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Royal Bank of Scotland

Royal Bank of Scotland savings accounts

Learn out more about one of the UK's 'big four' banks with our helpful guide.

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Chris Lilly
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Royal Bank of Scotland, commonly known as RBS, is one of the UK’s leading banks. RBS has around 700 branches, throughout Scotland, England and Wales. It also operates globally, serving around 24 million customers worldwide.

Read on to find out more about RBS, and find out whether you can see yourself banking with them.

Royal Bank of Scotland instant access savings accounts

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Name Product Account type Withdrawals Min. opening balance Interest rate Apply link
Royal Bank of Scotland – Premium Saver
Royal Bank of Scotland
Variable
Instant access
£0
0.1% AER variable
Royal Bank of Scotland – Premium Saver
Royal Bank of Scotland
Variable
Instant access
£0
0.1% AER variable
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Cash ISAs

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Updated daily
Name Product Account type Withdrawals Min. opening balance Interest rate Apply link
Royal Bank of Scotland – 1 Year Fixed Rate ISA Issue 296
Royal Bank of Scotland
Cash ISA
Instant access (penalty applies )
£1,000
0.4% AER fixed until 27.06.23
Royal Bank of Scotland – 2 Year Fixed Rate ISA Issue 297
Royal Bank of Scotland
Cash ISA
Instant access (penalty applies )
£1,000
0.4% AER fixed until 27.06.24
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Fixed-rate bonds

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Name Product Account type Withdrawals Min. opening balance Interest rate Apply link
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What current accounts does RBS offer?

RBS currently offer four different current accounts:

  • Select Account. This is RBS’s standard current account, offering everyday banking features.
  • Select Silver Account. This account costs £10 per month, allowing access to preferential Travel Money rates, and European travel insurance.
  • Select Platinum Account. This costs £17 per month, for all the features of the Silver Account plus additional benefits.
  • Black Account. This account is £27 per month. It is RBS’s premium current account, offering an array of features and benefits such as worldwide insurance, car cover, and mobile phone insurance.

What savings accounts does RBS offer?

RBS currently offer two savings account for adults:

  • Instant Saver. Simple instant access savings.
  • Fixed Term Savings. This is a fixed interest rate accounts.
  • First Saver. This is RBS’s children’s savings account. Scroll down to see more about RBS’s children’s savings accounts.

What about cash ISAs?

RBS currently offer two different cash ISAs:

  • Instant Access ISA. Take advantage of tax-free savings of up to £20,000 – with full access to your money.
  • Fixed Rate ISA. This account offers a fixed rate of return (0.75% for 2 years), with some access.

Does RBS offer any student or graduate accounts?

RBS currently offer one student and one graduate account:

  • Student Bank Account. Arrange an interest free overdraft, and get 1/3 off coach travel for 4 years with national express.
  • Graduate Bank Account. Interest free overdrafts of up to £2,000. Added benefits such as a tastecard (50% off your food bill).

Does RBS offer any savings accounts for children?

RBS offers a child current account:

  • Revolve Bank Account. This simple child account is easy to manage via mobile app or online banking.

RBS also offers a child savings account:

  • First Saver. RBS have created Pigby World – the account designed to teach kids about saving, while making it fun along the way. Watch videos, and follow interactive adventures on the Pigby Fair App.

Is it easy to switch to RBS?

RBS offer a ‘Switch Guarantee‘, which simply means it will make the switchover as painless as possible. If you visit a branch they will be able to help you with:

  • Transferring your payments from your old account (such as Direct Debits and Bill payments)
  • Transferring any balance from your old account
  • Closing your old account

They aim to have this all done within 7 working days.

How do I decide which account is for me?

You need to work out what it is you need from your bank account. Are you looking to put a bit of money away each month? Do you want to put some money away and restrict access to it? Are you after rewards or hoping to maximise interest?

You need to work out what you need before comparing the different offers available for certain types of bank account. Once you’ve done that, useful guidelines to compare include:

  • Interest rates
  • Fees (if there are any)
  • Access to cash (if you need quick access for instance)
  • Rewards and loyalty schemes (if you’re into the add-ons or switching bonuses)

Does RBS offer online or mobile banking?

Yep, it offers both. Here are some of the basic features:

Online banking

  • Check balances. For any type of account.
  • Transfer money between accounts. In a matter of seconds.
  • Pay bills and people. All within the online portal.

Mobile banking

  • All of those features. On the go.
  • Fingerprint Login.
  • Easy PDFs. Print or forward a PDF of any transaction.

What are the benefits and drawbacks of banking with RBS?

The benefits

  • Online and mobile banking. The RBS apps makes it simple to keep an eye on your finances.
  • Flexibility. RBS offers a wide range of accounts for any sort of financial need.

The drawbacks

  • Better rates elsewhere? Interest rates have risen slightly recently, but banks are typically slow to pass on the rise to savers. It helps to shop around to find out where you can get the best deal.

Our verdict

Whether you want to lock away your money for a fixed amount of time, or need to be able to access it whenever required, the broad range of RBS savings accounts means you should find one to suit your needs. Don’t forget to check our other savings reviews first though, to make sure RBS is right for you and see how it weighs up against other savings providers.

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