RBS Digital Regular Saver

trient

Launched today - this looks like the best regular saver on the market these days.

3% Gross/3.04% AER p.a. (variable) on balances up to £1,000.

Rewarded for regular saving
You'll get our highest interest rate when you save between £1 - £50  by standing order each month, on balances up to £1,000.

Flexibility to suit you

Adjust your standing order or withdraw money whenever you need to, free of charge.

Get the tools to keep saving

50,000 customers are using our in app Savings Goal Tool. Join the club and reach your goals faster.

Link

For what it's worth, saving the maximum £50/month up to a £1000 balance (20 months) nets £26.67 in interest at the end, so not exactly life changing but at least it helps building good habits!

1882

"Important: You must hold a current account with us in order to apply."

Gers

Many thanks - took two minutes to set up via the app.

Every little helps!

quirkydeptless

Nice one

Very easy to set up and maintain.

Hoping NatWest and Ulster add this too.

kaMelo

Opening one was about as easy as it gets. Two minutes tops. Only £50 but it all adds up.

Gers

trient said:

For what it's worth, saving the maximum £50/month up to a £1000 balance (20 months) nets £26.67 in interest at the end, so not exactly life changing but at least it helps building good habits!

I only make it approx £16.25 for 20 months / £50.00pm at 3% - have I calculated wrong?

trient

Gers said:

trient said:

For what it's worth, saving the maximum £50/month up to a £1000 balance (20 months) nets £26.67 in interest at the end, so not exactly life changing but at least it helps building good habits!

I only make it approx £16.25 for 20 months / £50.00pm at 3% - have I calculated wrong?

I used this calculator: https://www.thecalculatorsite.com/finance/calculators/savings-calculators.php

colsten

Gers said:

trient said:

For what it's worth, saving the maximum £50/month up to a £1000 balance (20 months) nets £26.67 in interest at the end, so not exactly life changing but at least it helps building good habits!

I only make it approx £16.25 for 20 months / £50.00pm at 3% - have I calculated wrong?

You seem to have lost around £10 somewhere in your calculation. It's more like £26.30. No other savings account you could get this much

SuperHans1

I can't figure out from the documentation what RBS define as a month.... can you deposit £50 now and another £50 on the 1st of October?

quirkydeptless

SuperHans1 said:

I can't figure out from the documentation what RBS define as a month.... can you deposit £50 now and another £50 on the 1st of October?

I set my SO for the earlist date in September, then I'll try updating it to 1st October once it's gone in.

RG2015

Gers said:

trient said:

For what it's worth, saving the maximum £50/month up to a £1000 balance (20 months) nets £26.67 in interest at the end, so not exactly life changing but at least it helps building good habits!

I only make it approx £16.25 for 20 months / £50.00pm at 3% - have I calculated wrong?

It's 20 months not 12 months so

£16.25 x 20 / 12 = £27.08

 The full approximate formula is £50 x 20 x 3 / 100 x 20 / 12 x 6.5 / 12 = £27.08