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RBS is offering a 3% interest rate to savers through its 'go-to' account - act now

Ali KhanJul 13, 2021Business
RBS is offering a 3% interest rate to savers through its 'go-to' account - act now

RBS, formally known as the Royal Bank of Scotland, is used by millions of people across the country for their savings needs. It is currently offering an account which leads the pack in the current market, which has taken a hit due to COVID-19. With the Bank of England keeping its historically low base rate at 0.1 percent since March 2020, little opportunity has been provided to savers to grow their cash.

However, when the chance does arrive, many Britons will be hopeful they can grab it and benefit while they still can.

RBS is one of the most popular options, and its Digital Regular Saver is drawing in many customers.

This option is described by the bank as a “go-to” account for anyone hoping to build their savings habit.

The account currently offers a 3.04 percent interest rate, available on balances up to £1,000.

READ MORE: National Minimum Wage: Britons warned to check wages as many underpaid

Individuals will be able to adjust their standing order throughout the term, or top up their contributions as long as they do not exceed the £50 per month limit.

The account can be opened easily, via the mobile app or online.

Subsequently, it can be managed in numerous ways, including on the app, online, in branch or by telephone.

At present, there is no minimum deposit which is required in order to set up a Digital Regular Saver.

However, the standing order being established is the key part of making money grow in this account.

Above the £1,000 limit, then, Britons can expect the interest rate to significantly drop.

RBS explains the interest rate on balances over £1,000 is currently set at 0.01 percent.

Interest is calculated on a daily basis and is paid into a person’s account on the first business day of the month.

They will then be able to see and access the interest in their account on the following day. 

This is an easy access account, which means money can be withdrawn from it at any time a person so chooses.

However, Britons should be aware that if they close or switch their current account with RBS, in future they will only be able to withdraw funds in branch. 

Other current accounts are also offering favourable interest rates in the current climate.

NatWest is offering an identical offer due to it being RBS’ sister bank, while Coventry Building Society has a 1.05 percent rate.

This is followed closely behind by Principality Building Society and Nationwide at one percent. 

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