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Direct Saver
Online account offering from 1.00% AER/Gross (variable)
- Tiered interest rates – the more you save the more you earn
- No minimum balance, no penalties and no withdrawal charges
- Instant access to your money 24/7
- Easy to manage with Digital Banking
- Manage your savings on the move with our new iPhone and iPad apps
- Yearly interest paid directly into your account
From 1.00% AER/Gross variable
And up to 1.5% AER/Gross (variable) when your balance is £50,000 or more.
There’s no minimum balance with a Direct Saver account – you can start saving from just £1. When you save more you can earn a higher interest rate – up to 1.5% AER/Gross (variable) when your account balance is £50,000 or more.
| Amount | AER (variable) | Gross Rate p.a | Net Rate p.a |
|---|---|---|---|
| £50,000+ | 1.50% | 1.50% | 1.20% |
| £25,000 - £49,999 | 1.20% | 1.20% | 0.96% |
| £10,000 - £24,999 | 1.10% | 1.10% | 0.88% |
| £1 - £9,999 | 1.00% | 1.00% | 0.80% |
Last updated on: 2 Mar 2009.
Yearly interest
We pay interest on your account balance every year, and it’s paid straight into your account.
With Digital Banking, you can make withdrawals whenever you want – including evenings and weekends.
You can withdraw some or all of your savings at any time. If you pay it into another RBS account your money will be transferred immediately. If you make a transfer to a non-RBS account it may take a little longer.
Digital and mobile banking
Manage your savings online and on the move with our new iPhone and iPad apps
Manage your savings when and where you want
Digital Banking is fast, secure and a handy way to take control of your finances. It's available 24 hours a day, 365 days a year.
Our Digital Banking service helps you:
- Stay in control - online banking with your Direct Saver account makes looking after your money even easier
- Bank when it suits you - day and night, you can do your banking whenever it suits you
- Transfer money - make instant transfers to any RBS account - and transfer money to any other UK bank account
- Stay safe - with free security software, card readers and secure servers, we're working hard to beat the fraudsters
Mobile banking
Our free mobile phone banking service keeps you up to date with your savings when you’re out and about – including balance updates and mini statements. Network charges may apply.
Mobile banking on your iPhone and iPad
If you use Digital Banking, you can download our free iPhone and iPad apps and:
- Transfer funds between your RBS accounts
- Check your balance and recent transactions
- Set up alerts to help you manage your money
- Top-up your pay-as-you-go mobile
- Use our branch and cash machine locator
Eligibility
To use our iPhone and iPad apps you need to be an RBS customer who is registered for Online Banking, have an RBS personal account with a debit card, be over age 16 and have a mainland UK mobile number starting 07.
With a Direct Saver account you can save as much or as little as you want every month. You can even pay in lump sums or take a break from saving for a while if you have other commitments – it’s up to you.
- Save every month – set up a regular transfer from another RBS account. You decide how much to pay in and when, and you can change this whenever you like
- Set up a standing order – and make regular payments from an account with another bank
- Make one-off savings – if you find yourself with an unexpected windfall – such as a bonus or gift
Once you’ve started saving you’ll find it’s a habit that’s hard to break.
Saving for a new car, dream holiday or a house deposit? Whatever you’re saving for, you can keep an eye on how you’re doing when you bank online.
With our online savings tracker, you decide how much money you need and when you need it. You can then select a savings plan that helps you meet your goal – every time you log in to Digital Banking you’ll be able to see your progress.
And if you have a joint Direct Saver account you can share your savings goal with the other person, so you can both see how your savings are growing.
Opening your Direct Saver account
- How long does it take to open Direct Saver account?
- What happens after I apply?
- How do I know my account is open?
- Can I open the account in an RBS branch?
- Do I need an existing RBS account?
- Can I have more than one Direct Saver account?
- Can I have a joint account?
- I'm an existing customer, but I'm not registered for Digital Banking. Can I have a Direct Saver account?
Using your Direct Saver account
- How do I make a deposit?
- How do I make withdrawals?
- How do I register for Digital Banking?
- Is it easy to close the account?
Bonus offer and interest rate
Opening your Direct Saver account
How long does it take to open a Direct Saver account?
Are you an existing RBS Digital Banking customer? We’ll open your Direct Saver account straightaway if you don’t make any changes to your personal details.
New to RBS? It takes no more than three weeks to open a new Direct Saver account. Often it’s 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.
Back to topWhat happens after 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's important you sign and return the form. By doing this you'll make sure your 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 log in details. Once you’ve activated Digital Banking you can start using your Direct Saver account.
Back to topHow 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.
Back to topCan I open the account in an RBS 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.
Back to topDo I need an existing RBS account?
No. You don’t need to have another account with us to open a Direct Saver account.
Back to topCan I have more than one Direct Saver account?
Yes.
Back to topCan I have a joint account?
Yes.
Back to topI'm an existing customer, but I'm not registered for Digital Banking. Can I have a Direct Saver account?
Yes you can – but you will need to register for Digital Banking to open and use this account. It takes approximately five days and we don’t charge for our Digital Banking service. Why not sign up today – and start accessing your existing accounts? More on Digital Banking
Back to topUsing your Direct Saver account
How do I make a deposit?
It's easy, once you have your account details you can pay money in by electronic transfer from any RBS account. You can also set up a standing order from any UK bank account.
Back to topHow do I make withdrawals?
Simply make an electronic payment from your Direct Saver account to any other UK bank account. To ensure your funds remain safe, you will need to use your card reader.
Back to topHow do I register for Digital Banking?
Back to topIs it easy to close my Direct Saver account?
Yes – although obviously we hope you’ll choose to keep your account open. To close your account, simply write to: FREEPOST RRAB-CXSB-RAGL, The Royal Bank of Scotland, E-MTA and Savings, 5th Floor, George House, 36 North Hanover Street, Glasgow, G2 4WY.
Bonus Offer and Interest Rate
Back to top
How do I qualify for the bonus?
If you opened a Direct Saver account between 29 September 2010 and 20 October 2010 then you qualify for a bonus of 1.35% Gross for 12 months.
Back to topWhen is interest paid?
We calculate interest on a daily basis. We add this interest to your account every year on the last business day of April.
Back to topWhen is the bonus paid?
You’ll start earning interest on the 15th day of the month after the month in which you open your account. Your bonus interest will be paid annually along with the standard interest payment. Direct Saver Rates & important info tab
Back to topThis page shows the current interest rates that apply to this account.
Full copies of the fees and rates, and terms and conditions that apply to our personal accounts can be downloaded from our terms and conditions page.
Current savings rates
Excluding bonus
| Amount | AER | Gross Rate % p.a. | Net Rate % p.a. |
|---|---|---|---|
| £50,000 + | 1.50% | 1.50% | 1.20% |
| £25,000 - £49,999 | 1.20% | 1.20% | 0.96% |
| £10,000 - £24,999 | 1.10% | 1.10% | 0.88% |
| £1 - £9,999 | 1.00% | 1.00% | 0.80% |
Interest paid annually.
Last updated on: 2 Mar 2009.
Including 1.35% bonus
Limited period offer for customers who applied for a Direct Saver account between 29 September 2010 and 20 October 2010.
The bonus interest is earned from the 15th of the month following the month in which the account was opened. It is paid annually along with the standard interest payment.
| Amount | AER | Gross Rate % p.a. | Net Rate % p.a. |
|---|---|---|---|
| £50,000 + | 2.85% | 2.85% | 2.28% |
| £25,000 - £49,999 | 2.55% | 2.55% | 2.04% |
| £10,000 - £24,999 | 2.45% | 2.45% | 1.96% |
| £1 - £9,999 | 2.35% | 2.35% | 1.88% |
Interest paid annually.
Last updated on: 29 Sep 2010.
Common definitions
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.
Important information
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.
Transfers 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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What are you saving for?
It’s easy to track how your savings are doing against your goal.
- Decide how much you need
- Decide when you need it
- Select a savings plan
- Track your progress online
Set up your savings goal when you use Digital Banking