Interest is calculated daily from the day you open your account and paid on the first business day of every month and on the Maturity Date.

You can choose to have interest paid into a Nominated Account. This must be a Royal Bank personal current or savings account with instant access (other than a cash ISA) held in your name at the same branch as your Fixed Term Savings Account.

If interest is paid into your Nominated Account, you can access it the following day.

No, the interest rate is fixed. This means that the rate will not change between the date you open your account and the Maturity Date.

To open a Fixed Term Savings account:

• You must be aged 16 years or over and a UK resident to open an account.
• If you already have a current account with us you can open your account on our mobile app or online.
• If you don’t have a current account you will need to open this first online or via our mobile app.
• We will need your email address and mobile number to open your account.
• Your balance at the Fixed Term Start Date must be at least £1.00.
  
• The maximum deposit is £3,000,000.
• We will send you a certificate of deposit within 14 days of the Fixed Term Start Date.

Can I withdraw money?

You can withdraw money (in branch, online or by calling telephone banking) until 3.30pm on the last date to make payments or withdrawals. Partial withdrawals are not permitted after this time.

How do I re-invest my Fixed Term Savings account?

At the Maturity Date we’ll automatically reinvest your deposit and any outstanding interest into a new Fixed Term Savings Account unless you tell us you want to opt out.

The interest rate for the new account may be higher or lower than the rate of interest which applied to your Fixed Term Savings Account when you took it out originally.

If you choose not to reinvest, your account will be converted into a Primary Savings account on the Maturity Date (or if the Maturity Date is not a business day, the next business day) and your money can be accessed on the following day.

When is interest paid on Fixed Term savings accounts?

Interest is paid on the first business day of every month and on the Maturity Date.

How do I close my Fixed Term Savings account early?

You can close your account by giving 35 days’ written notice to your branch. An Early Closure Charge will be deducted from the balance of your account, except in the event of your non-voluntary redundancy, death or some other circumstances, please contact us to find out more.

The Early Closure Charge will be the lower of the amount of interest earned on your account or 90 days’ interest.

The total amount you receive (including interest earned on your balance) will be no less than your deposit at the Fixed Term Start Date. For example, if you have earned 50 days’ interest you will only be charged an Early Closure Charge equivalent to 50 days’ interest. If you have earned 100 days’ interest you will only be charged an Early Closure Charge equivalent to 90 days’ interest.

The Early Closure Charge will be deducted from the balance of your Fixed Term Savings Account.

How do I fund my Fixed Term Savings account?

When funding your newly opened savings account, a limit of £99,999 per day applies.  However, the following day you can quickly and easily transfer money to your savings account any time you like via our mobile app or Online Banking if you have them, or you can call us or visit us in branch. You can transfer between two of your own accounts as many times you like (up to £99,999) per day.

You need to have your account fully funded by the ‘last date to make payments or withdrawals’ date. As stated on key dates info. 

Definitions 

• Annual Equivalent Rate (AER) shows the interest rate if interest is paid and compounded once each year. AER helps you to compare the rates of interest on different accounts.
• Compound interest is interest that is earned on interest that’s already been paid.
• Gross means the interest rate you are paid on your savings with no compounding.
• p.a. per annum (per year).
• Tax-free.  We pay all savings interest without the deduction of tax.  You do not pay any UK tax on interest earned in ISAs. You may have to pay tax on interest earned in non-ISA accounts depending on your Personal Savings Allowance. The tax treatment may be subject to change in the future.

Savings Account Terms (PDF, 605KB)

Fixed Term Savings Information sheets (PDF, 2001KB)

FSCS Information Sheet and Exclusions List (PDF, 26KB)

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As part of the checks that we will complete to verify your identity, we’ll take an image of your face so that it can be compared with your photo ID and this biometric data is captured.