loan amount A Business Term Loan is an ideal way to cater for changing business conditions. Your new NatWest International Business Term Loan operates in exactly the same way as your RBS International Loan account. The below will remain unchanged when you move to NatWest International: Repayment amounts Repayment dates Interest rates Your servicing account details in NatWest International will be set up in the same way as your existing RBS International servicing account. No fees will be charged to transfer your account. 16

20 Frequently Asked Questions 1. When will my accounts move? Your Transfer Plan confirms when we aim to move your accounts. We ll write to you to confirm your exact transfer date a minimum of 30 days before your accounts are moved. You should start using your NatWest International accounts from your transfer date. 2. Will I need to do anything to move my accounts? No. This process has been developed to cause minimal disruption for our customers and we ll do as much as possible for you. However there are some actions that we cannot complete on your behalf such as activating your digital banking profile, but we ll let you know when you need to do that. 3. What will happen to my payments and credit facilities? Existing outgoing payments (direct debits, standing orders and bill payments) will be automatically aligned to your new accounts. Any incoming payments sent to your old RBS International accounts after it closes will be redirected to your new accounts. There is no time restriction on this service; all payments will be redirected to your new accounts indefinitely. If you have agreed overdraft and credit facilities currently in place on your RBS International accounts, these will also be transferred automatically. 4. Will I get a new debit card and PIN? Yes. If you have a debit card linked to your RBS International account you ll be issued with a new NatWest International debit card and PIN before your transfer date. Your new debit card will already be activated when you receive it. Your existing RBS International debit card will be cancelled when your account is moved. 5. Can I still use my existing branch? Yes. You can continue to bank in the same branch as you do now. 6. Will my points of contact change? No. If you have a dedicated point of contact or Relationship Manager who looks after your existing RBS International account, this relationship will continue when you move to NatWest International. 7. Will my Terms & Conditions change? To keep things simple and clear, Terms & Conditions have already been standardised across RBS International and NatWest International. This means, for the majority of customers, Terms & Conditions will stay the same following the move to NatWest International. Customers who need to agree to new Terms & Conditions will be notified in their Transfer Plan. Please refer to page 3 of this guide for more information. As RBS International and NatWest International are both trading names of the same underlying legal entity, The Royal Bank of Scotland International Limited, your existing contractual relationship isn t changing. 8. What happens to the interest/fees/charges due on my RBS International account? Any credit interest due to you will be paid into your RBS International account before its closure on your transfer date. Likewise, before your account is closed, any debit interest, agreed fees and service charges will be deducted. Please note these debits will be deducted from your account on your transfer date. Depending on your current arrangements, this means your interest and/or charges may be applied earlier than usual. 17

21 9. Can I use online banking services and mobile apps? Yes. If you want to use NatWest International online banking services you can register by following the instructions on the Internet Banking pages on We ll automatically register you for these services if you use RBS International digital banking today. See question 10 for further information. As a NatWest International customer you ll also have access to a great mobile app to manage your day to day banking activity. 10. Will my RBS International digital banking log in information still work? No. If you re using our RBS International digital banking services today, we ll automatically register you for online banking services in NatWest International. You ll receive a new customer number and activation code that you ll need to use to log in and activate your profile but we ll let you know when you need to do this. 11. Will I still have access to ibanking? Yes. All customers will have access to ibanking. 12. Will I have access to telephone banking? Yes. Telephone banking services are available to all customers in NatWest International but you ll need to re-register to protect your security settings and personal data. The easiest way to register is via online banking but you can also enrol by calling our NatWest International telephone banking service on the numbers below Monday to Friday 7am 7pm and Saturday 8am 1pm. Jersey: Guernsey: From overseas: Can I keep my RBS International account? No. The RBS International brand is becoming a bank for Corporate customers. Personal and Business Banking products and services will no longer be available. 14. Can I close my RBS International accounts instead of moving to NatWest International? Yes. If you no longer need your RBS International accounts please contact our dedicated Customer Support Team on customersupport@rbsint.com or to discuss. 18

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23 Need more help? If you have questions or need further clarification on any of the information you have received about the transfer of your accounts to NatWest International, please contact our dedicated Customer Support Team who are happy to help. The team is available Monday Friday 9am to 5pm and can be contacted by phone or via the contact details below. Phone: Website: Protect yourself from fraud At a time when changes are happening in the banking industry, you should be especially wary of banking and online account scams. Steps you can take to protect yourself include: Beware of calls out of the blue claiming to be from your bank Remember, we will not call or you asking for your personal information, account details or PIN for your bank or credit card If you receive a call asking for this information, end the call immediately It is best to call your bank back using the number on your card or bank statement Find out more ways to protect yourself from banking and online account scams at: 20

24 The Royal Bank of Scotland International Limited (RBS International). Registered Office: P.O. Box 64, Royal Bank House, 71 Bath Street, St. Helier, Jersey JE4 8PJ. Tel Regulated by the Jersey Financial Services Commission. Guernsey business address: P.O. Box 62, Royal Bank Place, 1 Glategny Esplanade, St. Peter Port, Guernsey, GY1 4BQ. Tel Regulated by the Guernsey Financial Services Commission and licensed under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, as amended, the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, and the Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended. Isle of Man business address: 2 Athol Street, Douglas, Isle of Man, IM99 1AN. Tel Licensed by the Isle of Man Financial Services Authority in respect of Deposit Taking, Investment Business and registered as a General Insurance Intermediary. RBS International is a participant in the Jersey Banking Depositor Compensation Scheme. The Scheme offers protection for eligible deposits of up to 50,000. The maximum total amount of compensation is capped at 100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website wwwgov..je/dcs or on request. RBS International is a participant in the Guernsey Banking Deposit Compensation Scheme. The scheme offers protection for qualifying deposits up to 50,000, subject to certain limitations. The maximum total amount of compensation is capped at 100,000,000 in any 5 year period. Details are available from: Website: Telephone: +44 (0) Post: P.O. Box 380, St Peter Port, GY1 3FY. Deposits made in a Guernsey Branch will not be covered by any equivalent scheme in any jurisdiction outside of the Bailiwick of Guernsey. RBS International is a member of the Isle of Man Depositors Compensation Scheme (DCS) as set out in the Depositors Compensation Scheme Regulations To understand your eligibility under the scheme you may wish to visit Under the scheme (s) customers are entitled to make only one claim per licensed entity regardless of the number of brands or trading names contained within that licensed entity and customers are entitled to make one claim only per licensed entity in the jurisdiction where the deposits are held. Further details of the schemes are available on request. RBS International is a member of The Royal Bank of Scotland Group. The Royal Bank of Scotland plc - Registered in Scotland No Registered office: 36 St Andrew Square, Edinburgh EH2 2YB. The Royal Bank of Scotland plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The latest report and accounts are available at RBS International places funds with other parts of its Group and thus its financial standing is linked to the Group. Depositors may wish to form their own view on the financial standing of RBS International and the Group based on publicly available information. The latest report and accounts are available at financial-results. As at 31 December 2015, RBS International s paid-up capital and reserves exceeded 1, 865 million. UK resident depositors may be subject to declaration and taxation of resulting income. With currency accounts there is an exchange rate risk if the currency is not the depositor s reference currency. AER stands for Annual Equivalent Rate and illustrates the interest rates as if paid and compounded each year. Rates correct as at 1 July Gross is the interest paid before the deduction of tax. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Over 18 s only. Security required. Customers are advised that RBS International is part of The Royal Bank of Scotland Group plc ( RBS Group ). RBS Group companies in the UK and elsewhere provide support for our Online Banking service and can access your account data. Calls may be recorded. Internet s are not necessarily secure as information might be intercepted, lost or destroyed. Please do not any account or other confidential information. If you are not satisfied with any of our products or services, we have a complaints procedure that you can use. A leaflet, giving details of the procedure, is available from your branch upon request. RBSI 147 Jul 17