RBS - Round Ups

jackjones01

Finally RBS now allows you to do round ups 🙏👍

https://www.rbs.co.uk/savings/tools-for-savings/round-ups.html

Daliah

Saw this earlier today.

According to the RBS app, "customers on average could save £10.43 a month from using Round Ups". These can be paid into various RBS savers, incl into their market-leading Digital Regular Saver (on top of the max monthly deposit).

Not quite as good as the Chase Round Ups, which pays 5% on Round Ups.

To be honest, I totally fail to understand the appeal of Round Ups. Whether you get 3.04% or 5% AER on those meagre savings, you are not likely to make even a fiver from these sorts of schemes.

This is the result after 1 year if you get 5% AER (way more than you can get at RBS) if you have £10 new round-ups on the 1st of every month (which you are highly unlikely to ever have). 



£3.23. Really???

Why not pay a fiver, or a tenner, or however much you can afford, into a savings account every month instead, per Standing Order or manually?

Can someone explain what the attractions of these Round Up schemes are?

WillPS

Daliah said:

Saw this earlier today.

According to the RBS app, "customers on average could save £10.43 a month from using Round Ups". These can be paid into various RBS savers, incl into their market-leading Digital Regular Saver (on top of the max monthly deposit).

Not quite as good as the Chase Round Ups, which pays 5% on Round Ups.

To be honest, I totally fail to understand the appeal of Round Ups. Whether you get 3.04% or 5% AER on those meagre savings, you are not likely to make even a fiver from these sorts of schemes.

This is the result after 1 year if you get 5% AER (way more than you can get at RBS) if you have £10 new round-ups on the 1st of every month (which you are highly unlikely to ever have). 



£3.23. Really???

Why not pay a fiver, or a tenner, or however much you can afford, into a savings account every month instead, per Standing Order or manually?

Can someone explain what the attractions of these Round Up schemes are?

It's for people who used to shove all their change in a jar and save that way.

I guess it depends what you save for. If it's a nice meal out every now and again, it's useful. If you're looking to fund a holiday then I agree, it's not really much of a strategy, and it relies on you not using a credit card and thus forgoing the better rewards they often provide.

[Deleted User]

It's means you are drip saving - without actually making a conscious effort.
Their regular saver is already pretty meagre as a savings option anyway.