Grow your savings by saving regularly
Please read the Summary Box below before you apply, this will give you key information about Savings Builder
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
Account name: Savings Builder
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?
£50 deposited every month: regular saving condition is met
Initial deposit at account opening
Balance after 12 months (includes £600 deposited over the 12 months)
£25 deposited every month: regular saving condition is not met
Initial deposit at account opening
Balance after 12 months (includes £300 deposited over the 12 months)
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 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.
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.
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?
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.