RBS is offering a 3% interest rate account to Britons – check eligibility now
Martin Lewis shares his prediction for interest rates
RBS, formally known as the Royal Bank of Scotland, is well-known for helping Britons organise their finances through a number of accounts. However, amid news the Bank of England could implement negative interest rates in future, many will be concerned about locking in rates now and making their money grow while possible. Although the market does not look particularly favourable for savers at present, there is one option which stands out from the rest.
The Digital Regular Saver offered by RBS has an attractive and solid rate likely to persuade Britons to sign up.
The RBS offering currently has a three percent interest rate gross, or 3.04 percent AER per annum.
It is available on balances up to £1,000, so will really help Britons embarking upon a savings journey who are looking to save.
The account has the purpose of rewarding Britons for putting money away with RBS.
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People will be entitled to the highest RBS interest rate when they save between £1 and £50 each month.
This is a process which must, however, be done by standing order for Britons to benefit from the high interest rate offered by RBS.
The RBS Digital Regular Saver also has the benefit of being a flexible account – a feature which is often relished by Britons when it comes to managing money.
RBS savers can withdraw money out of the Digital Regular Saver whenever they so choose.
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These individuals will also be able to adjust their standing order with RBS depending on their circumstances and how much they desire to put away each month.
RBS states that as of December 2020, 30,000 customers with the bank have decided to put away money into the Digital Regular Saver.
This demonstrates how popular the account is in a time where Britons desire to grow their money.
As a result, for those who wish to apply for the account, there are a number of eligibility criteria worth bearing in mind.
A Digital Regular saver can be opened by those who are aged 18 or over and resident in the UK.
However, the saver must also already hold a current account with the Royal Bank of Scotland in order to apply.
The Digital Regular Saver can be opened online or through the RBS mobile app, and managed online, through the app, in branch or via telephone.
There is no minimum deposit to open the account, but people will only be able to pay £50 into it each month directly from their RBS current account.
A person can only have one Digital Regular Saver, and joint accounts also are not allowed.
While the three percent interest rate offering is an attractive one, it is also worth being aware of the deposit rules.
On any amount put into the Digital Regular Saver which exceeds £1,000, the interest rate will be set at 0.01 percent.
In addition, the interest rate is variable, meaning RBS reserves the right to change this according to circumstances.
However, it has said it will give RBS customers at least 14 days’ notice if rates reduce, as long as a person’s balance is at £100 or more.
For those with less in their account, RBS will inform them of any potential rate changes before, or shortly after the change takes place.
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