Be rewarded for keeping your savings untouched
Please read the Summary Box below before you apply, this will give you key information about Premium Saver
Make the most of your savings
Get rewarded with bonus interest, every month you leave your savings untouched
Exclusively available for our current account customers, aged 16 and over
Get instant access to your savings when you need it
Earn bonus interest on savings between £25,000 and £1 million
Account name: Premium Saver
What is the interest rate?
AER/Gross p.a. (variable)
Can Royal Bank of Scotland change the interest rate?
Yes, these rates are variable. They may be changed for any of the reasons set out in Term 9.2 of the Savings Account Terms (PDF, 605k), e.g. to take account of Bank of England base rate changes or changes in the rates paid by other banks. If the rates are going down we’ll give you at least 60 days’ notice. If they are going up, we’ll inform you before the change or shortly afterwards. Term 9.2 (PDF, 605k) contains details of the notice we’ll give you.
What would the estimated balance be after 12 months based on a range of deposits?
No withdrawals made in any month: bonus condition is met
Initial deposit at account opening
Balance after 12 months
Interest earned (Includes bonus interest)
One withdrawal of £50 made each month: bonus condition is not met for the whole year
Initial deposit at account opening
Balance after 12 months (includes £600 withdrawn over the 12 months)
Interest earned (No bonus: 0.20% AER (Gross p.a.))
How do I open and manage my account?
- You must be a UK resident aged 16 years or over and already have a current account with us, or apply for a current account with us at the same time.
- We will also need your email address and mobile number to open your account.
- You can only have one Premium Saver Account in your sole name, and only one Premium Saver Account in joint names with another person.
- You can open and manage your account on our mobile app, online, in branch or by telephone.
- No minimum deposit is required to open the account; no minimum deposit needs to be made on a regular basis; and there is no maximum balance limit. However, to earn the bonus rate of interest in each monthly bonus period, your account balance must be between £25,000 – £1,000,000 and you must not make any withdrawals in that month.
Can I withdraw money?
Yes. No notice is required. You can withdraw money:
• In branch
• By transfer to any other account based in the UK (online, by telephone or on the mobile app)
There are daily limits on the amount you can transfer from your account online, by telephone or mobile app. The current daily limits and how to withdraw more than them can be found here or by contacting telephone banking.
However, if you make one or more withdrawals in a monthly bonus period, you will not earn the bonus for that month and your interest rate will be lower for that period.
How do I earn bonus interest?
- To earn the bonus in each monthly bonus period, your account balance must be between £25,000 and £1,000,000, and you must not make any withdrawals from your account for that month
- A monthly bonus period runs from close of business on the second-last business day of one month, to close of business on the second-last business day of the following month.
- Close of business times differ depending on whether you pay in your money in branch, or by using our telephone, online or mobile app services.
What happens if I close my account?
You will not earn bonus interest for the monthly bonus period of closure. The interest rate without bonus will continue to apply up until the day you close your account.
Bonus interest only applies on balances between £25,000 – £1,000,000 where the bonus condition is met. No bonus interest will be earned for any day on which your account balance is less than £25,000 or greater than £1,000,000.
For example, if your account balance is £1,100,000, you will not earn bonus interest on any part of your balance. You will earn 0.35% AER/Gross p.a. (variable) on your entire account balance.
AER: This is a notional rate used for interest bearing accounts which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.
Gross: The interest rate you are paid without the deduction of UK income tax.
p.a.: per annum (per year)
Get off to a fast start
Why not let us do the saving for you? Tell us you'd like a regular payment or an instant transfer in your application, and we’ll set it up for you – that’s one less thing to think about. It’s a great habit to start.
We'll send you an email when your statements are ready to view in Digital Banking. You can check it whenever you want.
Ready to apply?
Remember, our Premium Saver is exclusive for our current account customers.
Before you start your application, we need to check a few things.
Do you have Digital Banking?
Financial Services Compensation Scheme
Your eligible deposits with Royal Bank of Scotland are protected up to a total of £85,000, by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme.
Find out more about the scheme and how it protects your money.