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RBS: Three percent interest rate account available to savers – are you eligible? | Personal Finance | Finance

RBS is also known as the Royal Bank of Scotland, offering a variety of savings options to Britons. With interest rates tumbling for the last year, the savings situation has been challenging for individuals. The Bank of England decided to lower its base rate to 0.1 percent as a result of COVID-19, impacting more familiar providers.

Britons will be able to secure the highest interest rate when saving between £1 and £50 into the account each month. 

People will need to set up a standing order from their Royal Bank of Scotland current account each calendar month.

However, if they wish to put extra money into the account, the combination of this and the standing order cannot exceed the £50 limit.

There is no maximum balance limit to bear in mind when Britons choose to save into this account.

It is, however, worth considering the three percent interest rate only applies to balances up to and including £1,000. 

On balances above this, the interest rate descends to 0.01 percent.

Interest is calculated on a daily basis, and is paid into an account on the first business day of the month. 

People are able to see and access the interest in their account on the following day.

It is also important to bear in mind RBS reserves the right to change this interest rate up or down.

The bank will give savers at least 14 days’ notice if rates are going down, and a person has a balance of £100 or more. 

To be eligible for the Digital Regular Saver from RBS, a person must be a current account holder with the bank, and aged 18 or over.

However, the RBS Digital Regular Saver and the similar account offered by NatWest are not the only options for those hoping to save and grow money.

While RBS and NatWest are just two of the leading accounts, there is an offer which just exceeds them.

Yorkshire Building Society is currently offering a 3.5 percent interest rate to its current account savers.

Indeed, similar offers of 1.05 percent and two percent respectively are being offered by Coventry Building Society and West Bromwich Building Society.

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