The Current Account Mortgage from The Royal Bank of Scotland uses the very latest concept in personal banking, combining all of your existing bank accounts into one single account, allowing you to repay your borrowing early and save thousands of pounds in interest charges.

So how does it work?

The Royal Bank’s Current Account Mortgage is just that. You can do everything with a Current Account Mortgage that you can with a normal current account - pay bills, use Direct Debits and standing orders, as well as being able to access your money 24-hours a day. We’ll send you a Highline card, allowing you to use up to 27,600 cash machines across the UK, as well as a cheque book. A single monthly statement gives you total control over your finances. By arranging your finances in this way you could save thousands of pounds in interest on your borrowing.

But how can combining my bank accounts into one single balance save me so much money?

Most current accounts pay little or no interest at all! So, by combining your accounts into one and paying your salary into the Current Account Mortgage, the money that usually sits in your current account is now used to reduce your borrowing, meaning you pay less interest on that balance. Furthermore, you could save even more by adding your savings into the account.

That’s fine if you’ve got spare cash in your current account each month, but most of my money goes into paying off loans and credit cards, so I’m not going to save that much, surely?

That’s the beauty of the Current Account Mortgage - you don’t even need to have other borrowings any more!  You can pay off your existing loans and credit cards with the Current Account Mortgage and pay a single, mortgage-style, rate of interest on all of your borrowing.

Is there anything else I should know?

All we ask is that your salary is credited to your Current Account Mortgage - in exactly the same way as it is credited to your existing current account, and that the Current Account Mortgage is secured on your home, as with most traditional mortgages. We’ll then agree a Facility – or borrowing limit – with you. We’ll review this Facility once a year and may write to you offering you the option to reduce this Facility (and possibly take advantage of a lower interest rate), although you can also choose to keep it at the same level. To find out more about the Facility, click here. Finally, the account is not for business use.

The links on the left will show you in more detail how the account can save you money, as well as frequently asked questions and how to apply.

Please see our Important Information page for further information and a typical example.