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Flexible Saver

Why choose a Flexible Saver?

A simple and flexible savings account for you to save what you can, when you can.
Get instant, easy access to your savings whenever you need them.
Top up your savings with Round Ups. (Criteria Apply).

To apply, you must be 16+ and hold a Royal Bank current account and be a UK resident.

Summary Box: Flexible Saver

1. What is the interest rate?

	AER p.a (variable)	Gross p.a (variable)
£1 - £24,999	1.06%	1.05%
£25,000 - £99,999	1.55%	1.54%
£100,000 - £249,999	1.80%	1.79%
£250,000+	2.30%	2.28%

Interest is paid on a tiered basis which means you’ll earn one rate on your entire account balance. If, for example, you hold £150,000 in your account your interest rate will be 1.80% AER / 1.79% Gross p.a (variable) on your entire account balance. Interest is calculated daily and paid on the first business day of the month and at account closure. You'll be able to see and access the interest in your account on the following day.

2. Can Royal Bank of Scotland change the interest rate?

Yes, these rates are variable. If the rates are going down and your balance is £100 or more, we'll give you at least 14 days' notice. If the rates are going down and your balance is less than £100, we'll inform you before the change or shortly afterwards. If the rates are going up, we'll inform you before the change or shortly afterwards. For more information please see the Savings Account Terms (PDF, 605KB).

3. What would the estimated balance be after 12 months based on a range of deposits?

	Balance after 12 months	Interest earned
£1,000	£1,010.55	£10.55
£50,000	£50,775.46	£775.46
£150,000	£152,707.13	£2,707.13
£300,000	£306,911.91	£6,911.91

This is only an illustration of what you could save and assumes that no further deposits or withdrawals are made, that there aren’t any changes to interest rates or tiers, and any interest earned stays in the account.

4. How do I open and manage my account?

You must be a UK resident aged 16 years or over and already have a current account with us, or apply for a current account with us at the same time.
We will need an email address and mobile number to open your account. You can update them online.
You can open and manage your account on our mobile app, online or by telephone.
To open in branch you must bring your own digital device such as a mobile or tablet and our staff can assist you opening the account yourself.
You can pay money in by transfer from a current account or savings account in your name held with us or held with another bank (Online, by telephone or on the mobile app).
No minimum deposit is required to open the account; no minimum deposit needs to be made on a regular basis; and there is no maximum balance limit.
If you want to continue a joint application that someone else has started, start applying below and choose the Joint account for two people option when asked. Once you’ve logged in, you’ll see your open application ready for you to review and complete.
You can use Round Ups with Flexible Saver.
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.

5. Can I withdraw money

Yes. No notice is required. This account is a non-payment account.

You can withdraw money:

in branch.
by transfer to a current account held with us in your name (online, by telephone or on the mobile app).

Please note if you close or switch your current account with us in future, you will only be able to withdraw money from your Flexible Saver account in branch.

6. Additional Information

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.

Important Information

Please take some time to review, print and/or save the important information.

Savings Account Rates including Information Sheet (PDF, 106KB)

Savings Account Terms (PDF, 605KB)

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

It's important for you to understand how we use and share your information. Please read this short summary before you continue with your application.

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.

By continuing you're confirming you've been provided with, and have acknowledged our important documents, including the FSCS information sheet.

All okay? You're nearly ready to start.

We need to do a few final checks with you. They'll only take a minute.

Continue

Is the account just for you or is it a joint application?

Sole account just for me

Joint account for two people

Continue

Previous question

Great. Let's get your application started.

Remember, to apply for a Flexible Saver, you must:

Be a current account customer
Be aged 16 or over and a UK resident

Great. Let's get your application started.

Remember, to apply for a Flexible Saver, you must:

Be a current account customer
Be aged 16 or over and a UK resident

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