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Please read the Summary Box below before you apply, this will give you key information about 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
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.
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.
Yes. No notice is required. You can withdraw money:
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.
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.
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.
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)
Remember, our Savings Builder is exclusive for our current account customers.
Before you start your application, we need to check a few things.
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.