Money Saving E-Newsletter
Enter e-mail address to signup NOW!
You are here:
Home 
Bank Accounts Latest News RBS makes £5.2 billion loss
Bank Accounts Latest News RBS makes £5.2 billion loss RBS makes £5.2 billion loss
Date of Publication: Friday, 01 March 2013 11:21
Royal Bank of Scotland announced that it made a pre-tax loss of £5.2 billion for 2012, during what it described as a 'chastening' year.
Despite a rise in annual operating profits, from £1.82 billion in 2011 to £3.46 billion last year, the state-owned bank has been stung by financial penalties arising from a spate of scandals.
The bill for compensating victims of payment protection insurance mis-selling has now exceeded £2 billion, with a further £700 million set aside to cover interest-rate swaps to small businesses.
Meanwhile, the bank was recently fined £390 million by UK and US regulators over its involvement in the Libor rate-rigging scandal (read more).
Despite the losses, boss Stephen Hester said that he hoped the Government would now sell its shares in the bank to allow it to finalise its restructuring process.
The 83% stake was funded by the taxpayer as part of a bailout in 2008.
Mr Hester said that the re-privatisation of the bank was almost within reach.
RBS almost ready for re-privatisation despite losses, says CEO Stephen Hester.
"Good Financial Health"
The bank was “much closer now to being in the good financial health that would allow shareholders to receive a dividend and the Government to start to sell its stake,” he said.
Since becoming chief executive of the bank, Mr Hester has concentrated on downsizing the bank’s investment arm and extraneous areas of the business.
The sale of the bank’s aircraft leasing operation, RBS Aviation, raised over £4.5 billion. Also gone are Hoare Govett, the corporate broker, and payment processing system WorldPay.
“The clean up of RBS is entering its last phases and I am hopeful that as we go past 2013 and into 2014 it will look much more like a normal company,” he added.
“We are determined that it will show a leading UK bank striving to be a really good bank.”
Keith McDonald
Which4U Editor
If you enjoyed this article:
- Check out the latest articles on our Finance Blog.
- Sign up for our free e-newsletter.
- Follow us on Twitter for regular updates.
Friday, 01 March 2013 11:21
Top 5 Current Accounts
|
Provider |
Min Bal |
O/D Rate |
O/D Buffer |
Apply |
|
|---|---|---|---|---|---|
| View Full Table > | |||||
 |
|||||
|
0%
|
£1
|
No Offer
|
£100
|
||
 |
|||||
|
0%
|
£1
|
No Offer
N/A
|
No Offer
|
||
 |
|||||
|
3%
|
£500
|
No Offer
N/A
|
No Offer
|
||
 |
|||||
|
0%
|
£1
|
No Offer
N/A
|
£100
|
||
|
|
|||||
|
0%
|
£1
|
No Offer
|
£100
|
||
Natwest Select
- Free day-to-day banking without subscription charges
- Overdraft available subject to eligibility, giving your finances some breathing space
- Chequebook available subject to eligibility; handy when cash or cards aren't convenient
- Monthly statements with all your transactions and your balance - by post or online. Or pick up a mini-statement from our cash machines
Barclays Bank Account
- Create your own personalised Current Account with the new Barclays Features Store - Customise your account with a range of Packs that cover gadgets, home appliances, travel and more. Simply add the Features that you want and leave out the ones that you don't. Terms, conditions and exclusions apply - read the policy documents so you know whats covered and whats not.
- Free Text Alerts to help manage your money
- Personalise your debit card for free with your favourite photo (image guidelines apply)
- Contactless debit card (subject to status) allows you to make fast and secure payments for items that are priced £20 or less.
- Online, Telephone, Mobile and Branch
- No minimum funding required
- Barclays Pingit - the quick and easy way to send or receive money with just your mobile
- Free switching service available
Santander 123 Current Account
- The New 123 Current Account pays cashback on household direct debits
- 1% cashback on water and council tax
- 2% cashback on electricity and gas
- 3% cashback on mobile, home phone, broadband and paid for TV packages
- New 123 Current Account pays also pays in-credit interest
- 1% AER on the entire balance, once the customer’s balance is £1,000 or over
- 2% AER on the entire balance, once the customer’s balance is £2,000 or over
- 3% AER on the entire balance, once the customer’s balance is £3,000 or over (up to £20,000)
- You are required to pay £2 a month (equates to 6p per day)
- Your overdraft fee will be 19.9% EAR plus an unauthorised fee of £1 per day.
- Get a cheque book and a Visa Debit card. You can use your Visa Debit card in shops wherever you see the Visa symbol and at virtually every cash machine in the UK and many worldwide. It also acts as a £100 cheque guarantee card
- Access to your money 24 hours a day 7 days a week through our e-banking service, 750+ branches, 24-hour telephone banking service, LINK cash machine network or even by post
- You must setup a minimum of 2 active direct debits
- You must deposit at least £500 per month
- This account is open to NEW and EXISTING Santander customers aged 18 and above (must be UK resident)
RBS Select
- Free everyday banking - no monthly subscription charges.
- No arrangement or renewal fees - on overdrafts up to £15,000. And pay no interest on agreed overdrafts of up to £100.
- Save on your mortgage - use your Interest Paying Current Account balance to save money with our Offset Service.
- Easy access to your money - your debit card gives you access to almost every cash machine in the UK. You can also pay for goods and services wherever you see the logo shown on your card.
- Online banking - manage your money 24 hours a day, 365 days a year with our telephone and internet banking services. (Except for short periods of essential maintenance.)
- Overseas money - get money in local currency at cash machines and buy goods wherever you see the logo shown on your card.
- Statements - monthly statements list all transactions and your current balance. You can also get mini-statements from any cash machine.
Natwest Select Platinum Current Account
- Pay £16.00 per month and get the following benefits:
- Green Flag car breakdown cover - even on your driveway
- Mobile phone insurance – including all smartphones
- Annual worldwide travel insurance - Members and their partners aged 70 years and over must pay an additional annual premium of £50
- Travel benefits – discounts on holidays, flights and hotels
Nationwide Current Account
- VISA debit card with every account
- Free travel insurance: multi-trip European cover worth up to £70* (conditions apply)
- Manage your account online with an excellent internet banking service.
- Three-month interest-free overdraft when you switch to FlexAccount
- Free day to day banking
- Voted Best Overall Online Provider 2009 by Your Money
Nationwide FlexPlus Current Account
- £10 per month gets you the following benefits:
- Get 3.00% variable on balances up to £2,500 (no interest for balances £2.5k+)
- 3 month Fee Free overdraft
- Commission Free Cash Withdrawals Abroad
- VISA debit card with every account
- Travel Insurance - Worldwide travel insurance, including winter sports, golf, business and wedding cover for you and your family.
- Mobile Phone Insurance - Worldwide cover if your phone's lost, stolen, or damaged.
- Breakdown Cover - UK & European breakdown cover for you in any private car and also anyone driving your car with your permission.
- Extended Warranty - Get an extra 12 months warranty for eligible household electrical goods.
- Identity Theft - Get help and support if your personal data's compromised or your cards are lost or stolen.
Top 5 Savings Accounts
|
Provider |
Notice |
Interest Paid |
Min Bal |
Apply |
|
|---|---|---|---|---|---|
| View Full Table > | |||||
|
|
|||||
|
1%
|
Instant
|
Monthly
|
£1
|
||
|
|
|||||
|
1%
|
Instant
|
Monthly
|
£1
|
||
 |
|||||
|
1.00%
|
Instant
|
Annually
|
£1,000
|
||
 |
|||||
|
1.75%
|
30 Days
|
Monthly
|
£1
|
||
|
|
|||||
|
1.75%
|
30 Days
|
Monthly
|
£1
|
||
Natwest e-Savings
- No penalties – we don't charge you for withdrawing your money
- Start saving with £1 - and there's no minimum balance
- Monthly interest – paid directly into your account
- No need for an existing NatWest account – although if you have one, it's quick and easy to move money between e-Savings and your other NatWest accounts
- Get the savings habit – we can set up a regular transfer from another NatWest account
- Set up and track your own personal savings goals - through Online Banking
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
RBS Direct Saver
- you will earn the following rate of interest: 1% AER/Gross (variable)
- Instant access to your funds with no penalties
- Monthly tax-free interest – RBS can pay the interest into your Direct Saver or another RBS account.
- Manage your ISA by Phone, post, in branch and online
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Scottish Widows Direct Transfer Account
- Minimum balance £1000
- Deposits can be made by internet banking, telephone or post
- No notice period or penalties for withdrawals
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Aldermore 30 Day Notice Account
- Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
- Fast and easy setup - open an account, complete identity checks and move your money in minutes
- Accessible - open an account with just £1
- Flexible - add to your savings whenever you want
- Access - unlimited withdrawals, subject to notice and without loss of interest
- Easy to manage - do it online, by phone or by post
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Aldermore 30 Day Notice Cash ISA
- Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
- Fast and easy setup - open an account, complete identity checks and move your money in minutes
- Accessible - open an account with just £1
- Flexible - add to your savings whenever you want
- Access - unlimited withdrawals, subject to notice and without loss of interest
- Easy to manage - do it online, by phone or by post
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Top 5 Fixed Rate Bonds
|
Provider |
AER |
Duration |
Min Bal |
Apply |
|---|---|---|---|---|
| View Full Table > | ||||
 |
||||
|
1.40%
|
Fixed term for 1 year
|
£10,000
|
||
|
|
||||
|
1.50%
|
Fixed term for 1 year
|
£2,000
|
||
 |
||||
|
2.31%
|
Fixed term for 2 years
|
£1,000
|
||
|
|
||||
|
2.46%
|
Fixed term for 3 years
|
£1,000
|
||
|
|
||||
|
2.56%
|
Fixed term for 5 years
|
£1,000
|
||
Lloyds TSB International 1 Year Bond
- Save for 1 year
- Fixed interest rates of 2.75% AER/Gross*.
- Save from £10,000 up to £5,000,000
- No withdrawals are allowed.
- Rate is fixed for the term of the deposit.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
NatWest 1 Year Fixed Rate Bond (internet only)
- Online applications only
- 1.50% AER/Gross p.a. (fixed) - Interest rate fixed until 18 June 2014
- Existing Customers only - You will need to have a NatWest current account or instant access savings account (excluding all cash ISA accounts) from which to pay into your bond and for the payment of interest
- Easy application - as the application can be completed quickly online when you have a nominated account. Single account application only
- Save from £2,000- the maximum is £1,000,000
- Simple- Fixed Rate Bond: Internet Only Edition has one rate of interest which starts once the bond account is opened and your funds are in
- If you change your mind about opening your Fixed Rate Bond you have a 14-day period from the date your Bond has been opened, in which to contact us to cancel your Bond without incurring an interest charge
- No partial withdrawals or additional deposits are allowed - you may close your Fixed Rate Bond prior to the maturity date by providing a written instruction to your branch, and giving 35 days’ notice. There will be an interest charge equivalent to 90 days' gross interest
- You may close your Fixed Rate Bond in the event of death or involuntary redundancy. In those circumstances, an interest charge will not apply. 35 days notice will still be required
- At maturity, we will automatically reinvest your deposit for you into a new Fixed Rate Bond of the same term and interest frequency, unless you tell us otherwise
- Limited offer - may be withdrawn at anytime
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Vanquis Bank 2 Year Fixed Rate Bond
- Available Online Only.
- Deposit between £1,000 to £250,000 for TWO YEARS in ONE PAYMENT and benefit from a guaranteed savings rate.
- Annual or Monthly interest options available.
- Sole or Joint Accounts.
- Restricted to UK residents 18 years or older.
- No additional deposits, withdrawals or closure during term.
- Vanquis Bank is a UK bank with operations and call centres in London, Chatham, Bradford and Newcastle, and is part of the Provident Financial Group, a FTSE 250 company founded over 130 years ago.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
Vanquis Bank 3 Year Fixed Rate Bond
- Available Online Only.
- Deposit between £1,000 to £250,000 for THREE YEARS in ONE PAYMENT and benefit from a guaranteed savings rate.
- Annual or Monthly interest options available.
- Sole or Joint Accounts.
- Restricted to UK residents 18 years or older.
- No additional deposits, withdrawals or closure during term.
- Vanquis Bank is a UK bank with operations and call centres in London, Chatham, Bradford and Newcastle, and is part of the Provident Financial Group, a FTSE 250 company founded over 130 years ago.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
Vanquis Bank 5 Year Fixed Rate Bond
- Available Online Only.
- Deposit between £1,000 to £250,000 for FIVE YEARS in ONE PAYMENT and benefit from a guaranteed savings rate.
- Annual or Monthly interest options available.
- Sole or Joint Accounts.
- Restricted to UK residents 18 years or older.
- No additional deposits, withdrawals or closure during term.
- Vanquis Bank is a UK bank with operations and call centres in London, Chatham, Bradford and Newcastle, and is part of the Provident Financial Group, a FTSE 250 company founded over 130 years ago.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
Scottish Widows 3 Year Fixed Rate Bond
- Minimum deposit £10,000
- No partial withdrawals are permitted throughout the 3 year term
- Interest paid monthly, quarterly or annually
- Application deadline: 15th February 2013 (We need to receive your application one working day before this date).
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
United Bank UK 1 Year Fixed Rate Bond
- Guaranteed rate of interest for full term of product
- Minimum deposit of £2,000
- Interest payable monthly or on maturity
- Penalty for early withdrawal
- Available as sole or joint accounts
- Must be UK resident and 18 years of age or older
- Must have an account with an existing UK bank
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
United Bank UK 2 Year Fixed Rate Bond
- Guaranteed rate of interest for full term of product
- Minimum deposit of £2,000
- Penalty for early withdrawal
- Available as sole or joint accounts
- Up to £85,000 per depositor is protected by FSCS
- Must be UK resident and 18 years of age or older
- Must have an account with an existing UK bank
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
United Bank UK 3 Year Fixed Rate Bond
- Guaranteed rate of interest for full term of product
- Minimum deposit of £2,000
- Penalty for early withdrawal
- Available as sole or joint accounts
- Up to £85,000 per depositor is protected by FSCS
- Must be UK resident and 18 years of age or older
- Must have an account with an existing UK bank
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
Aldermore 1 Year Fixed Rate Bond
- Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
- Fast and easy setup - open an account, complete identity checks and move your money in minutes
- Accessible - open an account with just £1,000
- Easy to manage - do it online, by phone or by post
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Follow us on Twitter, facebook, or subscribe to our news feed.