Instant access savings account

• Instant access - your money is there when you need it, with unlimited free withdrawals
• Start with just £50 - with a low opening balance, it's easy to start saving. Or instead, you can start by setting up a Standing Order of £20 or more
• Manage your money - bank online, by telephone and in-branch. Plus withdraw money at any cash machine where you see the logo shown on your card
• Save on your mortgage - use your Instant Access Savings account balance to save money with our Offset mortgage. Remember - you won't earn any interest on your savings if you offset
• Interest is calculated daily and paid annually. Interest rates are variable
• Set up and track your own personal savings goals - through Digital Banking

For offset account the interest rate is calculated daily and paid monthly

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• Show me the rates for the Instant Access Savings Account

This page provides the current interest rates that apply to this account. We have a separate page for previous savings interest rates.

Full copies of the fees and rates, and terms and conditions that apply to our personal accounts can be downloaded for our terms and conditions page.

Including 1.90% Gross bonus

Limited period offer for selected current account customers who apply for an Instant Access Savings Account from 2nd July 2011 and who don’t already have an RBS savings account account. The bonus interest is earned from the 15th day of the next month after the account is opened. It is paid annually along with the standard interest payment.

Offset Instant Access Savings Account

Annual Equivalent Rate (AER). This is a notional rate used for interest bearing accounts which illustrates what the interest would be if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.

Gross Rate. This means the interest rate you are paid before the deduction of income tax.

Net Rate. This means the interest rate you are paid after the deduction of income tax.

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• Show me legal information for the Instant Access Savings Account

New customers will be asked to provide proof of identity including verification of address.

System updates will mean that our internet and telephone banking services are unavailable for short periods in the early hours of the morning.

• Download the full terms and conditions which apply to this account.

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• Please also read our website terms and conditions which cover your use of this website

• The 12 month bonus is only available to new or existing RBS current account customers who do not already have a RBS savings account excluding any cash ISAs, Fixed Rate ISAs and Fixed Rate Bonds.
• Bonus period starts on the 15th day of the next month after the account is opened e.g. an account opened on 5th July 2011 will start earning 12 month bonus interest from 15th August 2011 and will end on 14th August 2012. If the 15th day isn’t a business day the bonus period will start on the next business day
• Bonus offer runs for full a 12 month period from the bonus start date.
• Bonus interest will be paid annually on the first working day of May 2012 and 2013 along with the standard interest payable on the account.
• Interest will be paid at a rate of 0.10% AER/Gross (variable) from account opening until the start date of the bonus period.
• When the bonus period ends the interest rate will revert to the advertised Instant Access Savings account rate (currently 0.10% AER/Gross variable).
• This is a limited period offer that may be withdrawn at any time.
• Bonus offer terms & conditions (636KB PDF File)

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This offer is available to selected customers only - The 12 month bonus is available to new or existing RBS current account customers who do not already have a RBS savings account in sole or joint names excluding any cash ISAs, Fixed Rate ISAs and Fixed Rate Bonds.

Please note if you hold any of the accounts listed below in sole or joint names you will not be eligible for this bonus offer.

The bonus interest will start to accrue on the 15th day of the next month after the account is opened, e.g. an account opened on 5th July 2011 will have the 12 month bonus starting on 15th August 2011 and will end on 14th August 2012. The bonus will run for a full 12 months and the bonus interest will be calculated on the daily cleared balance. If the 15th day isn’t a business day the bonus period will start on the next business day.

Our internal processes mean that the 15th day of the next month after the account is opened is the earliest date when the bonus can start. This will suit many customers as it can take time to transfer balances from other banks or building societies. Although the bonus doesn’t start immediately the bonus will last for a full 12 months.

The interest rate will be 0.10% AER/Gross (variable) prior to the bonus period starting.

The bonus interest will be paid annually on the first working day of May 2012 and 2013 along with the standard interest payable on the account.

We pay interest annually and if you leave the interest in your account you will then earn interest on this – this is known as compounded interest. When we calculate the AER rate (Annual Equivalent Rate) this is based on the 12 months of the bonus period and we assume that all the standard and bonus interest paid on the account remains in the account.

No, withdrawals can be made at any time without any charges. If the account is closed before the end of the 12 month bonus period, bonus interest will be paid up to the day the account is closed.

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