Fixed term savings account – fixed rate bond – RBS

Couple looking at the Royal Bank of Scotland Fixed Term Savings Account

Fixed Term Savings Account

Choose between a 1 or 2 year Fixed Term

Earn between 1.00% and 1.25% AER/Gross p.a. (fixed)

 

Please read the Summary Box below before applying.


Available until 13th November 2018

Please note that these issues may be withdrawn early due to limited availability.

A fixed term savings account can help you
reach your savings goals
Choice
  • Choose a 1 or 2 year term to suit your needs
  • Help your savings grow by paying your interest directly into your Fixed Term savings account each month. Alternatively, you can have the interest paid into another Royal Bank of Scotland account.
Confidence
  • A fixed rate means you know in advance what your savings will earn, helping you to reach your savings goals.

 

Flexibility
  • You have the ability to withdraw funds or even make further deposits until the business day before the Fixed Term Start Date.
  • If you do need to get your hands on your money before the Maturity Date you can close your account by simply giving us 35 days’ written notice. An Early Closure Charge may be applicable.
Simplicity
  • We will contact you before the Maturity Date to advise of your options. If you are happy to retain your funds in another Fixed Term Savings Account you do not have to do a thing and we will automatically reinvest it for you. Alternatively, you can opt out of this process at this time. 

Summary Box

Account name: Fixed Term Savings Account

 

1. What is the interest rate?

1 Year Issue 104

 

Balance AER Gross p.a.
£500 - £49,999 1.00% 1.00%
£50,000 - £2,000,000 1.10% 1.09%

 

2 Year Issue 105

 

Balance AER Gross p.a.
£500 - £49,999 1.15% 1.14%
£50,000 - £2,000,000 1.25% 1.24%

Interest is paid on a tiered basis from the date you open your account until the Maturity Date. This means you’ll earn one rate on your entire account balance.

Interest is calculated daily and paid on the first business day of every month and on the Maturity Date.

You can choose to have interest paid into a Nominated Account. This must be a Royal Bank of Scotland personal current or savings account with instant access (other than a cash ISA) held in your name at the same branch as your Fixed Term Savings Account.

If interest is paid into your Nominated Account, you can access it the following day.

2. Can Royal Bank of Scotland change the interest rate?

No, the interest rate is fixed. This means that the rate will not change between the date you open your account and the Maturity Date.

3. What would the estimated balance be at maturity based on a range of deposits?

  Deposit at fixed term start date Balance at maturity Interest earned
1 year issue 104

£1,000

£50,000

£1,010.05

£50,547.73

£10.05

£547.73

2 year issue 105

£1,000

£50,000

£1,023.05

£51,254.85

£23.05

£1,254.85

These are only examples and do not take into account your individual circumstances. The examples assume that interest is paid into your Fixed Term Savings Account.

4. How do I open and manage my account?

We will need your email address and mobile number to open your account.

If you already have a current account with us, you can open your account on our mobile app, online, in branch or by telephone.

If you don't have a current account with us, you can open your account online or on our mobile app (you need to register for Digital Banking before you can access our mobile app).

You can manage your account on our mobile app, online, in branch or by telephone.

  • Your balance at the Fixed Term Start Date must be at least £500 or it will be converted into an Instant Saver Account
  • The Maximum Deposit is £2,000,000
  • We will send you a certificate of deposit within 14 days of the Fixed Term Start Date.
  • 1 year

    Key Dates  
    Closing date to open your account 13th November 2018
    Last date to make payments or withdrawals 30th November 2018 at 3.30pm
    Fixed Term Start Date 3rd December 2018
    Maturity Date 3rd December 2019

    2 year

    Key Dates  
    Closing date to open your account 13th November 2018
    Last date to make payments or withdrawals 30th November 2018 at 3.30pm
    Fixed Term Start Date 3rd December 2018
    Maturity Date 3rd December 2020

    5. Can I withdraw money?

    You can withdraw money (in branch, online or by calling telephone banking) until 3.30pm on the last date to make payments or withdrawals. Partial withdrawals are not permitted after this time.

    If you want to make a withdrawal after this time and before the Maturity Date, you must close your account by giving 35 days’ written notice to your branch. An Early Closure Charge will be deducted from the balance of your account, except in the event of your non-voluntary redundancy or death.

     

    The Early Closure Charge will be the lower of the amount of interest earned on your account or 90 days’ interest.

    The total amount you receive (including interest earned on your balance) will be no less than your deposit at the Fixed Term Start Date. For example, if you have earned 50 days’ interest you will only be charged an Early Closure Charge equivalent to 50 days’ interest. If you have earned 100 days’ interest you will only be charge an Early Closure Charge equivalent to 90 days’ interest.

    The Early Closure Charge will be deducted from the balance of your Fixed Term Savings Account.

     

    Reinvestment of your Fixed Term Savings Account

    At the Maturity Date we’ll automatically reinvest your deposit and any outstanding interest into a new Fixed Term Savings Account unless you tell us you want to opt out.

    The interest rate for the new account may be higher or lower.

    If you choose not to reinvest, your account will be converted into an Instant Saver Account on the Maturity Date (or if the Maturity Date is not a business day, the next business day) and your money can be accessed on the following day.

     

    Please see Term 8 of the Fixed Term Savings Account Terms and the Information Sheet for more information.

    Maturity Key Dates 1 Year Issue 104 2 Year Issue 105

    Maturity Date

    We’ll send you information on your options on or around 14 days before this date


    3rd December 2019

    3rd December 2020
    Date by which you can opt out of reinvesting in a new Fixed Term Savings Account (the ‘Opt Out Date’)
    28th November 2019

    28th November 2020
    Date by which you can cancel your reinvested Fixed Term Savings Account without incurring an Early Closure Charge
    2nd January 2020

    2nd January 2021
    Date you can access your money if not reinvesting
    4th December 2019

    4th December 2020

    6. Additional information

    Definitions

    Annual Equivalent Rate (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.

    Open a savings account today

    Gross Rate 
    The interest rate you are paid without the deduction of income tax.

    p.a. Per annum (per year)

    Manage your existing Fixed Term Savings Account

    From getting started with Digital Banking to reinvesting your Fixed Rate Bond, you'll find everything you need to manage your account here.

    More on managing your Fixed Rate Bond
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    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. Any deposits you hold above the limit are unlikely to be covered.

    Please click here (84 KB PDF) for further information or visit www.fscs.org.uk.

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