Direct Saver


Start saving from £1 with our internet only savings account


Get more from your savings. Earn from 1.00% - 1.50% AER (variable), depending on how much you save.


  • Start with just £1- making it easy to start the saving habit
  • Tiered interest rates- the more you save, the more interest you can earn. See the interest rates
  • Make regular deposits- a monthly Standing Order helps to build your savings
  • Instant access- your money is there when you need it, with unlimited free withdrawals 
  • No need for an existing RBS account- but if you have one, it's quick and easy to move your Direct Saver and other RBS accounts
  • Manage your account- keep track of your money through online banking
  • Interest calculated daily- and paid annually at the end of April 2009 and 2010
  • Set up and track your own personal savings goals - through Digital Banking
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Opening your Direct Saver account


How long does it take to open a Direct Saver account?

Already an RBS Digital Banking customer? We'll open your Direct Saver account straightaway.

New to RBS? We'll normally open your Direct Saver account in no more than three weeks. Often it is quicker. You will need to provide identification to open the account so the length of time will depend on how quickly you can provide this to us.

What happens once I apply?

We'll send a letter confirming all your details simply sign and return this.

Existing RBS customer? In the letter, we'll ask you to confirm your application. It is important you sign and return this as it will ensure any cash transfers and standing orders are set up.

New to RBS? In the letter, we'll also ask you to send identification documents. Once we've received these documents, we'll check them and return them to you.

And that's it your Direct Saver account is ready to use. We'll send a confirmation letter, which includes your account number and sort code.

We'll also confirm your Digital Banking login details. Once you've activated online banking you can start using your Direct Saver account.

How do I know my account is open?

We will write to you. In the letter we'll include a note of your account number and sort code.

Can I open the account in branch?

No Direct Saver is an internet-only account. However, it's quick and easy to apply online. To use your Direct Saver account you'll need to register for Digital Banking.

Do I need an existing RBS account?

No. You don't need to have another account with RBS to open a Direct Saver account.

Can I have more than one Direct Saver account?

Yes.

Can I have a joint account?

Yes.

I'm an existing customer, but I'm not registered for online banking. Can I have a Direct Saver account?

Yes you can. However, you will need to register for Digital Banking to open and use this account. It takes approximately 5 days and we don't charge for our online banking service. Why not sign up today? Then you can start accessing your existing accounts. More on Digital Banking

Using your Direct Saver account


How do I make a deposit?

It's easy. You simply have to:

  • make an electronic transfer from your existing RBS account

OR

  • pay a deposit by cheque from an account you hold with any UK bank

After this first deposit, you can pay money in by electronic transfer from any UK bank account. Looking to save regularly? You can also set up a standing order.

How do I make withdrawals?

Simply transfer money from your Direct Saver account to another UK bank account.

How do I register for Digital Banking?

It's easy simply sign-up on our website.

Is it easy to close my Direct Saver account?

Yes although obviously we hope you'll choose to keep your account with us. To close your account, simply write to: FREEPOST RRAB-CXSB-RAGL, The Royal Bank of Scotland Bank, E-MTA and Savings, 5th Floor, George House, 36 North Hanover Street, Glasgow, G2 4WY

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AmountGross Rate % p.a.AER% (variable)Net Rate % p.a.
Direct Saver (Annual Interest)
£50,000 +1.501.501.20
£25,000 - £49,9991.201.200.96
£10,000 - £24,9991.101.100.88
£1 - £9,9991.001.000.80

Interest is paid annually to the account.

Last updated on: 02 March 2009


Gross rate- is the interest rate paid before the deduction of tax.

Annual Equivalent Rate (AER)- illustrates what the interest rate would be if paid and compounded each year.

Net Rate- is the interest rate paid after deduction of tax.

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Your account will be held at The Royal Bank of Scotland, E-MTA and Savings, 5th Floor, George House, 36 North Hanover Street, Glasgow, G2 4WY with effect from 01/12/03. Note: there will be no change to your account functionality or your Direct Saver sortcode 832000 and all other details will remain the same.

Deposits from an account at other UK banks or building societies will normally be in your Direct Saver account in 3 working days after we receive transfer instructions and available for withdrawal after 6 working days. The Direct Deposit transaction limit is £100,000.

Withdrawals to an account at other UK banks or building societies will normally reach the payee's account in 3 working days. The direct payment daily limit is £10,000.

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

Interest is paid Gross or net of the lower rate of Income Tax depending on your tax position.

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

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Ready to apply?