Overlay
Get rewarded for saving regularly

Savings Builder account

Why choose a Savings Builder?

Earn up to 0.75% AER/Gross p.a. (variable) when you grow your savings by £50 or more each month

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

Exclusively for our current account customers, aged 16 and over

Summary Box

Account name: Savings Builder

Can Royal Bank of Scotland change the interest rate?

Yes, we may change the rate up or down. There are a few reasons for this, such as a change in the Bank of England base rate. You can find a full list of reasons for an interest rate change in section 9.2 of the Savings Account Terms. We’ll give you at least 14 days’ notice if the rates are going down and your balance is £100 or more. Otherwise we’ll tell you before or shortly after the change. You can find more details about how we’d tell you about a change in section 9.2 of the Savings Account Terms (PDF, 501 KB).

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

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.
  • You can pay money in by transfer from a current account or savings account in your name held with us or held with another bank (Online, by telephone or on the mobile app).
  • 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. If a regular payment is received after the second last business day of the month it will count towards the following month.
  • If you close your account, you will not earn interest for the month of closure.

Can I withdraw money?

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: stands for Annual Equivalent Rate. It shows you what the rate would be if interest was paid and compounded each year. 

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

p.a.: per annum (per year).

Get ready to apply

Before you apply, we need to check you're happy with a few things. And ask you a few questions up front. Then we can make your application as quick and simple as it can be.

First things first. Please take a look at the important legal info:

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.

All okay? You're nearly ready to start.

We need to do a few final checks with you. They'll only take a minute. 

Do you have Online Banking?
Is the application just for you, or is it a joint application?

Great. Let's get your application started.

Remember, to apply for an Savings Builder, 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 Savings Builder, 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

Register for online banking

You'll need to sign up for online banking with us in order to apply for the Savings builder account online. The good news is that it normally takes just 5 minutes.

What you'll need

You'll need your sort code and account number, and your Royal Bank debit card if you have one.