Our Story
We are one of the oldest banks in the UK and our extraordinary heritage also encompasses the histories of hundreds of constituent companies.
1746 to 1830
- The importance of Glasgow
- In 1783 we opened our first branch outside Edinburgh, in Glasgow. Already a major port city, Glasgow was poised to become a key centre of manufacturing too, but businesses needed external finance to maintain trade and fund new mills and factories. Our branch met this need and the relationship between the bank and the city brought advantages to both. Within two decades of its opening, the Glasgow branch was already conducting more business than head office in Edinburgh.
- Moving from old to new
- Back in Edinburgh, meanwhile, we were anxious to move away from our cramped, awkward premises in the heart of the city's Old Town. In 1821 we became one of the first major businesses to move to the elegant new district on the north side of the city, still known two centuries later as the New Town. Today, our registered office remains in St Andrew Square, in a magnificent Georgian townhouse.
- 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.