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*Home > Personal Finances > Current Accounts > Jargon Buster
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Personal Finances
Current Account Jargon Buster

Introduction

Current accounts help you to manage your day to day finances. You can arrange to have your wages or salary paid directly into your account and regular bills like pension payments and car insurance can be settled straight from the account every month.

Monthly statements help you to keep track of your spending too. The Royal Bank can usually supply cheque books as well as Highline/Cashline cards, so your money is always within easy reach. Our current accounts even pay interest on your money when you’re in credit, so you can be saving without even knowing it.

Opening an Account

Opening one of our current accounts is very straightforward. The easiest way is to contact your local branch where one of our Customer Advisors can help you choose the right account for you. Click here for more information.

Making Regular Payments

This can be done directly from your regular account and is usually done in one of two ways - either by Direct Debit or by Standing Order.

Direct Debits involve giving an organisation written permission to take regular amounts from your bank or building society account in payment for goods and services. The Direct Debit Guarantee means that any overcharges or errors will be refunded straight away.

A Standing Order is an written instruction to your bank or building society asking it to make regular payments of a fixed amount from your account.

Automated Telling Machines

Cashline is The Royal Bank of Scotland’s Automated Telling Machine (ATM) system. Cards can be used at all of our machines throughout the country to withdraw money or to check your balance and order a new cheque book. We supply you with a Personal Identification Number (PIN) which you type in to the machine after inserting your card. After that you just follow the instructions on the screen, it couldn’t be easier.

You can also use your Highline or Cashline card to withdraw cash at all other major ATM networks in the UK.

Highline is a cash card with a difference - several differences. In addition to having a Cashline facility, you can use Highline as a cheque guarantee card and also a Switch debit card - paying without writing a cheque, wherever you see the Switch sign. Highline also has the Cirrus and Maestro logos, allowing you to withdraw cash and make purchases abroad.

Digital Banking

We offer Digital Banking. It allows you to use your PC or Mac, your desktop or laptop to do your banking over the Internet. You can check your account balances, set up standing orders, view direct debits and also to pay bills or transfer money between your Royal Bank of Scotland accounts on any date up to 120 days in the future.

Telephone Banking

Direct Banking is The Royal Bank of Scotland's telephone banking service. A whole range of services can easily be carried out using Direct Banking, saving you the hassle of a trip to the branch.

Firstly, if you don't already have an account with us, you'll need to open one before you can use Direct Banking. After that, joining the service is simple. Your details are kept secure at all times, and the beauty is that once you're a customer, we're open to take your calls 24 hours a day, 7 days a week.

Frequently asked questions about Direct Banking
How do I join? Simply phone 0345 573 454 to hear our demonstration and information line.
What about security? All your banking transactions remain completely secure and confidential. First we issue you with a unique customer number which includes your date of birth. Then you choose a 4-digit security code. In addition, you can choose your own unique password of six letters or more. Every time you call Direct Banking some or all of these details will be requested from you before you can access your account.
What services does Direct Banking offer? You can choose to conduct your Direct Banking transactions person to person using our Adviser service, or via the keypad on your phone using our Push Button service. We also have an Express line on 0800 60 20 80, for balance enquiries on your main account. We offer Digital Banking. It allows you to use your PC or Mac, your desktop or your laptop to do your banking over the Internet. You can check your account balances, set up standing orders, view direct debits and also to pay bills or transfer money between your Royal Bank of Scotland accounts on any date up to 120 days in the future.

What can I actually do using the services?

 You can pay regular bills, request statements, order a new cheque book, check your balance, transfer funds between your Royal Bank accounts, set up, amend or cancel standing orders, and much more using Direct Banking.

Current Accounts Glossary

ATM Cashline is the Royal Bank's ATM (Automated Teller Machine) system. Linked to a network of machines throughout the UK and overseas, Cashline allows you to get cash and perform minor account functions even when your branch is closed.
Balance This is the amount that is in your account at any given moment either in credit or overdrawn.
Charges In some cases the bank charges agreed amounts for services such as stopping cheques or unauthorised overdrafts. Alternatively, certain accounts, for instance Royalties, offer extra benefits in exchange for a monthly subscription.
Cheque Guarantee Facility Facility available on our Highline card which is used in conjunction with cheques. Each card carries a monetary limit and the bank guarantees that any cheques used together with the card will be paid up to that limit.
Cirrus Cirrus is an international network of cash machines which allow you to withdraw money in local currency in a number of different countries.
Credit To credit your account means to pay money in. If you are in credit, it means that your balance is above £0.00.
Debit To debit your account means to withdraw money from it.
Direct Banking Direct Banking is a special telephone banking service run by The Royal Bank. All you need in order to do your banking by phone 24 hours a day 365 days a year, is a current account.
Digital Banking Our internet banking service allows you to carry out a whole range of transactions including checking your account balances, setting up standing orders, viewing direct debits and paying bills.
Free Banking Free banking means that the bank will not charge to run your account.
Highline Highline is the Royal Bank's 3 in 1 card. Rather than having to fill up your wallet or purse with lots of plastic, Highline lets you guarantee cheques, withdraw cash and make Switch payments using one card.
Interest You will receive interest on credit balances maintained or you may pay overdraft interest on debtor balances
Maestro Maestro is an international network of cash machines which allow you to withdraw money in local currency in a number of different countries. It is also an international point of sale facility allowing you to pay for goods and services in much the same way as you use Switch in the UK.
Mandated Salary This is where your salary is automatically paid into your account each month by your employer.
Photocard A unique security service that allows your photograph and signature to be laser etched onto your Highline card.
Switch A debit card system which allows you to use your card to pay for goods and services in the UK where you see the Switch sign. The money spent is automatically withdrawn from your account - usually within three days.
Withdrawal Limit (ATM) There is a limit to the amount of cash that you can take out each day with your Cashline or Highline card depending on which account you have.

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