Direct Saver Bonus Offer – FAQs


Direct Saver


Why doesn't the bonus start from the day my account is opened?

The way our systems work means that the bonus cannot start on the day the account is opened. Our internal processes mean that the 15th of the month following the month in which the account is opened is the earliest date when the bonus can start. This could suit some customers as it can take time for customers 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.

Why didn't I receive a bonus interest payment at the end of the month I opened my account?

The bonus interest starts to accrue of the 15th of the month following the month in which the account was opened. This means that your first interest credit (credited to your account on the last working day of the month) will be at the standard 1.00% Gross interest rate.

How long will my bonus last?

Your bonus will last for a full 12 months

When will my bonus start?

The bonus will start to accrue on the 15th of the month following the month in which your account was opened. The bonus will remain on the account for a full 12 months.

For example, if your account is opened on 12th October 2010, the 12 month bonus period will start on 15th November 2010 and will end on 14th November 2011 (inclusive). We'll calculate the bonus on the daily cleared balance between these dates.

When is the bonus interest paid?

The bonus interest is calculated on the daily cleared balance and is paid annually on the last working day of April, in addition to the standard interest payable on your account. You will therefore receive your 12 month bonus interest payments in two instalments. The bonus interest that has accrued on your account up until the end of April 2011 will be paid at the end of April 2011 and the remainder of the bonus interest (accruing from the end of April 2011 until the 12 month bonus ends) will be paid at the end of April 2012.

You will receive bonus interest for a full 12 months

Are there any penalties?

No, you can withdraw all or part of your money or close your account at any time during the bonus period. The bonus interest will be calculated on the daily cleared balance in your account. If you close your account before the end of the 12 month bonus period you will receive bonus interest up to the day the account is closed.

How is the AER interest rate calculated?

The AER rate (Annual Equivalent Rate) is a notional rate which illustrates what the Gross interest rate would be if the interest was compounded on an annual basis. As we pay interest annually, the AER rate (Annual Equivalent Rate) is the same as the Gross interest rate. The AER, Gross and Net rates are all calculated from the start of the 12 month bonus interest period.

Who can I contact if I have more questions?

You can contact our Online Helpline on customer.relations@rbs.co.uk