Brexit

What it means for you

There should be no change to your everyday banking services during the transition. We’ll continue to support you and keep you informed and updated. We’re closely monitoring the situation and we’re committed to providing you with as much notice as possible should any changes be required. 

As our business is largely UK-focused, the impact on RBS is not as significant as it is for many other banks.

We’ve already made changes to the way we’re organised to ensure we can serve customers when the UK leaves the EU.

Our Ulster Bank Ireland DAC business will continue to provide services for our customers that live, invest and do business in the Republic of Ireland.

We continue to work closely with the UK Government to help us understand what the future UK-EU relationship means for the Financial Services sector.

The Withdrawal Agreement sets out the terms of the UK’s exit from the EU, including provisions for a transition period until 31 December 2020.

The Political Declaration sets out the framework for the future relationship between the UK and the EU. It covers trade and economic cooperation with the EU, alongside agreements on security and other areas. The UK and EU will use this framework as the starting point for negotiations on the future UK-EU relationship.

The EU consists of:

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.

The EEA includes EU countries and Iceland, Liechtenstein and Norway. It allows them to be part of the EU’s single market.

Switzerland is neither an EU nor EEA member but is part of the single market - this means Swiss nationals have the same rights to live and work in the UK as other EEA nationals.

The Withdrawal Agreement includes a transition period up until 31 December 2020. It allows the UK to continue to participate in the European Single Market and means that UK banks would continue to have access to the European Single Market using Financial Services Passporting rights. There should be no change to the everyday banking services we offer our customers during the transition.

Passporting (also known as Financial Services Passporting) allows us as a bank to sell our Financial Services in the EU. It also means that some of the foreign banks who have offices here in the UK can sell their Financial Services into EU countries and in the UK.

We are a UK focused bank, so for the vast majority of customers, our services and products will remain the same.

Passporting is intrinsic to the Single Market and will not be available to the UK at the end of the transition period. The UK Government in its July 2018 white paper stated that its proposal for the economic partnership would include new arrangements on services and investments that provide regulatory flexibility.

Yes. There should be no change to how you make and receive payments to EU countries. And, of course, you can continue to access your bank account through the mobile app to conduct your everyday banking needs.

Yes. It will still be easy to use your bank card in ATMs across Europe, in much the same way as you can use it today when you go on holiday to non-EU countries, such as America or Australia. And, of course, you can continue to access your bank account through the mobile app to conduct your everyday banking needs.

Yes. Your money will continue to be protected by the Financial Services Compensation Scheme. More information is available at https://www.fscs.org.uk/check-your-money-is-protected/

There is, as yet, no specific guidance on UK banking from the authorities. There should be no change during the transition period for our customers to their everyday banking services.

Access to Euro payment capability for our customers will remain as it is today.