Instant Saver | Royal Bank of Scotland

Instant Saver

Our free instant access savings account

Exclusively for our current account customers, aged 16 and over

Open the account with just £1

Awarded the 5 star Fairbanking mark for helping customers manage money better

Please read the Summary Box below before applying.

Open a savings account today Jump to Summary Box

We are the first Retail bank to be awarded the 5 star accreditation by Fairbanking.


Instant access to your savings, in branch, online, by telephone and on our award winning mobile app

Our free Savings Goal Tool can help you set and track your savings goals. Customers who choose to save regularly with a standing order, save an extra £45 more each month

We believe in rewarding loyalty and putting our customers first. That's why our Instant Saver account is exclusively available for our current account customers



Summary Box

Account name: Instant Saver Account


1. What is the interest rate?

Balance AER/Gross p.a. (variable)
£1-£24,999 0.20%
£25,000-£999,999  0.30%
£1,000,000 + 0.35%

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. 

2. Can RBS 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. 432KB), 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. 432KB) also contains details of the notice we’ll give you.

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

Initial deposit at account opening Balance after 12 months Interest earned
£1,000 £1,002.00 £2.00
£25,000 £25,075.10 £75.10
£1,000,000 £1,003,505.62 £3,505.62

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 the interest rates and tiers; 
  • And any interest earned stays in the account.

4. 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 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.

5. 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 on the mobile app.

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

6. Additional information


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.

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

p.a. Per annum (per year)

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