Heritage
We are proud of our long and extraordinary history. It's part of our identity and part of what makes us unique. Discover more about our heritage and some of the historical themes that have played a part in shaping us.
Our Story
From our Scottish beginnings to a worldwide presence, our story is rich and fascinating.
Our Innovations
We've been innovating for more than 300 years. It's a continuous process and we can claim some important firsts in our history.
Our Banknotes
We started issuing banknotes in 1727 and still do so today. Over the centuries, our banknotes have helped us to build trust, pride and identity.
Our Archive Collection
Our archives date back as far as the 1660s and include Britain's oldest banking records. We are proud to make them available for research use.
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- How old is the Royal Bank?
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The Royal Bank of Scotland itself was established by royal charter on 31 May 1727. Some of our constituent businesses are even older, dating back as far as the 1580s. You can learn more about them at RBS Heritage On-line.
- Is it true that Scottish banknotes are not legal tender?
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Yes, it is - but Bank of England notes aren't legal tender in Scotland either. Officially, the phrase 'legal tender' means money that a person is obliged to accept if offered it in payment of a debt. Under Scottish law, that does not include banknotes, which are classified as 'legal currency' but not 'legal tender'.
The only historical exception was during the two world wars, when as a temporary measure the government made banknotes legal tender in Scotland, as a way of reinforcing people’s trust in them. This was important in a time of shortages, when the government needed to be sure that people would not hoard gold.
