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.
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 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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