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Fixed Term Savings Account

 

Our fixed term, fixed rate savings account

Our Fixed Term Savings Account

Set aside a lump sum for 1 or 2 years and you’ll know exactly what interest rate you’ll get and how much your money will grow

1 year terms - earn 3.80% / 3.74% AER/Gross on balances between £1  - £5,000,000

2 year terms - earn 3.40% / 3.35% AER/Gross on balances between £1 - £5,000,000

You can save between £1 - £5,000,000 per term

How does it work?

Get started

It’s quick and easy to apply. Just click Apply now to get started. 

Choose your term

It’s up to you – pop in a lump sum and choose how long you’d like to fix your savings for. You will know how much exactly you will have earned by the end of the term.

Fix your money

Sit back and see your money grow. Remember, your money is locked away for the term you choose so you won’t be able to access it until then.

Opening your Fixed Term Savings Account

Whether you are a new or existing customer, you can still open a Fixed Term Savings Account with us. Please be aware that this offer can be withdrawn at any time. Early closure charges may apply.

Summary Box

Account name: Fixed Term Savings Account

What is the interest rate?

Can Royal Bank change the interest rate?

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.

What would the estimated balance be at maturity based on a range of deposits?

How do I open and manage my account?

To open a Fixed Term Savings Account:

  • You must be aged 16 years or over and a UK resident to open an account.
  • This account is for sole applicants only and cannot be opened in joint names.
  • 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 with us you will need to open your account online before setting up 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.
  • The maximum deposit is £5,000,000.
  • We will send you a certificate of deposit within 14 days of the Fixed Term Start Date.

Key dates: 1 year

Key dates: 2 year

Additional Information

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.

FAQs

Get ready to apply

Before you apply, we need to check you're happy with a few things. And ask you a few questions up front. Then we can make your application as quick and simple as it can be.

First things first. Please take a look at the important legal info:

All okay? You're nearly ready to start.

To speed up your application for our Fixed Term Savings account, we need to do a few final checks with you. They'll only take a minute.

Are you an existing Royal Bank of Scotland customer?

Sorry, we have stopped taking applications for this current tranche right now.

If you would like to view any of our other savings products in the meantime please click below.

Do you have our Royal Bank app on a mobile device?
If you're registered for our app on a mobile device, we can pre-fill some of your info, making the application process faster.
Do you hold a current account with Royal Bank?

Great, let's get your application started.

Remember, to apply for a Fixed Term Savings account you must: 

  • Be aged 16 years or over and a UK resident

Using a desktop or have the app on another device?

Simply scan the QR code with your mobile or tablet device that has the Royal Bank app and we'll get you started.  

Can't scan the QR code?

Using your mobile or tablet device now?

If you're already using a device with the Royal Bank app, select the 'Start your application' button below.

Sorry, we have stopped taking applications for this current tranche right now.

If you would like to view any of our other savings products in the meantime please click below.

Do you use Digital Banking?
If you log in to Digital Banking we can pre-fill some of the application for you.
Do you hold a current account with Royal Bank?

Log in to Digital Banking

  1. Enter your customer number or 16-digit card number to get started. 
  2. You'll then need to enter your Digital Banking pin and password.
  3. Once you're logged in, select 'Savings accounts' from the product list. 
  4. Finally, choose the account you want to apply for and complete your application.

Remember, to apply for a Fixed Term Savings account you must: 

  • Be aged 16 years or over and a UK resident.

Sorry, we have stopped taking applications for this current tranche right now.

If you would like to view any of our other savings products in the meantime please click below.

Let’s get you registered for Digital Banking

You’ll need to sign up for Digital Banking with us in order to apply for a savings account. The good news is that it normally takes only 5 minutes and all you’ll need is your sort code, account number and your Royal Bank Debit Card, if you have one.

Once you’ve registered, select ‘Next’ to log in and apply for a Fixed Term Savings account. 

Log in to Digital Banking

  1. Enter your customer number or 16-digit card number to get started. 
  2. You'll then need to enter your Digital Banking pin and password.
  3. Once you're logged in, select 'Savings accounts' from the product list. 
  4. Finally, choose the account you want to apply for and complete your application.