RBS chief admits free bank accounts won't be around for much longer

The outgoing head of the Royal Bank of Scotland, Ross Maxwell McEwan, has indicated that the end of free bank accounts may be nearer than we think.

In an interview with Nick Ferrari on LBC, the banking boss said: "They [people] don't pay anything for accounts, they don't pay anything for cheques, they don't pay for anything for an ATM, which I think is an amazing service for customers, which is free".

"Is the days of free banking over", Ferrari asked.

"I think we have to get to a point, where we start charging, so that people start realising that there is a service behind this", replied McEwan.

Many countries around the world, including many European countries, charge customers for bank accounts or charge a fee to maintain minimum balances.