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Direct Reserve is an instant access account managed online and by phone
For a limited period, open a Direct Reserve account for the first time and earn an extra 1% for 12 months.
Direct Reserve is designed for customers who prefer to manage their surplus funds online or via telephone banking.
Make your company’s funds work harder by opening a Direct Reserve account. Open for the first time and benefit from an additional interest bonus of 1% for the first year.
Direct Reserve lets your company benefit from attractive banded interest rates, earning a high rate of return, with easy access to your funds online and via the phone.
- Banded interest rates – Direct Reserve offers attractive and higher rates for larger account balances.
- Bonus interest – earn an extra 1% for 12 months on the first £1 million.
- Interest – both standard and bonus interest is calculated daily and paid monthly.
- No minimum balance – and no maximum either.
- Convenience – manage your account anytime, online and using telephone banking.
- Access – instantly transfer your funds to and from other RBS accounts.
- Availability - both to new and existing customers. Only one bonus per customer.
Who can apply?
This account is only available to customers whose group turnover (in the 12 months before the account is opened) is less than £25 million.
Customers (other than Trusts), whose bank mandates require more than one signatory to operate the account are eligible, providing that we are permitted to accept instructions for online and telephone banking from a single authorised party. Trusts operated by more than a single signatory are not eligible. If your company is a Trust, please speak to your relationship manager or contact your nearest Commercial office.
If you are not a Bankline user, we will register you for online and telephone banking so that you can use this account.
Bonus rate
- The bonus applies to the first £1 million of the account balance for 12 months.
- Standard and bonus interest is paid monthly.
- The bonus starts on the last working day of the month after your account was opened, and is paid for 12 months. For example, if your account was opened in May 2010, your bonus rate will commence on 30 June 2010 and end on 30 June 2011.
- The bonus can only be paid on one account for each customer.
New rates with effect 01/05/2010
| Rates excluding bonus | Rates including bonus | |||
|---|---|---|---|---|
| Balance | Gross % | AER (%) | Gross % | AER (%) |
| £1,000,000+ | 0.25 | 0.25 | 0.25 | 0.25 |
| £250,000 + | 0.25 | 0.25 | 1.25 | 1.26 |
| £100,000 - £249,999 | 0.15 | 0.15 | 1.15 | 1.16 |
| £25,000 - £99,999 | 0.15 | 0.15 | 1.15 | 1.16 |
| £10,000 - £24,999 | 0.10 | 0.10 | 1.10 | 1.11 |
| £2,000 - £9,999 | 0.10 | 0.10 | 1.10 | 1.11 |
| £0 - £1,999 | 0.10 | 0.10 | 1.10 | 1.11 |
The bonus rate is fixed, however the standard rate of interest is variable.
After the bonus rate, your interest rate will return to the standard rate.
The bonus applies to the first £1 million of the account balance for 12 months.
Gross is the interest rate paid before the deduction of tax.
Payment of interest gross or net depends upon individual circumstances.
Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year.
Rates are correct as at date of publication but subject to change at any time.
The interest paid will reflect UK law and the regulations governing deduction of income tax from interest earned.
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