RBS Digital Regular Saver review
- Interest rate
- 6.17% AER variable (on first £5,000)
- Save
- £0 to £150 per month
- Withdrawal notice
- None
- Open via mobile app
Our verdict
The RBS Digital Regular Saver account could help you get into the savings habit, but it has strings attached.
The RBS Digital Regular Saver could be a great option for existing RBS current account holders who are looking to build up a savings pot. The account offers the flexibility of being able to pay in any amount between £0 and £150 a month, plus you'll be able to access your savings penalty-free if needed, which is relatively unusual for this type of account.
However, the drawback is that the interest rate is tiered and once you've saved up more than £5,000 the interest rate drops quite dramatically. It's at this point you should start looking for a more competitive home for your savings.
Pros
-
Easy to open
-
Encourages good savings habits
-
Competitive interest rate on smaller balances
-
FSCS protection
-
Withdrawals permitted
Cons
-
You must hold an RBS current account
-
Lower interest rate paid on higher balances
-
Joint accounts are not permitted
Details
Account overview
| Account name | Digital Regular Saver |
| Account type | Regular Savings |
| Provider | Royal Bank of Scotland |
| Interest rate | 6.17% AER variable (on first £5,000) |
| Gross Rate | 6% |
| Interest paid | Monthly |
| Interest paid details | 1st Working Day of Month |
| Access to branch network | |
| Min. opening balance | £0 |
| Maximum deposit | £0 |
| Min. operating balance | £0 |
| Applicant min. age | 16 |
| Tax note | Interest is paid without tax being deducted, but may be taxable depending on your personal circumstances |
| Withdrawals | Withdrawals permitted |
Product management
| Open via mobile app | |
| Operate via app | |
| Open via website | |
| Operate via website | |
| Open via branch | |
| Operate via branch | |
| Open via phone | |
| Operate via phone | |
| Open via post | |
| Operate via post |
It’s not always easy to be disciplined enough to save on a monthly basis, but a regular savings account is designed to help you. This review takes a detailed look at the RBS Digital Regular Saver account.
What is the RBS Digital Regular Saver account?
The RBS Digital Regular Saver account is a savings account that requires you to put aside a set amount of money on a regular basis. You can set up a monthly standing order to pay in between £0 and £150, but you can change this amount whenever you want to.
In return, you’ll earn a tiered rate of interest, depending on the balance of your account. Unusually, the higher your balance, the lower the interest rate will be. You can manage the account online, via the mobile app, in branch or over the phone.
How does it work?
The RBS Digital Regular Saver account offers the following key features:
- Flexible payments. You have the flexibility to change your monthly standing order as required, or top up your monthly contribution if you haven’t already hit your £150 limit for the month.
- Round Ups feature. Whenever you spend on your RBS debit card, the amount will be rounded up to the nearest pound and the spare change will be sent from your current account to your Digital Regular Saver account – this won’t count towards your monthly limit.
- Easy access. You can withdraw funds from your account at any time.
Who is it for?
You’ll need to hold an RBS current account to qualify for the RBS Digital Regular Saver account. You will also need to be at least 16 years old and a UK resident.
The account could suit you if you’re looking to get into the savings habit but you’d prefer not to lock away your funds for a set term which many other regular saver accounts require you to do.
What are the benefits?
The main benefit of this account is that it can help you save on a monthly basis and build up a decent savings pot. You’ll also have the flexibility of being able to change your monthly standing order whenever you want to and access your funds if required.
How to apply
You can apply for the RBS Digital Regular Saver account through online banking or through the mobile app. You will need an email address and a mobile number to open your account. If you don’t already have online banking, it’s simple to set up – you’ll just need your sort code and account number, plus your RBS debit card if you have one. Note that you can only hold one Digital Regular Saver account and you cannot hold a joint account.
Is it safe?
Yes, RBS is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. This means your money will be protected by the Financial Services Compensation Scheme (FSCS) which covers deposits of up to £85,000 per person in the event the bank ceases trading.
Frequently asked questions
Your reviews
