The Digital Regular Saver is exclusively reserved for Royal Bank of Scotland’s current account customers, and they must be aged 18 or older. The account pays three percent gross/3.04 percent AER per annum (variable) on balances up to £1,000.
Should the balance exceed £1,000, then the interest rate on any portion above this threshold will be paid at 0.01 percent gross per annum (variable).
On its website, the bank states: “You’ll get our highest interest rate when you save between £1 – £50 by standing order each month, on balances up to £1,000.”
No minimum deposit is required to open the account, but customers will need to set up a standing order from their Royal Bank of Scotland current account.
The amount needs to be between £1 and £50 each calendar month into the account.
Should the saver wish to pay in extra money into the account, then the combination of this money and the standing order can’t exceed the £50 per calendar month limit.
While there is a monthly limit on deposits, there isn’t a maximum balance restriction.
However, the highest interest rate will only apply to balances up to and including £1,000.
It’s only possible to have one Digital Regular Saver.
As well as needing to be 18+ and an RBS current account holder, customers also need to be a UK resident.
The account can be opened online or via mobile app.
Once opened, customers can mange their account by the mobile app, online, in branch or by telephone.
Back in September this year, Royal Bank of Scotland’s sister bank NatWest also launched a new Digital Regular Saver account, which also offers three percent interest on balances of up to £1,000.
Lewis Broadie, NatWest’s Savings Expert, said: “During lockdown many of our customers started to save for the first time.
“We are introducing the new Digital Regular Saver to help our customers start and maintain a long-term savings habit which will help them to become more financially secure.”
Both Royal Bank of Scotland and NatWest are currently offering customers the chance to receive a cash incentive for switching bank account.
NatWest is currently offering £125 cash back to those who switch bank account to the Select or Reward bank account.
Existing current account holders can get the bonus if they switching into their existing Select, Reward, Reward Silver or Platinum account.
Meanwhile, people who switch their bank account to Royal Bank can get £100 back.
They can choose from the Select bank account or Reward bank account.
Existing customers can also switch into their Select, Reward, Reward Silver or Platinum account.