Your account guide

Bank account vs savings accounts

Bank account vs savings account

It’s likely that your money is either sitting in a bank or savings account.

A bank account (also called a current account) supports everyday budgeting, while a savings account could help you to build a nest egg for the future. Dig into the key differences between a bank account vs a savings account. And decide whether a Royal Bank account might be right for you.

Comparing bank and savings accounts

Bank account need-to-knows

A bank account helps you handle your day-to-day finances in one convenient spot. It’s a place to receive money, such as your monthly wage. And you can normally make payments or cover bills using a debit card, cheque, standing order or Direct Debit linked to the account.

Eligibility criteria, fees and charges may apply.

Savings account need-to-knows

The idea of a savings account is that you can build up a pot of money over time, keeping it seperate from everyday spending. You’ll also earn interest at a fixed or variable rate depening on the account type. There are different types of accounts, for example those that allow you to access your money whenever you want and those that require you to save for a set period of time.

Eligibility criteria, fees and charges may apply.

Considering a savings (or deposit) account?

Not an existing Royal Bank customer?

Our Fixed Rate ISA or Fixed Term Savings Accounts are available to new and existing customers. Simply put your money aside for a set period of time and get a fixed rate of interest. You’ll need a bank account to access our other Royal Bank saving accounts. Eligibility criteria applies.

Existing Royal Bank customer?

You could apply online for a Royal Bank savings account either online or via or mobile app. Eligibility criteria applies.

Want to open a bank account instead?

At Royal Bank you can choose a basic, fee-free account that keeps everything simple, or one which rewards everyday spending. Eligibility criteria applies.

Bank and savings accounts for under 18s

Kids and teens bank accounts

Teach your little ones the value of money with a bank account that’s just for them. It’s easy to steer them in the right direction with tailored apps and cards too.

Eligibility criteria applies.