Direct Saver

A guaranteed bonus with our
internet savings account

Get more from your savings. Earn from 3.25% - 4.00% AER (variable), depending on how much you save. These rates include a 1.30% bonus for 12 months.


  • 3.25% - 4.00% AER (variable) - no confusing small print, just a guaranteed bonus of 1.30% for 12 months. The rate without the bonus is 1.95 % - 2.70% AER (variable). More on the bonus offer.
  • Start with just £1 - making it easy to start the saving habit
  • Tiered interest rates - the more you save, the more interest you can earn. See the interest rates
  • Make regular deposits - a monthly Standing Order helps to build your savings
  • Instant access - your money is there when you need it, with unlimited free withdrawals
  • No need for an existing RBS account - but if you have one, it's quick and easy to move your Direct Saver and other RBS accounts
  • Manage your account - keep track of your money through online banking
  • Interest calculated daily - and paid annually at the end of April 2009 and 2010
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Give your savings a lift - with a 1.30% bonus for 12 months when you open a new Direct Saver account. It really is as simple as that.

The bonus is:

  • Guaranteed - we’ll pay a fixed 1.30% bonus. This bonus period starts on the last business day of the month after you opened the account - and runs for the next 12 months
  • Paid yearly - along with your standard interest
  • Catch-free - simply open a new account. There's no confusing small print

Still got questions?

  • Read more about the Direct Saver account and the bonus offer in
    common questions
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Opening your Direct Saver account


How long does it take to open a Direct Saver account?

Already an RBS Digital Banking customer? We’ll open your Direct Saver account straightaway.

New to RBS? We'll normally open your Direct Saver account in no more than three weeks. Often it is quicker. You will need to provide identification to open the account so the length of time will depend on how quickly you can provide this to us.

Remember the bonus offer can be withdrawn at any time. As long as we receive your completed application during the bonus period, you will be eligible for it. Apply now!

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What happens once I apply?

We’ll send a letter confirming all your details - simply sign and return this.

Existing RBS customer? In the letter, we’ll ask you to confirm your application. It is important you sign and return this as it will ensure any cash transfers and standing orders are set up.

New to RBS? In the letter, we’ll also ask you to send identification documents. Once we’ve received these documents, we’ll check them and return them to you.

And that’s it - your Direct Saver account is ready to use. We’ll send a confirmation letter, which includes your account number and sort code.

We’ll also confirm your Digital Banking login details. Once you’ve activated online banking you can start using your Direct Saver account.

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How do I know my account is open?

We will write to you. In the letter we’ll include a note of your account number and sort code.

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Can I open the account in branch?

No - Direct Saver is an internet-only account. However, it’s quick and easy to apply online. To use your Direct Saver account you’ll need to register for Digital Banking.

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Do I need an existing RBS account?

No. You don’t need to have another account with RBS to open a Direct Saver account.

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Can I have more than one Direct Saver account?

Yes.

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Can I have a joint account?

Yes.

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I’m an existing customer, but I’m not registered for online banking. Can I have a Direct Saver account?

Yes you can. However, you will need to register for Digital Banking to open and use this account. It takes approximately 5 days and we don’t charge for our online banking service. Why not sign up today? Then you can start accessing your existing accounts. More on Digital Banking

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Bonus rate


How do you calculate the bonus and the interest?

We add the Gross rate of interest and the Gross bonus rate - to give a total Gross/AER rate

For example, if you deposit £50,000 into a Direct Saver account the Gross rate of interest is 2.70% (variable) and the Gross bonus rate is 1.30%. If you add the two rates together, this gives an interest rate of 4.00% Gross/AER (variable).

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When is the bonus and interest paid?

We pay the bonus and interest in two instalments - April 2009 and April 2010.

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When does the bonus period start?

The 12 month bonus interest period starts on the last business day of the month - in the month after your account was opened. The Gross and AER rates apply from the start date of the bonus.

For example, if you open your account on 19 September 2008, the 12 month bonus period will start from 31 October 2008, and will end on 30 October 2009 (inclusive). We’ll calculate the 1.30% bonus on the daily cleared balance between these dates.

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How do I qualify for the bonus?

The bonus only applies to Direct Saver accounts opened on or after 19 September 2008. This offer is only available for a limited period.

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I already have a Direct Saver account. Will I get the bonus?

Only new Direct Saver accounts opened on or after 19th September qualify for the additional bonus rate. If you have an existing Direct Saver account you still get to benefit from our great rate of interest of 1.95 - 2.70% Gross / AER (variable).

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Are there any penalties?

No. You can withdraw your money or close your account at any time during the bonus period.

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Using your Direct Saver account


How do I make a deposit?

It’s easy. You simply have to:

  • make an electronic transfer from your existing RBS account

OR

  • pay a deposit by cheque from an account you hold with any UK bank

After this first deposit, you can pay money in by electronic transfer from any UK bank account. Looking to save regularly? You can also set up a standing order.

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How do I make withdrawals?

Simply transfer money from your Direct Saver account to another UK bank account.

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How do I register for Digital Banking?

It’s easy - simply sign-up on our website.

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Is it easy to close my Direct Saver account?

Yes - although obviously we hope you’ll choose to keep your account with us. To close your account, simply write to: FREEPOST RRAB-CXSB-RAGL, The Royal Bank of Scotland Bank, E-MTA and Savings, 5th Floor, George House, 36 North Hanover Street, Glasgow, G2 4WY

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AmountGross Rate % p.a.AER% (variable)Net Rate % p.a.
Direct Saver (Annual Interest)
£50,000 +2.702.702.16
£25,000 - £49,9992.352.351.88
£10,000 - £24,9992.202.201.76
£1 - £9,9991.951.951.56
Direct Saver (Annual Interest including bonus)
£50,000 +4.004.003.20
£25,000 - £49,9993.653.652.92
£10,000 - £24,9993.503.502.80
£1 - £9,9993.253.252.60

Interest is paid annually to the account. The bonus interest will be applied from the last business day of the month following the month in which your account is opened. It will be paid in two instalments, in April 2009 and April 2010, along with the standard interest payment. The Gross and AER rates are applicable from the start date of the bonus. Offer may be withdrawn at any time.

Offer available from 19.09.08 and all rates correct as at 01.12.08 and are subject to variation.

Gross is the interest rate paid before the deduction of tax Annual Equivalent Rate (AER) illustrates what the interest rate would be if paid and compounded each year.

Last updated on: 01 December 2008.


Gross rate - is the interest rate paid before the deduction of tax.

Annual Equivalent Rate (AER) - illustrates what the interest rate would be if paid and compounded each year.

Net Rate - is the interest rate paid after deduction of tax.

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Your account will be held at The Royal Bank of Scotland, E-MTA and Savings, 5th Floor, George House, 36 North Hanover Street, Glasgow, G2 4WY with effect from 01/12/03. Note: there will be no change to your account functionality or your Direct Saver sortcode 832000 and all other details will remain the same.

Deposits from an account at other UK banks or building societies will normally be in your Direct Saver account in 3 working days after we receive transfer instructions and available for withdrawal after 6 working days. The Direct Deposit transaction limit is £100,000.

Withdrawals to an account at other UK banks or building societies will normally reach the payee's account in 3 working days. The direct payment daily limit is £10,000.

New customers will be asked to provide proof of identity including verification of signature.

Interest is paid Gross or net of the lower rate of Income Tax depending on your tax position.

The Financial Services Compensation Scheme, set up under the Financial Services and Markets Act 2000, covers your account. For money held in a bank or building society in the UK the scheme will cover up to £50,000 of your claim. Most people who make deposits, including individuals and small firms, are covered. Deposits in all currencies are treated the same. For more information on the conditions of the scheme, please contact the FSCS at www.fscs.org.uk.

System updates will mean that our internet and telephone banking services are unavailable for short periods in the early hours of the morning.

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