Instant Saver

Why choose Instant Saver?

Exclusively for our current account customers, aged 16 and over

Instant access to your money when you need it

Start saving with just £1

Apply online in less than 5 minutes

Summary Box

Account name: Instant Saver

What is the interest rate?

Interest is paid on a tiered basis which means you'll earn one rate on your entire account balance. 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, 501 KB), 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, 501 KB) contains details of the notice we’ll give you.

What would the estimated balance be after 12 months based on a range of deposits?

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 or tiers; and any interest earned stays in the account.

How do I open and manage my account?

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

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

You can also pay money into your account at one of our cash deposit machines.

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.

We wanted to let you know we are making changes to our Savings range from October 1st 2019. From this date you will not be able to make payments directly from your savings account. To do this, you will need to move money into your current account and make the payments from there.
 

Your eligibility

You must be a UK resident aged 16 years or over

You must already have a current account with us

Can I withdraw money?

Yes. No notice 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 on the mobile app.

The current daily limits and how to withdraw more can be found here or by contacting Telephone Banking.

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 to your new savings account in your application, and we’ll do it automatically for you.

Also, once you’ve registered and your account appears in mobile or online banking you can set up a Savings Goal. We will help you work out how much you need to save each month to reach your goals and help you track your progress. 

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)

Ready to apply?

Remember, our Instant Saver is exclusively for our current account customers. 

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

Do you have digital banking?

Please review the important legal stuff:

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.

The Savings Account Terms and Savings Interest Rates including the information sheet will be updated to reflect changes we are making from October 1st 2019.

You can see these now by clicking here.

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.

Remember, to apply for an Instant Saver, you must:

Be a current account customer

Be aged 16 years or over and a UK resident

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

Great. Let's get your application started.

Remember, to apply for an Instant Saver, you must:

Be a current account customer

Be aged 16 years or over and a UK resident

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

Do you have an account or sort code?

Please review the important legal stuff:

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.

The Savings Account Terms and Savings Interest Rates including the information sheet will be updated to reflect changes we are making from October 1st 2019.

You can see these now by clicking here.

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.

Remember, to apply for an Instant Saver, you must:

Be a current account customer

Be aged 16 years or over and a UK resident

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

Great. Let's get your application started.

Remember, to apply for an Instant Saver, you must:

Be a current account customer

Be aged 16 years or over and a UK resident

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

Please review the important legal stuff:

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.

The Savings Account Terms and Savings Interest Rates including the information sheet will be updated to reflect changes we are making from October 1st 2019.

You can see these now by clicking here.

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.

Remember, to apply for an Instant Saver, you must:

Be a current account customer

Be aged 16 years or over and a UK resident

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

Great. Let's get your application started.

Remember, to apply for an Instant Saver, you must:

Be a current account customer

Be aged 16 years or over and a UK resident

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

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.

Tips to help you start saving

If you're not sure where to start, our guide to managing your money can help you get on the right track.

Something else we can help you with?