Savings Builder

Grow your
savings by
saving regularly

Why choose a Savings Builder?

Earn up to 1.50% AER/Gross p.a. (variable) when you grow your savings by £50 or more each month

Exclusively for our current acccount customers, aged 16 and over

You can open the account with just £1

Flexibility when you need it. If you can't grow your savings by £50 in a month, it just means you won’t earn interest for that month

Summary Box

Account name: Savings Builder

What is the interest rate?

Interest is paid on the above tiers on a stepped basis which means you’ll earn a different rate on each portion of your balance within the above tiers. If, for example, you hold £11,000 in your account, and you have satisfied the regular saving condition, your interest rates for that monthly period will be: 1.50% on the first £5,000, 1.50% on the next £5,001-£10,000 and 0.20% on anything over £10,000. You can find details of the regular saving condition in the Additional information section. Interest is calculated daily and paid on the first business day of the month and at account closure. You’ll be able to see and access the interest in your account on the following day.

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?

£50 deposited every month: regular saving condition is met

£25 deposited every month: regular saving condition is not met

These are only examples and do not take into account your individual circumstances. They assume that no further deposits or withdrawals are made; there is no change to interest rates and tiers; and any interest earned stays in the account.

How do I open and manage my account?

Your eligibility

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 Savings Builder Account in your sole name, and only one Savings Builder 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; and there is no maximum balance limit.

Each month your balance must grow by at least £50 to earn interest. If your balance grows by less than £50 in any month, you will not earn interest.

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)

Here are the daily limits and how to withdraw more than that them, you can also contact telephone banking. Please note: Withdrawal during the month which means your month to month balance does not increase by £50 or more will result in the regular saving condition not being met and interest not being earned.

Additional information

How do I earn interest?

  • To earn interest each month, your balance must grow by at least £50. The monthly cycle to grow your balance and earn interest 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 differs depending on whether you pay in your money in-branch or by using our telephone, online or mobile app services.

What happens if my payment is late?

Your payment will count towards the following monthly cycle. If due to the late payment you have not grown your balance by £50 in that month, you will earn no interest in that month.

What happens if I make a withdrawal?

Savings Builder allows you to make withdrawals however if your withdrawal means that your overall balance has not increased by £50 on what it was on the second-last business day of the previous month, you will not earn interest for that month.

What happens if I close my account?

You will not earn interest for the month of closure.

Definitions

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 Savings Builder is exclusive for our current account customers.

Before you start your application, we need to check a few things.

Do you have Digital Banking?

What you need to have to apply

You must be a current account customer

You must be aged 16 years or over and a UK resident to open an account

Enter your mobile number and email address when you apply and we could identify you safely and quickly online

And now for the important information...

Important Information

Please take some time to review, print and/or save the important information. By clicking to proceed you are confirming that you have been provided with, and have acknowledged our important documents including the FSCS information sheet.

How your information might be used

It’s important for you to understand how we use and share your information Please read this short summary before you continue with your application.

Are you ready to continue?

Is this account just for you, or is it a joint application?

Great. Let's get your application started.

Great. Let's get your application started.

Do you have your account and sort code?

What you need to have to apply

You must be a current account customer

You must be aged 16 years or over and a UK resident to open an account.

Enter your mobile number and email address when you apply and we could identify you safely and quickly online.

And now for the important information...

Important Information

Please take some time to review, print and/or save the important information. By clicking to proceed you are confirming that you have been provided with, and have acknowledged our important documents including the FSCS information sheet.

How your information might be used

It’s important for you to understand how we use and share your information Please read this short summary before you continue with your application.

Are you ready to continue?

Is this account just for you, or is it a joint application?

Great. Let's get your application started.

Great. Let's get your application started.

What you need to have to apply

You must be a current account customer

You must be aged 16 years or over and a UK resident to open an account.

Enter your mobile number and email address when you apply and we could identify you safely and quickly online.

 

And now for the important information...

Important Information

Please take some time to review, print and/or save the important information. By clicking to proceed you are confirming that you have been provided with, and have acknowledged our important documents including the FSCS information sheet.

How your information might be used

It’s important for you to understand how we use and share your information Please read this short summary before you continue with your application.

Are you ready to continue?

Is this account just for you, or is it a joint application?

Great. Let's get your application started.

Great. Let's get your application started.

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.

Anything else we can help you with?